Invoices and payments off platform
Invoices can be managed on the platform but paid off platform.
For load posters, they can approve invoices in SmartPay but pay off platform either through their bank account or through their accounting software.
For drivers and carriers, they will need to manually mark invoices as “paid” once they've received payment. Instructions below:
- In the “Awaiting Payment” tab, select the invoice(s) you want to mark as Paid and click on "Mark as paid"
- Enter the payment amount you received in your bank account, then select the date you received payment and the payment method.
- Click Save. Saving this will update the status to "Paid" and move it to the "Paid" tab.
What is External invoice factoring?
External invoice factoring is any invoice managed by a factoring company off the TEG platform.
Can I use SmartPay for externally factored invoices?
It’s not currently possible to pay externally factored invoices through SmartPay. Externally factored invoices can be uploaded and managed on the platform but must be paid off platform.
What should I do if I have an externally factored invoice?
If you receive an invoice from a supplier with externally factored bank details, payment will need to be settled off platform.
If you raise an invoice with external invoice factoring, it cannot be paid through SmartPay and it will need to be settled off platform.
Paying subcontractors
You may also receive invoices from businesses that operate off platform such as subcontractors.
It’s not currently possible to pay subcontractors through SmartPay. Only members who are verified by Trustd our compliance partner are eligible to pay and get paid with SmartPay.
You can use SmartPay to manage and centralise your invoices in one system by uploading a subcontractor’s invoice details to your account however payments must be settled off platform.
Accounting integrations
You can also integrate SmartPay to popular accounting systems such as Xero, Quickbooks or Sage. You can manage invoices and and pay off platform, but you’ll need to mark invoices as “paid” manually in TEG for the “Paid” status to pass through the integration.
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