Truckpedia TMS provides three different ways to handle factoring, depending on your factoring company’s capabilities. This article will help you understand each method and who should use it.
Different ways to factor step-by-step video
Overview of Factoring Methods in Truckpedia TMS
There are three primary ways to process factoring in Truckpedia TMS:
- Direct Integration with Factoring Company (API/FTP)
- Factoring by Email (for companies without FTP/API integration)
- Manual Document Upload (for companies that don’t support API, FTP, or email)
1. Direct Integration with Factoring Company (API/FTP)
Who should use this?
If your factoring company supports API or FTP integration (such as TAF, WEX, RTS, etc.), you can directly integrate your account with Truckpedia TMS. This is the easiest and most automated option.
Steps:
- Enter your credentials:
- Navigate to the Factoring section and enter your username and password for the factoring company’s integration.
- Go to Settings on the bottom left, under company select “Integration” —> Factoring
- Under your Factoring partner, select “Action” and enter your credentials. The credentials will be provided by your factoring company.
- Some factoring companies may require a Client ID. If so, reach out to your account representative from the factoring company to obtain this ID.
- Click Submit.
- Check for successful connection:
- Once connected, the status will show a checkmark, indicating a successful integration.
- Create the Factoring Company Profile:
This step ensures that your system knows how to route your invoices and payments to the correct factoring company.
- Go to Settings > Factoring Company.
- Click Create Factoring Company.
- Fill in name, billing email, and contact info for your factoring company.
- Ensure you select your partner, and enter the fee percentage.
2. Factoring by Email (for companies without API/FTP)
If your factoring company doesn’t support API or FTP integration but accepts invoices by email, this method allows you to submit invoices directly via email to your factoring company.
Steps:
- Fill out the Factoring Email Form:
- In the Factoring section, fill out the necessary details for your factoring company (email address, etc.).
- If your factoring company does not require you to merge documents, you can skip this step.
- Request Payment:
- After setting up the factoring email form, when you request payment (either from the Dispatch or Accounting tab), your invoice will be automatically sent to your factoring company’s email, not your customer’s.
3. Manual Document Upload (for companies without API, FTP, or email)
Who should use this?
If your factoring company doesn’t support API, FTP, or email for invoice processing, you will need to manually upload documents.
Steps:
- After Load Delivery:
- Once the load is delivered, and the Proof of Delivery (POD) is uploaded by your driver, go to the Invoice section.
- Merge Documents:
- Select the POD, Reconfirmation, or any other relevant documents.
- Click Merge to combine these into a single document.
Upload the Document:
- After merging, upload the document directly to your factoring company’s portal (typically via their online system).
4. Skip Factoring for Specific Customers
If you have customers you do not want to factor, you can exclude them from factoring without needing to change your overall settings.
Steps:
- Go to Customer Settings:
- Navigate to Customers type in the customer name > Edit.
- Enable Skip Factoring:
- In the Billing section, enable the Skip Factoring option for that customer (e.g., FedEx).
- Request Payment:
- When you request payment for a customer with Skip Factoring enabled, the payment request will go directly to the customer’s billing email, instead of your factoring company.
For any further assistance, contact our support team at help@truckpedia.io.