Many warehouses aren’t collecting what they should from assessorial fees. Some teams are wasting hours by tracking fees and then later adding them manually to spreadsheets – while others aren’t tracking fees at all. By establishing a centralized digital payments system, your business can understand what you’re collecting, identify ways to boost billings, and free up time to focus on your customers.
Assessorial 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, accurate tracking is important to make sure your team’s hard work translates into cash flow for your business.
Common examples of assessorial 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 assessorial 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 assessorial 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 when it comes to 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
While you might do your best to write down payment information accurately and quickly at the dock door, back-office operations can prove problematic in turning that information into actual payments. Transferring payment information and fee amounts manually to spreadsheets can riddle your books with errors, despite your best efforts. A payment platform like RoadSync lets you digitize invoices and fee collection, eliminating the need for cumbersome manual collection and tracking or constant trips to the bank.
Missing fee collection altogether
Your team does a lot of hard work – and assessorial 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 the coronavirus outbreak creating real concerns around worker health and safety, 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 assessorial 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.