Tank Pay: Client Funding Automation
Last updated June 4, 2024
Tank Pay is designed to facilitate money transfers on behalf of factoring companies and freight brokers – not just transfers to Tank Accounts – directly from the factoring software or TMS. Payors that use Tank Pay avoid shifting context between their operating bank account and their client management software to fund clients. Because Tank Pay integrates directly into the software, it results in more complete AP automation for the payor, and less room for human error. End customers benefit from a simple payments workflow that prioritizes ease of use, but also makes recommendations to save money.
Prices: Payors set prices for each customer receiving payments from Tank Pay. Tank will present the payment recipient with delivery costs (for ACH, Wire, RTP, etc.). The payor may present the client with dynamic prices for money transfers that are client-specific. For example, the payor may offer free wires as a promotion to one client, while keeping other customers at a different price point.
Accounting: Tank Pay provides confirmation that transactions are initiated through instant receipts, end of day accounting reports, and the Tank Portal. Users can interact with our Quickbooks integration to reconcile transactions daily.
Client Experience
| User Experience |
| I get notified the minute that my factoring company or broker funds my invoices, and an estimated ETA for payments to arrive in my account. |
| Tank Payments staff can help me troubleshoot errors with a payment. |
| I can determine myself which bank accounts my funds get sent to. |
| I can set a default delivery method for all payments owed to me. |
| I don’t need to download an application to get paid. |
1. Client Notification
Clients get notified by SMS when the payors initiate a payment from the software.
2. Optional Client Cashout
Clients choose default funding destinations, or they can actively cash out to new destinations, like new bank accounts or fuel cards.
