After piloting the program with a number of customers over the past six months, TradeCard has launched its automated Early Payment Program, which is now available to any eligible supplier on the TradeCard system. TradeCard enables funding of suppliers with specific early payment program options that are able to bring the strength of the buyer’s financial credit to the supplier. With the new program, suppliers can get paid as early as two days after the buyer submits an electronic payment approval document. Through the TradeCard Early Payment Program, it is possible to provide the supplier with financing rates that are likely to be better than those offered by financial institutions for traditional early payment programs says TradeCard. This can be achieved because the discount rate for suppliers is based upon the buyer’s credit rather than that of the supplier. The program supported by TradeCard’s partnering financial institutions is available either for a predetermined period or on an invoice-by-invoice basis.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
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