CaptureMore adds payment feature to tool tracker

CaptureAssets CaptureMore’s tool tracking software lets OEMs, automotive tier suppliers and tool makers better track tooling, molds, dies, gauges and fixtures. A customizable ID tag with a QR code provides mobile access to each tool, and a quick scan gives registered users instant access to a complete history of the tool, including asset details (dimensions, press size requirements, resin type, steel certifications, etc.), files and documents (designs, drawings, bill of materials, pictures, spare parts list, maintenance and set-up instructions, etc.), and tool location tracking. This information remains linked to that tool for its full production life, and throughout service. 

What’s new? A feature called Clear-to-Pay. Clear-to-Pay addresses the problem tier suppliers and toolmakers can face in getting prompt payment by setting concrete “payment milestones” that are agreed upon by the toolmaker and customer for each tool. The platform tracks details such as target completion date, payment amount and requirements, and notifies participating parties as every step is completed. As an example, if the first 30 percent payment on the tool is due at tool design approval, the supplier can upload the final tool design file and approval form directly to the platform, and the customer will be notified of the upload. Once the design is approved, the system sends out automatic notification to the accounting or finance team to issue payment, and moves on to tracking the next payment milestone. 

Benefits Improved cashflow management. Clear-to-Pay can help suppliers and toolmakers avoid the complexities and process ambiguities of relying on spreadsheets, reducing the chance of delayed payments. It provides program dashboards, custom reporting and overviews, and can integrate with other systems to help streamline workflows. 

CaptureMore, Birmingham, Mich., 586-206-2539, www.capturemore.com