Transplace Pay On-Demand is a quick pay program offering carriers payment as soon as their invoices are approved. Unlike other quick pay programs, Pay On-Demand offers the benefits of full automation, including significant administrative time and cost savings. With the Pay On-Demand Program, participants no longer need to wait for payment or incur the costs of receivables collection and processing manual payments. The program is fully automated using a corporate purchase card.
Transplace assesses no fees to participate in the program. The participant’s financial institution will charge Visa merchant fees but are typically offset by the cash flow benefits of accelerated payment and the savings from process automation.
Transplace provides participating carriers with a credit card number to keep on file. The card has unique security features, with $0 of available funds until an invoice is approved for payment, upon which time an electronic remittance advice is sent via e-mail or fax, along with approval to charge the card for the specified amount. Funds will typically be deposited within 24 hours of charging the card.
Benefits of Participating in the Program
No manual checks to process
No lost/misplaced checks
Reduction in Paperwork
Rapid funding once an invoice is approved for payment
Fully automated payment processing
The program is administered by Bank of America. To find out more about the Transplace Pay-On Demand, program, please call