Frequently Asked Questions
Are billings for all modes of transportation paid by VTM? Yes, we audit and pay billings for all modes of transportation. How are client funds handled? VTM separates our corporate funds from customer accounts. You may elect payment on your check stock or VTM check stock. VTM will also wire funds to your prime carrier partners. VTM has access to 14 world currencies. Currently payments are made in USD, Euro, Candian dollar and Singapore dollar. VTM can also convert currencies to / from US$ to meet your reporting needs. VTM offers wire and ACH payment services in these currencies to speed payments to your worldwide carriers. VTM maintains Fidelity Bond and private insurance coverage to protect your assets. VTM has had Insurance and bonding coverage in place since 1996. VTM customers receive certificates of insurance directly from VTM carriers / brokers. VTM customers are named insured on these policies. Should there be any changes or breaks in coverage you will be notified directly from our insurance carriers. Examples of policies: Umbrella or Excess Liability Commercial General Liability Automobile Liability Brokers Bond Fidelity Bond (Employee dishonesty) Workers Compensation How frequently are carrier billings paid? VTM will pay your bills daily, twice each week or weekly according to the credit terms you have negotiated with your carriers. When and how do clients fund VTM? VTM will notify you 24 hours ahead of our payment schedule of net funds due (after audit), to allow audit of our funds request and time to make your wire transfer or ACH to VTM. VTM will fax or email our funds request to your attention. How do shippers account for VTM carrier payments? VTM will receipt all funds received with reports (or files) sorted by carrier or shipper general ledger code to balance all monies transferred to VTM and your carriers. Does VTM answer carrier proof of payment inquiries? Yes, utilizing our web site or by telephone to our carrier services reps. VTM can provide canceled check information to you and your carriers. Are all billings audited? All bills are audited or noted as rejects prior to payment. VTM audit is 90% automated, with manual intervention on disputed or unbalanced items. VTM air courier audit nets service failures from funds requested. VTM can pre-rate your incoming bill of lading file to help you accurately accrue freight expenses. Duplicate billings are screened for 24 months by VTM, by pro number and bill of lading number, when applicable. How is EDI utilized? In total, over 75% of billings processed by VTM are EDI billings. EDI processing reduces your transaction costs by over 50% compared to hardcopy billings. VTM works with you to identify EDI opportunities, then VTM coordinates start up and EDI testing with your carriers. How does VTM utilize the Internet? VTM clients and their carriers use the web for proof payment, data exchange, report delivery, reject resolution, reporting and access to images of paid billings. What does start up entail? Start up can take between 30 and 90 days. VTM will work with you and your carriers to develop standard operating procedures for future review and use. Our staff's 20 years of experience will steer you to industry best practices and procedures. VTM will test all necessary data links and any custom reports or procedures prior to start up. Will you customize reports or data feeds? Yes, VTM will supplement our standard audit trail reports with customer specific reports and data exchanges. VTM's TRANSWARE® (report writing tool) allows customers to modify report formats and content. How are my paid bills stored and referenced? VTM imaging service indexes billings to their corresponding data record to reduce shipper storage and retrieval costs. Billings can be forwarded to your post auditor or off site storage. What other VTM services should I consider? VTM gain-sharing programs help identify non-compliant routing of shipments and utilization of non-core carriers. VTM Brokerage services will bring to your attention carrier selections and service levels that may be costing you money.