Our new payments functionality takes the hard work out of getting paid. From invoicing to getting paid – you can easily track the status all within the platform. It even takes care of the reconciliation for you, so you can spend more time driving and making money.
About our payments functionality
How will I know when I’ve been paid?
Why have I received one payment when I had multiple invoices for payment?
Where can I add/update the bank account for receiving payments?
I’ve been paid the incorrect amount. What should I do?
Who’s liable if a payment is sent to the wrong bank account?
Does the Wallet hold my funds?
How we ensure our payments functionality is secure
Can I get paid through the platform if my business isn’t Trustd?
My bank details are already in Finance Manager. Do I need to input them into Trustd again?
How TEG handles your financial data
About our payments functionality
Our new payments functionality takes the hard work out of getting paid. From invoicing to getting paid – you can easily track the status all within the platform. It even takes care of the reconciliation for you, so you can spend more time driving and making money.
Benefits
Simply put, our system makes it easy to keep track of invoices and, crucially, get paid. Here’s how:
Total transparency: Easily see the status of all your invoices, from awaiting approval to paid, in one place. No more chasing updates or payments.
Automatic reconciliation: As soon as a load poster pays your invoice (or invoices), it’s automatically marked as ‘PAID’ in the system. You'll also get an email confirmation every time you receive a payment – so you’ll know immediately when you’ve been paid.
Less admin: Updated your bank details? Then simply update Trustd. Any new payments you receive through the platform will land in your new account. No need to waste time notifying load posters individually.
Less late payments: Because we have visibility over the payment phase, we'll be able to see when payments are late – and take action to help tackle this issue.
Faster settlements: When an invoice is paid, you'll have funds by end of day, 7 days a week. If a load poster pays you on a Sunday, you'll receive payment on the Sunday!
Getting set up
To use our payments functionality, you’ll need to complete the Payment setup application in Trustd.
You can find more detail on the process and what documents you’ll need to provide here.
Please note you’ll first need to ensure your business is TEG compliant. This process is completed via our compliance platform, Trustd.
If you're not yet TEG compliant, you can learn more about the process here.
Receiving Payments
How will I know when I’ve been paid?
Whenever you receive a payment, you’ll receive an email confirmation – including remittance advice – outlining which invoices have been paid.
Your confirmation email also includes a unique payment reference, so you can easily match the payment to your bank account statement.
Why have I received one payment when I had multiple invoices for payment?
This is one of the many ways our payments functionality is so smart! Our system saves time for load posters by allowing them to pay multiple invoices (and suppliers) in one go.
For example, say you have three invoices for payment from a load poster. If they settle all three of your invoices at the same time – you will receive one lump sum payment (instead of three individual payments).
Don't worry though, it’s easy to see which invoices relate to the single payment. Our system will automatically mark each invoice as ‘Paid’ for you. You’ll also get an email – with remittance advice attached – outlining which invoices have been paid.
Where can I add/update the bank account for receiving payments?
To change the details of the bank account you would like to receive payments into, please login to Trustd.
I’ve been paid the incorrect amount. What should I do?
Please submit a support request if you think you’ve been paid the incorrect amount.
Who’s liable if a payment is sent to the wrong bank account?
It is the responsibility of the legal Account Owner to ensure that the bank account details in Trustd are up to date.
Therefore, if you raised and sent an invoice through the platform with incorrect or outdated bank details, you are liable for the payment.
The Wallet
About the Wallet
The Wallet is an electronic money institution (EMI) account that allows you to get paid by your customers through the platform. This EMI account is powered by Modulr.
Essentially, the Wallet facilitates the payment from your customer to your bank account.
Does my Wallet ever hold my funds?
No. Whenever a supplier pays you, those funds momentarily pass through the Wallet and end up in your bank account.
About Modulr
Modulr are an FCA-regulated e-money institution. We’ve partnered with Modulr to allow you to make payments on our platform.
In order to use our payments functionality, you will be required to accept Modulr’s Terms & Conditions. This will be done during the Payment setup application in Trustd.
View Modulr’s Terms & Conditions and their Safeguarding Policy here.
Modulr footnote:
Transport Exchange Group is a distributor of Modulr FS Limited, a company registered in England and Wales with company number 09897919, which is authorised and regulated by the Financial Conduct Authority as an Electronic Money Institution (Firm Reference Number: 900573) for the issuance of electronic money and payment services. Your account and related payment services are provided by Modulr FS Limited. Whilst Electronic Money products are not covered by the Financial Services Compensation Scheme (FSCS) your funds will be held in one or more segregated accounts and safeguarded in line with the Electronic Money Regulations 2011 – for more information please see here.
Data and Security
How our payments functionality is kept secure
Measures we’ve taken to keep our payments functionality secure include:
Two factor authentication (2FA): To login to your CX or HX account, you will be at times, required to complete 2FA. You can learn more about 2FA here.
Secure bank details: Trustd verifies and stores your bank details for you. Whenever you raise an invoice, your bank details will automatically populate from Trustd, so you can be confident that your customers will always pay the right account.
Secure payments: We’ve partnered with Modulr to allow you to receive payments through the platform. Modulr is authorised and regulated by the Financial Conduct Authority as an Electronic Money Institution for the issuance of electronic money and payment services.
Can I get paid through the platform if my business isn’t Trustd?
No, to make receive payments through the platform, your business must:
- be TEG compliant and;
- complete the Payment setup application in Trustd
Learn more about TEG compliance.
My bank account details are already in Finance Manager. Do I need to put them into Trustd again?
Yes, before you can receive payments through the platform, TEG has a responsibility to ensure your bank details are correct and belong to your business.
Trustd verifies your bank details by using a ‘confirmation of payee’ check. This is much like the checks your bank conducts when you want to pay someone new.
That’s why you will be asked to input your bank details in the Payment setup application in Trustd, even if they are already in Finance Manager.
A payment was sent to the wrong bank account. Who’s liable?
It is the responsibility of the legal Account Owner to ensure that the bank account details they want to receive payments into, are correctly stored in Trustd.
If you raised an invoice and sent it to a customer on the platform with incorrect or outdated bank details, you are liable for this payment.
How TEG handles your financial data
We are legally required by HMRC to keep your financial data for 6 years. Learn more. We also store a history of payments, paid and received, on a protected system. This is in accordance with the Payment Service Legislation.
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