Overview

The Challenge

As AWA’s business was thriving, the Accounts Receivable (A/R) team handled more activity than their talented staff could accommodate without process changes. They knew customers who preferred ACH or credit card options could experience payment authorization delays, despite A/R’s diligence and responsiveness.

As the volume of transactions grew, AWA’s CFO Regina March researched digital payment options that could expedite payments while freeing up A/R resources.

Domestic cash-on-delivery (COD) customers who opted for credit card payments filled out payment authorization forms manually, sometimes miscalculating total costs and forgetting agreed-upon processing fees. Payment couldn’t occur until AWA staff was available to process the form.

This credit card authorization and payment process could demand significant time if customers made errors in the form. And to keep customer financial data secure, AWA required repeat COD customers to fill out a credit card authorization form for each shipment.

As the volume of transactions grew, AWA’s CFO Regina March researched digital payment options that could expedite payments while freeing up A/R resources.

Curant’s Digital Payments Solution

Regina searched for a vendor that would accept all major payment forms and not subject AWA or its clients to expensive payment networks. These network fees add up, and the enrollment steps are often time-consuming for logistics firms and shippers alike. AWA also needed real-time payment visibility into statuses by customer and invoice so the Finance organization could spend less time hunting for overdue accounts.

Regina selected Curant for its flexible payment options, deep experience in freight and logistics technology, and fully digital solution that doesn’t require a payment network. Curant’s ability to service domestic and international shippers alike with simple credit card, ACH, and financing options stood out among freight payment providers. In particular, AWA’s growing domestic COD business — that relies heavily on credit card payments — would benefit exponentially from a new payment solution.

In short order, AWA’s digital payments were up and running. Implementation required zero professional services or project management from the AWA team. After go-live, AWA included simple payment links on the website, invoices, and customer emails to promote the new payment options.

Customers can now click on a link, enter their credit card information, and get back to running their businesses. Curant displays all processing fees in the total, providing complete cost transparency to AWA customers. If shippers create a free Curant account, their credit card or other payment information is securely stored for future transactions. This option saves significant time while achieving full Payment Card Industry (PCI) compliance.

Curant handles all aspects of payment approvals and coordination with shippers’ banks. The A/R team gains full visibility into the payment through the process, including real-time notification when a payment is completed. The Reporting functionality allows the A/R team to drill down into outstanding invoices, customer payment histories, and payment trends. Financing is also available to provide funds immediately while AWA’s clients can defer invoice payments for up to 90 days.

Curant’s ability to service domestic and international shippers alike with simple credit card, ACH, and financing options stood out among freight payment providers.

Results and Benefits

Before implementing Curant, credit card authorization could require half a workday between making corrections and waiting for customer communications and approvals. Now, the processing and payment time for these credit card transactions has reduced 75%. This streamlined process alleviates A/R from reviewing manual credit card payment forms, often riddled with incorrect totals that require amendments and re-submission. Digital payments translate into less effort for the customer, A/R, and Operations. Curant’s full payment visibility eliminates the manual intervention, producing a noticeable increase in satisfaction among AWA customers using Curant.

Nearly half of AWA’s domestic COD customers started using Curant within months of go-live, and customer adoption continues to rise. Payments processed using Curant grew 59.9% after its first quarter of availability.  And Curant has processed over $1 million (and counting) in digital credit card payments for AWA.

The flexibility to set payment fees for all forms of transactions has allowed AWA to provide secure digital payments with minimal cost to customers, who are happy to cover a small fee for the speed and convenience gained. This capability also provides AWA a negotiating point for high-volume shippers, and it carries the potential to turn payments processing from a cost center to a profit center.  

With substantial time-savings thanks to full payment visibility, the A/R team can devote more attention to higher-value activities, such as monitoring customer credit terms and payment due dates, along with more timely collections efforts. Curant’s automated email reminders unburden the A/R team from manual follow-ups. These email reminders can be scheduled at a variety of internals and occurrences before AWA escalates collections.

As AWA sees more domestic COD customers opt for Curant, Regina and her team also plan to take advantage of the robust reporting capabilities and expand Curant use to international shippers. Regina and the Finance team are eager to extend Curant’s benefits across different customer segments and internal processes

American Worldwide Agencies (AWA) serves the global freight forwarding market, whether customers reside next door, across the country, or around the world. AWA knows that, in order to successfully serve customers, forwarders need partners that not only understand the costs of doing business, but also the importance of communication. AWA cares as much about a shipment as its forwarding clients do. To learn more, visit awaship.com.

Curant provides financial automation and hassle-free digital payment solutions for ocean and air intermediaries to drastically reduce manual billing, accounting errors, and disputes. We give freight forwarders the easy payment solutions they deserve without expensive payment networks, empowering customers of all sizes to scale their back-office operations without adding tedious manual processes. Curant Financing provides customers with immediate payment while shippers can defer invoice payments for up to 90 days, offering flexibility and capital needed in uncertain environments. To learn more, visit curant.io or email sales@curant.io.