TriumphPay, Revenova expect partnership to ‘operate at a high level’ as companies grow
Bannockburn, Ill. – TriumphPay plans to be the payments network for the freight industry across the world.
“The payments network seeks to smooth out and eliminate much of the friction that are inherent in Accounts Receivable and Accounts Payable, specifically in logistics and trucking,” Nate Gilmore said. “Right now, we are the payments network for trucking in North America. Aspirationally, we want to be the payments network for global logistics.”
Gilmore is Senior Vice President for Integration and Innovation at TriumphPay. He builds out and nurtures a global ecosystem of integrated partners that help TriumphPay to maximize the value delivered to network constituents. In 2019, Revenova became one of those partners.
“Frankly, Revenova was the easy button to push,” Gilmore noted. “To put it bluntly, Revenova is a forward looking company with a product that’s built on a platform tailor-made for integrations.”
The integrations TriumphPay and partners like Revenova have built eliminate friction points for payees and their factoring companies as well as payors, like Freight Brokers and Shippers.
“For payors, we integrate to broker TMS systems – like Revenova – ERP systems, shipper TMS systems, and freight audit providers,” Gilmore explained. “We can facilitate direct API submission of invoices, clearance of those invoices, settlement, and then payment all in an API and a direct integration level with systems of record on each end of the transaction. For the payee, we integrate to Factor Management Systems and carrier TMS systems, providing much needed visibility and automation, allowing them to compress their days’ sales outstanding, and some of the overhead associated with collections.”
Since becoming partners, TriumphPay and Revenova have continually improved the integration as each company has grown their offerings.
“It really has just created more synergies and more support,” Dave Romanchuk, Revenova’s Director of Product Management, said. “Now that everybody’s kind of under one umbrella, that’s been very easy to work with them because there’s more resources available. This integration has been around for five years. It’s actually gone through a very big enhancement process as we’ve grown.”
Gilmore broke down the immediate impact the integration can have on a broker, shipper, or a carrier‘s business.
“If you’re a payee submitting an invoice, there are at least five touch points between a payor and payee that are just using up human capital and time, day in, day out,” Gilmore emphasized. “TriumphPay essentially takes source of truth information from the broker’s TMS, learns about the load, and inserts that directly to the factor of records’ factor management system. When that carrier submits their paperwork to the factor, that factor knows immediately whether or not that’s a valid asset that they’re buying. That increases their confidence in buying those invoices and also reduces the calls back to the broker to figure out if the load is legitimate. Once the invoice is approved by the payor, all of that information is fed directly back into the factor management system. The factor doesn’t need to call to find out when they’ll be paid or the legitimacy of the load because they already know. It’s all based within their system of record and where they work. Carriers experience many of the same friction points in getting information about the invoice that they submitted to their customer, whether that’s a shipper or broker. The idea of the network in this instance is that we can feed that same information back into the carrier TMS and provide the same efficiencies and automation.”
Both Romanchuk and Gilmore added the partnership has grown because of a mutual recognition of potential.
“They recognize that we have value,” Romanchuk said. “When we started with them, we were pretty small. Five years ago, we were much smaller than we are now. As we’ve continued to grow, they’ve supported us and helped us, and we’ve done the same in kind. It is a great mutual partnership.”
“My expectation is that our partnership will continue to operate at the same high level it has since its inception,” Gilmore said. “We’ve got a great working relationship: from the top down, from the founders, all the way down to people that execute and service our clients.”
To learn more about TriumphPay and Revenova’s partnership and integration, watch the video interview with Gilmore below or Request a Demo.
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