03 Feb International Freight Payment: Gain Clarity, Cost Savings with SSI Paying Your Carrier Bills
Those of you who manage the international freight-bill payment process in-house may at times feel like you are navigating a labyrinth. A lack of transparency can obscure your visibility at every turn.
Hidden fees and high transaction costs charged by financial institutions can take a big bite out of your profit margins. Further, slow processing times can frustrate payment recipients, who have no one but you to vent their anger.
There are well over 150 currencies in use worldwide and foreign exchange rates, which are constantly fluctuating, create their own set of risks and uncertainties that are difficult to manage on your own.
Further, there are a host of compliance and regulatory requirements, which vary by jurisdiction. Failing to keep abreast of these regulations create additional business risk.
Taken together, these and other factors make it challenging and inefficient for most shippers to handle international freight transportation invoices in-house.
That’s why we encourage our customers to utilize SSI freight payment services to manage and pay global carrier invoices on their behalf.
In fact, any shipper – even those who are not our current customers – can benefit by partnering with SSI to manage their international freight payments. To learn more, email us at info@ssui.com.
TOP REASONS TO CHOOSE SSI AS YOUR INTERNATIONAL FREIGHT PAYMENT PROVIDER
SSI has been paying freight bills for more than 30 years. When you put our expertise to work for you, your business saves time and money on the overall in-house costs of administering Accounts Payable carrier payment activities.
1. You no longer need to set up wire releases for new carriers. We handle that for you.
2. Further, we have strict controls on wire transfer set-ups. For example, we require written authorization from carriers during the set-up process. We also have dual-controls on every release to ensure each wire-transfer is accurately executed.
3. You save time as carriers contact us, not you, for wire confirmations when needed.
4. We can pay carrier invoices in more than 150 foreign currencies, which means you don’t need to deal with banks on international payments. We can pay in any currency not sanctioned by the US Treasury department.
5. You no longer need to be burdened by carriers who are questioning whether payment has been made or who need remittance details. Instead, we answer their questions directly, because we have the payment data.
6. Our freight bill audit and payment customers enjoy complete transparency, with a single system of record from audit through payment confirmation.
SSI PAYS GLOBAL FREIGHT BILLS IN MORE THAN 150 CURRENCIES
If you routinely make payments to international freight carriers, now is the time to outsource that tedious process to the global freight payment experts at SSI. We can complete those transactions for you in most every non-sanctioned currency on earth.1
For your convenience, you may choose to provide us with 100% of the funds in a single currency (USD, EUR, etc.). We are happy to coordinate the foreign currency conversions on your behalf.
Of course, you are welcome to provide us with a mix of currencies to fund your payments. For example, if you have bills due in Mexico, Canada, and Europe, you may send us funds in pesos, Canadian dollars, and euros.
FX ADVANTAGE PLATFORM SAVES TIME, MONEY FOR THOSE WHO NEED TO MAKE INTERNATIONAL FREIGHT PAYMENTS IN-HOUSE
However, if you are obligated to make international payments in-house, you may still benefit by remotely accessing our FX AdvantageTM platform to complete your cross-border payments. Of course, this access is only available upon request and requires set up time and training.
Many financial institutions tack on additional fees when handling foreign currency conversions. Further, their process can be slow, which exposes your business to currency fluctuation risk. Delayed payments may cost more than you expect and can also damage your relationships with carriers around the world.
The FX Advantage platform reduces your currency conversion costs by up to 80% and virtually eliminates currency fluctuation risks as your payments are processed quickly.
Further, the recipients can receive their payments directly to their bank account in their country’s currency.
FX ADVANTAGE PLATFORM PROVIDES TRANSACTION SECURITY
Our platform provides industry leading security that ensures safe, stable transactions.
- Account Protection: Multifactor authentication & cryptographic digital signatures.
- Financial Control: You transfer funds directly to the recipient’s bank account.
- Banking Continuity: Your current bank, bank account and banker relationship remains unchanged.
- Blockchain Records: You have secure access to your transaction history.
- IT Security: Zero risk of IT vulnerabilities to your business, because no IT integration is required.
To learn more about the FX Advantage platform and all the benefits of using our platform for your international freight payments, email us at info@ssui.com.
ABOUT SSI
A top FBAP service provider, SSI serves the needs of supply chain, operations, logistics, shipping and finance executives. We transform the complexity of global freight bill audit and payment into cash savings and supply chain intelligence, providing actionable insights to maximize your profit potential.
- Customizable solution scales with your growing and dynamic business needs.
- Automated freight audit drives savings to the bottom line.
- Over 30 years of experience in transacting international payments for our customers.
- Fintech platform pays freight invoices in 150+ currencies, at favorable exchange rates for those who want to keep international payments in-house.
- Cutting-edge data visualization facilitates analysis.
- Actionable business intelligence supports supply chain optimization and operational efficiencies.
To learn more, email us an inquiry at info@ssui.com.
Footnotes:
1. SSI is unable to complete foreign currency transactions with recipients, countries, or any person or entity currently sanctioned by the Office of Foreign Assets Control, which operates within the U.S. Department of the Treasury.
2. FX AdvantageTM is a trademark of SSI, Software Solutions Unlimited, Inc., an AFS Global Technology Solutions, LLC Company.
SSI blog post entitled: International freight payment: gain clarity, cost savings with SSI paying your carrier bills.