Home Depot suppliers who source goods in Asia and sell on open account terms under Home Depot’s Direct Import program are required to comply with a complicated process to deliver documents for payment. This paper-based process requires constant management of third-party documents originating in Asia and numerous expensive and time consuming international courier packages. If mistakes are made, or delays occur, Home Depot can access multiple additional fees and charges to the supplier. As a result, the document process alone routinely adds over $300 of additional cost to every shipment. For even smaller suppliers, that can add up to over $200,000 of additional costs per year.
Trade Technologies is the world’s largest provider of trade documentation software and services. For the last 10 years, we have been providing suppliers to large US retailers that are sourcing goods in Asia with an outsourced solution that reduces costs and accelerates payment while providing credit and collections personnel with complete visibility, control and predictability in the trade receivables process.
Trade Technologies works with numerous Home Depot suppliers to greatly improve the process for managing, creating and electronically delivering these documents to the US paying banks. As a result, our customers are typically paid several days faster. Additionally, they avoid international courier fees, as well as the numerous penalties for failures to comply with the Home Depot process. Lastly, supplier employees are freed from managing this process on a daily basis and can deal with more pressing customer and business issues. Trade Technologies can reduce the overall cost of complying with the Home Depot document process by more than half and provide similar results for suppliers selling to other large retailers.
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