Pegasus TransTech of Tampa, Fla., is moving quickly to establish an end-to-end document processing system for the truckload sector.

Friday, the Tampa-based company announced it will integrate its Transflo document processing technology with CitiCapital Business Credit of Dallas. CitiCapital provides factoring services, buying accounts receivables at a discount but providing immediate payment for carriers.
The CitiCapital agreement comes less than two weeks after Pegasus announced a deal with Comdata to offer document scanning at truckstop fuel desks where Comdata point-of-sales systems are in place. The Comdata arrangement will enable drivers to have papers scanned and the images made available to headquarters electronically.
Pegasus claims fuel desk scanning will advance the billing cycle and carrier cash flow by at least one day and possibly as many as five. By bringing CitiCapital into the system, Pegasus further shortens the time between load delivery and payment for the carrier.
CitiCapital Business Credit has provided working capital to the transportation industry since 1942. A member of Citigroup, CitiCapital was formerly known as Associates Commercial Corp.
"Once fleets start scanning from truckstops and electronically send invoices and proof of delivery to the finance company, it is conceivable, depending on time of day, that they can deliver a load today and receive the cash from CitiCapital tomorrow," said Pegasus Chairman Bob Helms.
According to Helms, Pegagus is looking beyond the imaging technology for which it is known to become what he called a business process improvement solutions company. Helms said the new document system involving Comdata and CitiCaptial would change the truckload industry.
"Because business process improvements speed cash flow and drive costs out of the system for all the participants, we expect this to have a major impact on supply chain economics," Helms said.