How the Process Works
All Invoices Are Audited
Weekly, Bi-Weekly or Monthly Funding
Unlocking potential through efficient working capital.
Payables
Repair Invoices
- Shop rates, contracts, and price master maintained and managed
- BRC estimates reviewed for suitability and accuracy. BRC invoices audited against estimates
- Coded and automated updates to your general ledger
- Shops paid on time and any exceptions handled by TiPS™ staff
Equipment Leases
- Lease contracts and riders managed – rates, dates, shop credit criteria
- Out-of-service days maintained
- Invoices matched to above, validated, paid
- Exception claims are filed with car owner
Ad Valorem Taxes
- Tax authorities accounts are maintained with on-time payment terms
- Taxes statements received directly from authority or via Indurante Associates
- Statements validated by time and presence
- Taxes paid on time to avoid penalties
Freight Bills
- Multi-mode rates, escalations, add-ons, and surcharges managed
- Freight accrual line-items calculated upon shipment
- Invoices audited against accruals – exceptions processed
- Coded for general ledger and paid on time to avoid penalties
Railcar Storage
- Storage contract prices managed – daily rates, switches, other billable services
- Verified storage site arrival and departure
- Invoices matched to above, validated, paid
- Exceptions such as claims filed with storage facility
Demurrage
- Storage contracts managed – daily rates, switches, other billable services
- Verified storage site arrival and departure
- Invoices matched to above, validated, paid
- Exceptions such as claims filed with car owner
Railcar Parts
- Purchase and management of railcar parts managed
- For car owners and well as repair facilities
- Delivery and installation verified
- Invoices paid on time and any exceptions handled by TiPS™ staff
Working capital that powers your business decisions.
Receivables
Scrap Dealers
- Scrap car quotes are verified based on market rates
- Once quotes approved, scrap dealer is invoiced
- Payments collected, recorded, and passed to Shipper
Equipment Subleases
- Sublease contracts and riders are managed
- Invoices are verified for contracted pricing and shop credits
- Payments collected, recorded, and remitted to Shipper
Wreck Claims
- Wreck and damage claims are verified and approved
- Railroads are invoiced
- Payments collected, recorded, and remitted to Shipper
Detention Invoices
- Detention rates maintained
- Railcars held at Consignees over allowance are identified and amounts calculated
- Detention invoice submitted to Consignee, collected and remitted to Shipper
System Security Controls
Controls
A Secure System
- Cloud-distributed and secure using Microsoft Azure
- Strong Passwords – up to 15 characters
- Multi-Factor Authentication using text or email login verification
- Single Sign-On using your own company login ID
SOC Compliance
- SOC 2 Type II Compliant controls secures user roles, change management, network
- SOC 1 – ongoing for financial controls and audit
- Monthly SOC Oversight team reviews of key financial transactions and controls
Key Systems are Separate
- Rates for repair, lease, freight, detention are maintained in RAILTRAC®, RateServer®, and RAILAcct®.
- Payment approvals occur separately in TRANSPay®.
- All transactions are captured in audit tables for transparency and alerts.
- SOC1 and SOC2 policies are followed templates for system security and user roles/access.
Staff and Responsibilities are Separate
- Separate departments for rate management staff and TiPS™ staff for payment approval and disbursement.
- Key staff roles are separate for specific need – rate management, shop selection, invoice approval, invoice payment.
- All transactions record user ID with and provide alerts for critical transactions and audit reporting.
Take the Next Step with TRANSPay® Services
Ready to streamline and optimize your vendor finances? Reach out to TRANSPay® Services for expert guidance and efficient solutions tailored to your needs. Our team is here to help you achieve seamless financial management. Connect with us now to learn more!