Manufacturers have been actively moving their operations away from China for the past several years. This trend – fueled by shipping delays, rising costs and ongoing political tension – has helped spark an industry-wide enthusiasm for nearshoring and friendshoring.
In 2023, Mexico surpassed Canada to become the largest U.S. trading partner. The relationship between the two nations has continued to strengthen, with the U.S. Census Bureau reporting trade totals of $74 billion in August alone. During the same month, Port Laredo regained its standing as the top U.S. trade gateway after briefly falling to the Port of Los Angeles.
Between January and August, trade among the U.S. and Mexico came in at $560 billion, according to the U.S. Census Bureau. Fuel, vehicles and computer parts are some of the top imports from Mexico. Demand for these types of products remains strong, pointing to continued trade growth.
The strengthening relationship between Mexico and the U.S. has created opporunity for both nations, but it has not been without its challenges. The ability to make payments in local currency, for example, has been a roadblock for many logistics service providers hoping to do business across the border.
TriumphPay has designed a solution for these providers by expanding its popular open payments network to include Mexican pesos (MXN). The platform now offers payment services in MXN, U.S. dollars (USD) and Canadian dollars (CAD).
This expansion of TriumphPay’s network is a natural progression, reflecting the need of many logistics providers to make payments in different currencies. As the premier payments network in North America, TriumphPay is committed to providing innovative solutions integrated with the best technology available.
“Expanding our payments network to Mexico is critical for our customers as trade increases between the U.S. and Mexico,” said Melissa Forman, EVP and president of TriumphPay. “We are thrilled to offer this new service, easing the technological and payment burden for customers looking to grow their businesses internationally. Our expansion into Mexico clearly indicates TriumphPay’s commitment to providing brokers, factors, carriers and shippers worldwide with fast payments that offer security, efficiency and transparency.”
By utilizing TriumphPay’s expanding network, companies will have one integration that allows them to pay out across the continent quickly and efficiently. This goes a long way in creating savings and reducing frustration for all parties involved.
TriumphPay also helps its clients reduce overhead by offering an automated payment process and handling payment-related issues that may arise, including collections, status updates and re-issuing any misdirected payments.
It is not just about issuing payments quickly and easily, however. With all types of fraud on the rise, security is top of mind for companies across the logistics space.
Secure electronic payments, like those facilitated by TriumphPay, are the fastest and most efficient way to pay Mexican carriers. Old school payment options, like driving to Laredo to pick up checks, leave too much room for both malicious security breaches and everyday human error.
TriumphPay has a strong track record of valuing security, and these new offerings are no exception. The company is equipped to facilitate the secure collection and management of supplier payment information.
This dedication to security demonstrates care for carriers, therefore growing relationships and creating a top-notch carrier service experience. Maintaining carrier relationships is and will continue to be a key factor for companies doing business in Mexico.
“TriumphPay aims to provide excellent carrier service in addition to secure and fast payments for Mexican carriers, which will in turn help our clients drive growth in their Mexican divisions,” according to Josh Bouk, EVP, Chief Partnership Officer with TriumphPay. “TriumphPay shines for our clients when capacity is in demand and warrants excellent carrier service, and we expect Mexico to be no different.”
Stay tuned for further announcements and advancements of TriumphPay’s International Payments solution.
Click here to learn more about TriumphPay.
The post TriumphPay expansion makes it easier than ever to do business in Mexico appeared first on FreightWaves.
