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Outsource Freight Bill Processing and Payment Services

If your business (or company) is a 3rd party logistics partner (3PL) or a 3rd party payment provider (3PP), then you will be very familiar with a number of glitches that prevent smooth operations and cost valuable time, money and resources, e.g. bill duplication, errors in pricing or amounts due, overpayment, etc. Regular productivity and processing SLAs take a hit while you or your staff work to reconcile and settle billing and freight payment issues and the vicious loop of catching up is complete.

One simple and cost-effective solution to these issues is to outsource your freight bill processing and payment activities to a reliable company such as Outsource2india (O2I). We have the requisite expertise and resources to handle data and transaction processing activities in a time-bound, structured and cost-effective manner.

Freight Bill Processing Services

By outsourcing your freight bill processing activities to O2I, your business gains immediate and tangible benefits, such as reduction in frequent errors – wrong pricing, bill amounts, double billing, overdue invoices – improvements in processing turnarounds, and a significant reduction in processing costs, due to a streamlining of the existing process and reconciliation checks at every stage, and the freeing up of company resources and infrastructure used for unproductive work.

How it Works

At O2I, the entire bill processing cycle is broken down into convenient step-by-step stages and automated, as follows:

  1. Important data, such as freight rates and other contractual terms, negotiated by your company are stored in a secure master database.
  2. Scanned images or electronic files of bills of lading and incoming freight bills are sent to the O2I processing team, or accessed from your servers directly, through a secure virtual private network (VPN).
  3. When bills are received for processing, our team extracts the relevant data from bills of lading and generates fresh freight invoices as per prescribed formats.
  4. Bills of lading are matched against the respective freight bills, sorted by date, carrier and category.
  5. These are then mapped against the master database where contractual rates and terms are housed.
  6. A 100% pre-payment audit on all freight bills validates bill details such as quantity and weight, unit price/rate, sub-totals and totals, taxes and other charges.
  7. Validated bills are then forwarded for processing payments.

O2I's quick turnarounds, validation and quality checks help 3PLs process freight bills on time, cut costs on infrastructure and resources and save thousands of dollars, otherwise lost due to bill errors and making payments over and above the actual monies due.

An additional benefit of using O2I's bill processing services is the amount of useful data which can be analyzed to understand how your logistics business is faring vis a vis strategic objectives, the markets you operate in, which career services are profitable, etc.

Freight Bill Payment Processing Services

Another complicated process, in terms of the amount of data and details to be reviewed and managed, is the processing of payments for disbursal to vendors and carriers by 3PPs. Outsourcing this process to O2I helps you follow payment schedules and disbursal cycles, while processing hundreds of freight bills received on a daily basis.

O2I's payment processing services is designed to process payments in an organized manner, with an automated system platform, which reduces turnaround times, handle larger volumes of transactions without needing to invest in scaling up operations and capacities to meet the increased demand.

Our service is also programmed to help you make payments at the scheduled time and simultaneously manage cash flows in the most profitable manner, avoiding unforeseen shortages or spikes in volumes.

This service also includes freight auditing transactions post-payment by keeping track of invoices paid out in the last 6 months. With the information available, you can analyze cash outflows by market, carrier, freight type and routes, and use the results not only to negotiate new rates and prices with vendors; but also figure out where and how you have overpaid on bills and raise refund claims with the particular carrier. The accuracy and detailing of the process is nearly foolproof; hence, our payment for services rendered is a specific percentage of actual refunds recovered from carriers, as a commission.

Let O2I be your outsourcing partner in delivering quality processing services, reduce operating costs and cut down on revenue wastages through errors, overcharging or overpaid invoices.

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Have specific requirements? Email us at: logistics.info@outsource2india.com

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