Are you ready for ReadyPay?
What is ReadyPay?
ReadyPay is a Lojistic service for auditing bills and paying carriers for shippers.
Most often, companies that need a service like this and can benefit from it have reasonably high volumes of shipping. In the case of parcels, for example, that would be around $250,000 a year in spend. The other requirement is usually that they need to be able to pay carriers via credit card.
Also, if you’re operating a business and don't have the ability to pay UPS or FedEx with a credit card, Lojistic can help with that too.
Most importantly, ReadyPay is 100% free. You keep all of the credits that we recover on your behalf, and you get all of the analytics from the Lojistic platform that you're accustomed to, and additional features like GL coding.
If you don't meet the shipping spend criteria for ReadyPay, but want Lojistic to chase down refunds on your behalf, check out our other parcel invoice management solutions.
Audit and Recovery Program
Next, if you sign up for Lojistic’s parcel audit + recovery solution, where we go out and find credits for you, the gain share associated with that is waived. Again, you’ll keep 100% of the credits that we find. We'll waive all fees for ReadyPay services.
And if you’re worried about a catch, or Lojistic’s bottom line, we monetize this offer through credit card rewards. We pay your parcel invoices with our credit card.
Benefits of ReadyPay
The benefits of ReadyPay are pretty stark, especially for shippers with a large spend volume or multiple carriers. We take responsibility for the personnel costs, managing the accounts payable, getting those paid on time and within terms, all of that and we do that for you.
With ReadyPay in place, your internal accounting team or anyone else who reviews those bills can move on to more important things.
Our accountants make sure that your costs are allocated to the right place. Internal accounting keeps your financial statements accurate and makes sure that you get a good pulse for how your business is operating. They can see, for example, which shipment belongs to which program or product. Understanding your costs for those is critical to making the right business decisions.
Also, Lojistic can help develop those accounting rules for you. And then all of the information you get from us is pre-coded so you know where those costs came from. That can also save significant time and effort.
We send you a funding report with a detailed account of all the UPS and/or FedEx invoices that are "ready to pay." Once you're ready to pay your invoices, you'll fund an account tied to your Lojistic ReadyPay program. Lojistic pays your invoices with our credit card, so all of the typical service fees for refund recovery are waived. Hello costs savings, goodbye fees!
Refund Credits and Reverses
Sometimes the carriers will issue a refund credit and then reverse it. If a shipper is using ReadyPay and the carrier makes a mistake by granting a credit and then later changing their minds, we're going to go to bat for you. We'll try to get that credit back. But whether we're successful or not, you still keep that credit.
We will pay that credit that the carrier overturned. We call that our ReadyPay guarantee. And that makes sure that your accounting records and everything else can stay in line. You don't have to go back and restate anything or add costs to something that we've already signed off on as approved. So we guarantee it no matter what the carrier does. With the Lojistic ReadyPay Guarantee, you're completely safeguarded against any reversals.
If you're interested in ReadyPay, create your free Lojistic account today. The Lojistic platform is your pathway to ReadyPay service. And for any other questions, click here to contact us.