Introduction
Payment Support Services are a proactive function within Transport Exchange Group designed to ensure timely payment for completed transactions on the Exchange. This policy outlines the conditions under which Payment Support Services will engage in chasing non-payment and the steps involved in this process.
Conditions for Payment Support Engagement
Payment Support Services will proactively chase non-payment for completed transactions on the Exchange if the following conditions are met:
- Pay Verification: The Carrier and Load Poster must be Pay verified.
- SmartPay Enabled: The Carrier and Load Poster must have SmartPay enabled.
- Documentation Submission: All relevant documentation must have been submitted via the tools provided on the platform.
- Payment Past Due: The payment must be 5 days past the due date.
Procedure for Chasing Non-Payment
- Verification of Conditions: Upon the payment being 5 days past due, Payment Support Services will verify that all conditions outlined above are met.
- Initial Contact: An initial contact will be made with the party responsible for payment, reminding them of the overdue amount and requesting immediate settlement.
- Follow-Up Actions: If the payment is not received within 3 days of the initial contact, further follow-up actions will be taken, including additional reminders and escalation to higher management within the Load Poster if necessary.
- Resolution and Closure: Once the payment is received, the transaction will be marked as complete, and the issue will be closed. If the payment remains outstanding, additional steps may be taken, including but not limited to restrictions on trading activity, suspension of account privileges or removal from the Exchange.
Member Responsibilities
Members are responsible for ensuring that all documentation is submitted promptly and accurately. They must also ensure that their Pay verification and SmartPay settings are up to date to facilitate the Payment Support Services process.
Summary
The Payment Support Services function aims to support Carriers in receiving timely payments for their services. By adhering to the conditions and procedures outlined in this policy, members can ensure a smooth and efficient resolution to any non-payment issues.