U.S. Retailer Rite Aid Uses TradeCard to Lower Costs of International Trade

Monday 24 January 2005 03:14 CET | News

TradeCard is automating Rite Aids trade transactions with approximately 200 international suppliers from purchase order - delivery through payment.

Rite Aid operates 3,400 drugstores and is ranked number 128 on the Fortune 500. Benefits for the company include streamlined procurement processes, the elimination of costly letters of credit, and improved supplier relations. Approximately 85 of Rite Aid’s international suppliers are now on board and able to transact. The remaining suppliers most of which provide seasonal merchandise ? will be connected over the coming weeks, when Rite Aid requires their goods. Rite Aid And Suppliers Collaborate Online Through its web-based platform, TradeCard automatically creates, routes, matches and stores trade documentation such as electronic purchase orders, supplier invoices, freight receipts, and other information to facilitate payment and financing. Each party has appropriate access to view and amend documents as a transaction progresses. Payment decisions are automated based on supplier compliance to purchase order terms and conditions. Discrepancies are systematically flagged and manage online. Suppliers Access On-demand Financing, Eliminate Letters of Credit Issued by banks, letters of credit guarantee payment to suppliers once pre-set conditions, such as a buyer’s receipt of goods are met. Many suppliers rely on letters of credit not only for this guarantee, but also to obtain export financing from financing providers. To remedy these issues, TradeCard and its financial partners provide integrated services over the platform, including settlement and automated early payment discount programs, as well as credit protection and pre- and post-export financing.

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

Payments & Commerce