TradeCard, Inc., the supply chain collaboration and global trade platform used by more than 10,000 retailers, brands, manufacturers and service providers, announced that golf apparel leader Cutter & Buck has extended its TradeCard subscription to continue leveraging TradeCard's cloud-based platform to connect with trading partners electronically and obtain visibility into the movement of payments and products.
Since 2005 Cutter & Buck has automated processes from purchase order through settlement and provided suppliers access to early payments in exchange for invoice discounts, through the TradeCard Platform.
"Automating the procure-to-pay process has been a huge win for us and our suppliers," said Rich Grambihler, Controller at Cutter & Buck. "There's clear visibility into orders, amendments and transaction statuses. Our suppliers like it because they know when and how their payment will arrive."
Cutter & Buck employs TradeCard Procure to Pay to facilitate transactions. It also offers suppliers an early payment program, funded by Cutter & Buck capital, to provide suppliers access to cash early and at better rates, in exchange for invoice discounts.
"A fast growing number of small and mid-size brands are recognizing the benefits of connecting their trading partner network on TradeCard," said Sean Feeney, CEO of TradeCard. "Cutter & Buck is a prime example of a company that has adjusted how it transacts to run a smarter, more efficient supply chain. Cutter & Buck improves the performance of the entire trading partner network by automating transaction workflows and providing suppliers access to capital within days instead of weeks, through TradeCard."
The TradeCard Platform helps suppliers take advantage of online financial services for payment protection, early payment programs and trade financing. Brands and retailers are able to maintain or extend existing terms with suppliers and eliminate the need for credit lines for purchases. Financial institutions gain direct visibility into the transaction through TradeCard's automated environment to reduce risk and increase financing opportunities. All parties benefit from process efficiencies, data accuracy and cost savings.
