TradeCard Has Best Performance in Companys History in 2003

Tuesday 17 February 2004 11:55 CET | News

TradeCard, has surpassed growth on all fronts in 2003, with both revenue and transactions processed up by more than 200%. The company signed seven major new clients in the fourth quarter alone in a spate of high-profile customer wins.

New customers that are taking advantage of TradeCards system – a paper-free, hosted platform that automates the financial processes in global trade – include Warnaco, Burton Snowboards and Wolverine Leathers. Other growth came from existing customers, including a major new program with Linens n Things. TradeCard is helping Warnaco create a single global cross-divisional system that provides a comprehensive presentation of the financial status of every transaction in the company. This will help to close their month-end and quarter-end books faster and minimize or eliminate manual data entry that may be currently required to produce the key reports. Burton Snowboards plans for using TradeCards services involve automating the transaction and settlement processes of its expanding overseas procurement program, enabling enhanced working capital management, and providing a secure and less costly alternative for document collection, financing, credit protection and other trade-related activities. Linens n Things is expanding its use of the service from its initial international procurement start in 2002 to now encompass 100% of the companys domestic and international suppliers, as well as non-merchandise expense and construction purchases. Linens n Things will also utilize TradeCards Automated Supply Chain Financing Programs in partnership with GE Trade Payable Services (GE TPS), a business unit of GE Commercial Finance. Wolverine Leathers, a subsidiary of longtime TradeCard client Wolverine World Wide, maker of Hush Puppies, is using TradeCard to automate its accounts receivable function, extending TradeCards penetration of the footwear industry downstream to raw material suppliers. Another driver of TradeCards record results for 2003 has been the network effect, in which one company uses TradeCard to make its financial supply chain electronic, then that companys clients adopt the Web-based service. From the seven major companies to sign in Q4 alone, it is anticipated that an additional three hundred Asian suppliers will soon join TradeCard, representing more than $3.5 billion in additional annual procurement. Overall in 2003, TradeCards continued rapid growth was evident in its achievements, which include: - Both revenue and transaction volume processed through the TradeCard platform increased by over 200% compared to 2002. - Both revenue and shipment volumes grew by an average of 10+% per month throughout 2003. - The customer base continues to expand and now includes such well-known companies as Staples, JC Penney, Linens n Things, Wolverine Worldwide, Warnaco, Hurley International, TAL Apparel, Phillips Van Heusen and Vans, among many others. - Crains New York Business selected TradeCard as one of New Yorks five most promising Venture-capital backed companies. - Global Finance magazine selected TradeCard as the Best Online Trade Finance and Logistics Services Provider for the fourth year in a row.

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Keywords: ,
Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce