Global Sourcing Said Propelling Financial Supply Chain Enabler's Growth

Patagonia, Hartmarx, Under Armour and J. Jill sign up as TradeCard expands functionality

Patagonia, Hartmarx, Under Armour and J. Jill sign up as TradeCard expands functionality

New York — January 13, 2006 — Financial supply chain solution provider TradeCard this week touted its 2005 results, noting that its growth had exceeded 70 percent last year, marking the third straight year of significant expansion.

New York-based TradeCard offers a trading platform is used by buyers and sellers in 40 countries to manage their mutual transactions and that provides visibility to initial orders through final settlement.

The enabler said it saw its 2005 revenues increase by more than 70 percent against the previous year. In 2005, the company added more than 600 new members to its TradeCard Platform in over 40 countries, which the solution provider attributed to a trend of more companies looking for cost-efficient yet flexible ways to source globally. New customers for the enabler in 2005 included Patagonia, Hartmarx, Under Armour and J. Jill.

New Solutions in 2005

New products released in 2005 included an early payment program, chargeback management and warehouse reconciliation functionality. Using the early payment program, suppliers can "click for cash," opting to take an early payment from either the buyer or a TradeCard financial institution partner. It is available on a transaction-by-transaction basis or for a predetermined period.

In the area of chargeback management, TradeCard said its chargeback functionality provides suppliers with visibility into the reason behind a deduction, enabling chargebacks and other invoice adjustments to be electronically captured, negotiated and electronically applied to a payment. This allows companies to effectively address the chargeback problem with less confusion and cost than is often associated with the process, the enabler said.

TradeCard's warehouse reconciliation functionality enables companies to create or upload goods receipts, which note which goods were received and when they were received from a supplier and then automatically reconciles the receipt against relevant documents, such as the purchase order and invoice. This allows customers to see whether a goods receipt reflects what was ordered and paid for, ensuring accuracy and further cost savings, TradeCard said.

To Electronics and Beyond

After continuing to gain ground in apparel, footwear and retail, TradeCard said it is extending its focus to other industries, including electronics, furniture and auto parts.

"We are always looking for unique solutions that help our customers to manage global trade in a more efficient and cost-effective way, whether they are a small supplier or a retail giant," said Kurt Cavano, TradeCard's chairman and CEO. "TradeCard's continued success proves that our customers think we're on the right track."

Additional Articles of Interest

— P-cards continue to advance, and e-payables solutions are making headway, but the convergence of the financial and physical supply chains is still a work in progress. Read more in "Enabling the Financial Supply and Demand Chain," in the April/May 2005 issue of Supply & Demand Chain Executive.

— Electronic invoice presentment and payment failed to meet its initial predictions. However, recent studies have uncovered a renaissance of interest in Web Invoicing & Electronic Payments solutions as organizations shift their emphasis toward cost containment and productivity enhancement. Read more in "The Analyst Corner: Payment," in the October/November 2005 issue of Supply and Demand Chain Executive.

— Diversified, growing companies frequently confront the challenge of creating a unified customer experience, particularly around how they bill their clients. Office Depot took on this challenge by taking its accounts receivable processes online. Read more in "When A/R Stands for Competitive Advantage," a Best Practices case study in the June/July 2005 issue of Supply & Demand Chain Executive.