SAN DIEGO, Calif., August 11, 2015 – P-Fleet, a leader in expense and payment management solutions, today announced the release of SettleUP™, its cloud-based software-as-a-service (SaaS) for processing and disbursing settlements to independent contractors and owner-operators.
SettleUP manages the exchange of payments, deductions and reserve account transactions that occur between the contracting company, contractors and the vendors that supply them. Payment and deduction files can be uploaded by each party, and contractors can authorize expense payments for vendor services that are being used. The application calculates the net amounts owed to contractors and the deduction amounts vendors will receive based on the funds that are available. With SettleUP, companies are able to significantly reduce the time, effort and cost of settlement processing and the risk associated with the use of independent contractors.
“As the focus on employee misclassification intensifies, the influence a contracting company might have over contractor revenue and expenses will be closely scrutinized,” said Jake Zuanich, President of P-Fleet. “SettleUP is a pathway for contractors and vendors to do business directly and alleviate the contracting company’s risk as the intermediary. Each stakeholder – the motor carrier or broker, contractor and vendor – has access to information in real time so that the settlement process is open and transparent.”
The newly released web application delivers several key features to customers, including the availability of settlement statements via email, mail or electronic download. Contractors have the option of receiving payments via check, ACH or prepaid debit card. The software supports managing vendor authorizations, prioritizing deductions and utilizing reserve accounts with rules for when funds should be contributed or withdrawn to simplify accounting processes. Contractors are able to view and download pending and historical settlement information online so that they can easily keep track of their business revenue and expense payment activity.
P-Fleet is a leading provider of expense and payment management solutions for commercial fleets and companies that utilize independent contractors. With P-Fleet, customers realize productivity improvement, expense controls, payment facilitation and information management tools to increase their bottom line. P-Fleet is headquartered in San Diego, California, and provides its solutions to businesses across the United States. For more information, visit www.pfleet.com or follow us on Facebook, LinkedIn and Twitter.