Step 4: Finance Management and Payments

The Exchange’s desktop platform is designed to make your accounting as simple as possible with the use of the Finance Manager tool.  

You can use the ‘Accounting’ tab to manage your finances all in one place, so you’ll need to know how to use it confidently to stay up to date with all your received invoices. 

 

IN THIS ARTICLE 

• How to view your received invoices 
• How to mark an invoice as ‘Approved for Payment’ 
• When to expect payment for a completed load (Premium feature) 
• What to do after you’ve received payment for a completed load (Premium feature) 
• How to follow-up on an upcoming payment (Premium feature) 
• What to do if your payment is late (Premium feature) 

 

How to view your received invoices 

It’s important to remember that payments should be made directly to the other member using the bank details they’ve provided at the bottom of their invoice. 

 

Here’s how to find all your received invoices: 

Step 1) Click on the ‘Accounting’ tab from the top menu bar. 

 

Step 2) Click on ‘Accounts Payable’ then select ‘View CX Supplier Invoices’. 

  

Step 3) The system will automatically filter your received invoices by showing you those from ‘This month’. You can also change the date range to narrow down your search results.  

 

Uncheck the ‘Invoice Date’ box to view all your supplier invoices. 

  

Step 4) Check the box next to ‘Unapproved invoices.’ 

 

Step 5) To view supplier invoices still awaiting payment, select ‘Filter Invoices’. 

  

Step 6) Click the PDF icon to view the outstanding invoice.  

 

How to mark an invoice as ‘Approved for Payment’

Step 1) Click on the ‘Accounting’ tab from the top menu bar. 

 

Step 2) Click on ‘Accounts Payable’ then select ‘View CX Supplier Invoices’. 

  

Step 3) The system will automatically filter your received invoices by showing you those from ‘This month’. You can also change the date range to suit your needs. 

Uncheck the ‘Invoice Date’ box to view all your supplier invoices. 

  

Step 4) Find the invoice you wish to mark as approved. Check the box under ‘Approve to Pay’. 

 

Step 5) Click on ‘Submit Invoices’ to confirm. 

 

When to expect payment for a completed load (Premium feature) 

The Freight Forwarder premium plan gives you more choice when it comes to your business with the exclusive option of adding subcontractors and vehicles. This feature means your company can quote on loads. 

 

When you quote on a load, the payment terms have already been decided by the load poster.  

 

Please check the payment terms before quoting to decide if the load is suitable for you. If you are allocated the load but dissatisfied with the payment terms, you’ll have to carry out your part of the agreement and complete the booking as they have already sold the load to you.    

 

Remember, you must have followed the load poster’s instructions, completed a POD and sent them your invoice. 

 

On the Exchange, payment terms from 7- 60 days are accepted, with most of our members using payment terms of 30 days from invoice.  

There are three types of payment terms accepted on the Exchange: 

• COD – Cash on Delivery 
• 7, 14, 30, 45, or 60 days from invoice. 
• 7, 14, 30, 45, or 60 from End of Month. 

 

To view the payment terms of a load posting just head to the ‘Loads’ tab and search as usual.  

The payment term will appear on a load post listing, like the example below. 

  

You should expect to receive payment for a completed load within the agreed payment terms set by the load poster when you accepted the booking. 

 

You can also view a due date for a list of your invoices by visiting your ‘Accounting’ tab and clicking ‘View My Invoices’ and looking at the far-right hand column that says, ‘Due Date’. 

 

What to do after you’ve received payment for a completed load (Premium feature) 

After you’ve received a payment for an invoice, you’ll need to process the payment for our system to recognise it as paid. 

 

There are two ways to process a payment: 

 

Method 1 

Step 1) Click on the ‘Accounting’ tab at the top menu bar. 

  

Step 2) Click ‘View my invoices’. 

 

Step 3) Search for the invoice you would like to process payment for. Use the filter to narrow down your search. 

  

Step 4) Once you’ve found your invoice, click the green icon under the ‘Actions’ column to process the invoice payment. 

  

Step 5) Check that the details on the form are correct and click ‘Save’ to process the payment and mark the invoice as paid. 

 

Method 2 

Step 1) Click on the ‘Accounting’ tab at the top menu bar. 

 

Step 2) Click on ‘Process a payment’. 

  

Step 3) Use the drop-down to select which invoice you want to process. 

 

Step 4) Check the details on the processing form are correct and click ‘Save’ to mark the invoice as paid. 

 

What to do if your payment is late (Premium feature) 

You should receive payment for a completed load on or before the ‘Due Date’ of the invoice. 

If the due date has passed, we suggest reaching out the member and communicating before resorting to taking any further actions. 

In most instances, there is an explanation for why a payment is late. They could be missing your POD or have misplaced your invoice. 

Give the member a call using the details they have listed on the Exchange. You can find their details by visiting the ‘Directory’ tab and using the search panel to find them. 

If you can’t reach the member and your payment is seven days late past the agreed payment terms, you’ll need to raise a formal complaint. 

 

Complaints and Late Payments 

While there are usually good reasons for late payments, if you can’t contact the member and the payment is seven days overdue or the member isn’t able to provide an acceptable reason for late payment you are entitled to raise a formal complaint.  

Our complaints resolution exists to keep a level playing field for all members on the Exchange. 

A formal complaint is the last resort if you are unable to come to an amicable agreement with the member privately as raising a payment complaint can lead to the termination of the business relationship and may result in the other member being suspended, restricted, or revoked altogether.  

If your payment is late, you’ve followed all of the load poster’s instructions, contacted the member yourself, then you can raise a payment complaint. 

 

How to raise a late payment complaint using your diary 

Step 1) Go to the ‘Diary’ tab and search for the completed load. 

Step 2) Click on where it says, ‘Leave Feedback’. 

Step 3) Complete the feedback details. To start making a payment complaint, click ‘Payment NOT received’. Your screen will look like the example below. 

 

You should only be making a payment complaint if your payment is seven days or more late. Click ‘Yes’ in the green button to continue.  

 

Before you can submit your payment complaint, you’ll need to confirm that you have taken the correct steps to follow-up with the member about the completed load. 

 

Check the boxes to confirm and click on ‘Complete Step One’. 

 

Next, the ‘Confirmation Step Two’ window will appear. Click the large green button which says, ‘Submit Complaint’, and your browser will open a new tab with our complaint’s submission form. 

 

 

Enter your details in the fields and make sure to select ‘Feedback and Complaints’ from the ‘How can we help?’ drop-down menu. 

It’s important to remember to add: 

• Your member ID and contact info;  
• The ID of the other member;  
• A copy of the invoice;  
• The load or invoice ID the complaint is about;  
• All proof of attempted with the other member; 

Once you’ve finished adding to the form, click the black ‘Submit’ button at the bottom of the page. 

 

Step 4) Use your browser to return to the tab you had the ‘Diary’ open in. Once you are back on the ‘Leave Feedback’ window, click the green ‘Confirm Complaint’ button to finish.