We are ready to help!
TradeRocket is committed to providing your company with the best solutions for improving your supply chain’s flexibility and profitability. Here are commonly ask questions:
+ Is TradeRocket like other financing portals where I can only share invoice data with my suppliers?
TradeRocket is a full-fledged supplier portal so suppliers can obtain all the information and communicate, eliminating the need for calls.
+ Do I have to have my staff learn or use new software in addition to what they are already using?
No. TradeRocket is designed to streamline communication between you and your suppliers. Your enterprise resource software (ERP) system maintains important information that needs to be shared with your suppliers but for security reasons, suppliers cannot and should not have access inside your firewall. However, our supplier portal obtains the data from your ERP without jeopardizing the security settings and provides only the relevant data to each corresponding supplier. Employees will not need to change the way they currently work.
+ How long is the implementation process?
Typically, between 30-40 days and is handled by Trade Rocket’s IT staff. Trade Rocket digitizes the invoices (E-invoicing) and automates the approval process of every invoice.
+ How secure is my data? Are my suppliers going to be able to see each other’s data?
TradeRocket’s primary responsibility is the safety and privacy of your data. Our platform is completely secure and follows all standard security practices to ensure complete compliance. Our data transmission is encrypted and can only be accessed by the intended party. We also offer 24/7 monitoring and have passed all Fortune 50 security audits.
+ As a buyer, do I need to invest in bringing TradeRocket to my suppliers?
TradeRocket is designed to help improve the way they communicate or share data. We understand your suppliers are critical to your company’s success. In the current economic environment we understand the importance of trust, value-added and retention to buyers and suppliers.
Ultimately, buyers add value, build customer loyalty and build their vendor pool that ultimately converts into an AP profit center.
To learn more about how our platform can benefit your business, please contact us.
+ How much does it cost?
It is free for buyers.
+ Why would I elect for Early Pay?
If you have the funds, it is a way to generate supplier discounts. Otherwise, TradeRocket will bring in a funder that will pay on your behalf and you pay the funder on the invoice due date.
When accepting early payments, the only requirement is to change the beneficiary within the ERP system.
+ Is portal access restricted by day or time?
Every supplier can access the portal at their time of preference as long as they have a valid account, a password and access to the Internet
+ When you talk about early payment, is this factoring where I have to be underwritten and only obtain 80% of the value of my invoices? Is there recourse?
We offer a “Pay Me Now!” function that enables suppliers to obtain a payment based on their needs. There is no underwriting needed or review processes. Suppliers obtain 100% of the invoice amount minus the financing fee with no recourse. Once payment is received you are done.
+ Is the discount as expensive as factoring and do I need to discount every invoice as part of an annual agreement?
One of the biggest advantages of Pay Me Now! Is that it allows a supplier to obtain rates lower than factoring rates and obtain the full invoice amount. There is no obligation on the number of invoices that have to be discounted. This tool was built to help suppliers obtain liquidity when they need it while reducing financing costs.
+ As a supplier, how is TradeRocket helping me grow my business and improving my client relationships?
TradeRocket allows suppliers to have full visibility into their client’s operation from purchase orders to paid invoices that are updated on a daily basis. Having cash flow visibility and access is paramount for any business’ success.
+ Why would my company decide to get paid early?
There are several answers to this question: It depends on your company’s current cash flow requirements; your client’s payment performance and your supplier demands.
Immediate access to cash enables you to manage payroll and business expansion. Receiving payment from a client that is struggling financially provides security.
The results are reduced capital costs, improved cash flow, efficiency and growth.
+ How much does it cost?
It is 1-3% per invoice amount.
Please contact us to further discuss your company’s needs.
+ What is the benefit for funders?
Traditional funders need higher returns for shareholders on short-term, low-yielding, low-risk capital investments.
Financial Technology (FinTech) is a huge growth sector. The potential for traditional funders to move into the mid-market is huge. Banks and other financial entities are rapidly learning to collaborate with financial companies to move into the digital payment market.
+ What are the credit risks and advantages?
TradeRocket’s system individually addresses each invoice; funders only underwrite invoices that have already been approved for payment by well-known buyers.
The advantage is a continual series of short-term, low-risk, high-return transactions with comprehensive control and reporting.
The system can be easily integrated into funders existing infrastructures enabling rapid sign-up, testing, auditing and launch.