Many warehouses aren’t collecting what they should from accessorial fees. Some teams are wasting hours by tracking fees and then later adding them manually to spreadsheets. Others aren’t tracking accessorial fees at all. By establishing a centralized digital payments system, your business can save time. You’ll understand what you’re collecting, identify ways to boost billings, and free up time to focus on your customers.
Accessorial fees are charges added to a freight bill for any additional services, and they’re one of the easiest areas to overlook when collecting payments. Since they’re added based on specific services provided, your team’s hard work only translates into cash flow for your business with accurate tracking and billing.
Common examples of accessorial fees include:
- Packaging fees, for when the packaging needs to be redone
- Extra Labor fees, for when additional manpower is required to unload
- Oversized Freight, for when the goods take up additional room in the warehouse
On average, warehouses lose 3-6% in top-line revenue from accessorial fees and other charges that go uncollected. Especially in the light of the COVID-19 pandemic and its financial effects, collecting every penny you can count.
Here are three ways that warehouses are missing accessorial fees in their everyday operations – and how RoadSync can help.
A lack of on-the-spot efficiency
When you’re taking down credit card information and writing invoices manually right at your dock doors, collecting fees can be tricky and frustrating at best. Paper-based methods can weigh down overall speed and accuracy. This hurts your profitability and operations speed when moving orders through your doors in a timely fashion. With a digital payments collection system like RoadSync, you can collect credit card information, sort invoices, and process payments nearly instantly. Which also gets you back to serving customers faster.
Manual back-office errors
You try to write down payment information accurately and quickly at the dock door. Then back-office operations has to turn that information into actual payments. You could lose crucial details in translation. Transferring payment information and fee amounts manually to spreadsheets can riddle your books with errors. A payment platform like RoadSync lets you digitize invoices and fee collection. This eliminates the need for cumbersome manual collection or constant trips to the bank.
Missing fee collection altogether
Your team does a lot of hard work – and accessorial fees help make sure your business is properly compensated for any extra time and effort they put into a job. If you’re skipping out on collecting fees altogether, however, you could be disrupting cash flow that could later be a lifesaver for you and your employees. With economic uncertainty, a digital payment platform helps eliminate the need for employees to accept credit cards physically or exchange paper invoices with customers. RoadSync provides contactless payment that allows you to never miss a fee collection, no matter what’s happening in the world.
Capitalizing on digital solutions
There are many types of accessorial fees that your warehouse can collect to add to your cash flow. Relying on traditional or manual processes can make it difficult to collect those fees in a timely, sensible way, though. That’s where RoadSync can help.
Designed for warehouse businesses like yours, RoadSync eliminates the need for a physical paper trail, and puts you in control of collecting fees and processing payments. Plus, during an uncertain time in the world, a digital payment system can help you make the most of staff time and keep workers safe. With Roadsync, you can keep your revenue flowing and your employees on track with every job that comes through your dock doors.
Set up cashless and contactless payment processing today with a RoadSync demo
