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. Please see below series of questions and answers.
Is TradeRocket like other financing portals where I can only share invoice data with my suppliers?
TradeRocket has the functionality to be a full-fledged supplier portal where suppliers can obtain and communicate all of the information that they need without having to call you.
When you say that my suppliers can obtain immediate financing on their approved receivables, is the process complicated with legal documentation and a long on-boarding process?
Actually, it only takes 1 day to get a supplier on-board and there is no legal costs nor due diligence for your supplier to obtain their cash when they need it.
Do I have to have my staff learn or use new software in addition to what they are already using?
Absolutely not. TradeRocket is designed to help improve the communication between you and your suppliers. Your ERP system has important information that needs to be shared with your suppliers but for security reasons, your 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 and your employees do not have to change the way they currently work.
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. We have spend a lot of time and energy developing a secure platform and security practices to ensure complete security compliance. Our data transmission is encrypted and can only be accessed by the intended party. We also have a 24 X 7 monitoring and have passed Fortune 50 security audits.
As a buyer, why would I invest in bringing TradeRocket to my suppliers?
Great question, we have built TradeRocket to help businesses help each other by improving the way they communicate or share data. In addition, a company’s suppliers are a strategic component to to company’s well being, and it is very evident that the current economic crisis is debilitating this very delicate relationship; our aim is to help where other are not. There is a strong value proposition for the buyer and the supplier, if you want to learn more, we would be happy to talk with you!
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?
The Pay Me Now! function allows each supplier to obtain a payment based on their needs. The supplier does not have to be underwritten or go through a review process. Simply log in and schedule when it needs to get paid. Another benefit is that the suppliers obtains 100% of the invoice amount minus the financing fee with no recourse. Once you are paid, 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 the 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 and the information is 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. Having cash at hand is always a good thing as you can use that cash for payroll, business expansion or just to insure that you are going to receive payment from a client that is struggling financially. There are several answers to this question, so if you want to further understand the value, please feel free to reach out to us!