TradeCard FAQ
What is TradeCard?
TradeCard automates the Financial Supply Chain. Automating the Financial Supply Chain means having the same control
and visibility over financial processes in a transaction as one does over the physical movement of goods, from
procurement-to-payment.
TradeCard connects buyers sellers and their service partners on a hosted, paperless platform and supports
a range of services that automate financial processes. These services are aligned with the business processes of the
members of TradeCard. Because of the visibility of the platform, TradeCard can offer innovative financial services
that are not efficient offline. As a result of aligning with members' business processes and integrating financial
services, TradeCard can optimize finances and decision-making.
TradeCard provides a range of services supporting both cross-border and domestic trade transactions, as well as
indirect procurement. In addition, TradeCard provides the benefit of a patented data compliance engine, payment protection, money movement and access to logistics, inspection, insurance and financing services. TradeCard is a
flexible modular platform for global trade transaction management and offers its users services that can be used in
two ways:
- Full Service Transaction - Customers can choose to use the complete TradeCard transaction cycle, starting with
purchase order execution with trading partners, moving on to matching and compliance, and completing the transaction
with financial data settlement.
- Unbundled Transaction - Customers can select the individual components of TradeCard as needed. For example, the
user can initiate, exchange and collaborate with their trading partners just on the P.O. and invoice level, or
implement financial settlement with or without payment protection services.
How does TradeCard work?
TradeCard is a web-enabled platform that all parties access through the Internet by logging into its secure
transaction environment. The following process describes a full service transaction plus money movement:
The buyer creates and sends a purchase order through their EDI, ERP or user interfaces on their Internet browser into
the TradeCard. The seller receives an automatic email notice from TradeCard informing him that a purchase
order is pending. The seller then approves the purchase order or negotiates the terms with the buyer if necessary.
After approval by the seller the purchase order is stored in TradeCard. At this point in the transaction,
the seller can select payment protection if required. Once the goods are ready for shipment, the seller creates an
invoice and packing list through TradeCard. Since most of the invoice data are found on the original
purchase order, TradeCard automatically pre-populates the invoice document, so that the seller only needs
to fill in additional data.
The patented TradeCard compliance engine then matches the invoice and other optional documents such as the packing
list, proof of delivery and proof of inspection against the purchase order. Both buyer and seller are notified if
there are any discrepancies and have the option of negotiating them free of charge online. Once discrepancies have
been resolved, payment instructions are either triggered automatically and instructions sent to JPMorgan Chase to
debit the buyer's account and credit the seller's account, or by the buyer who issues a Payment Authorization
Document specifying the amount and time of the payment to be made.
What markets does TradeCard serve?
TradeCard can support transactions without payment protection in virtually any country. The financial partners of
TradeCard can provide payment protection for sellers in a wide range of countries. TradeCard and its financial
partners continually expand this list, so check with TradeCard to determine if we can operate in the countries in
which you do business.
How do I apply?
First, be sure that TradeCard operates, and, if required, payment protection services is available, in the
countries in which you and your trading partners are doing business. Next, compile required business and financial
information such as the company's legal name and the total assets of the company. Finally, contact our customer
service at (800) 905-8723 or E-mail: service@tradecard.com for assistance.
What are TradeCard's support hours?
TradeCard Member Services is available 24 hours a day, 7 days a week. TradeCard service may be interrupted for
routine maintenance.
What are some value-added services available to me as a TradeCard member?
In addition to funds transfer, foreign exchange and payment protection services, TradeCard members have access to
the TradeCard Network, which is a network of service providers offering logistics, inspection, as
well as pre- and post-export financing. Many of these services are available to TradeCard members at discounted
rates.
How do I select a Logistics or Inspection Service Provider for my business?
If your preferred service provider is already a TradeCard member, simply add this service provider to your trading
community. If your preferred service provider is not a TradeCard member, please have them contact our customer
service at (800) 905-8723 or E-mail: service@tradecard.com to join the
TradeCard Network. The terms and conditions of your relationship with your service provider must be confirmed
directly with them, outside of the TradeCard.
How do I know that my private information will be safe and how does TradeCard use my
information?
A server certificate that provides 128-bit communication encryption protects the TradeCard. Furthermore, TradeCard
has a strict privacy and confidentiality policy regarding all applicant and member information.
We do not sell, trade, or rent to any third party any personally identifiable information, confidential business
data, and/or transaction details. Once your organization becomes a member of the TradeCard, your personally
identifiable information, confidential business data, and transaction details will be shared only with those
TradeCard service providers and corporate alliance members participating in your transaction, or parties with whom
you give us permission to share the information.
Service partners of TradeCard include, but are not limited to, funds transfer agents, payment protection providers,
freight forwarders, inspection agents, logistics providers, pre-and post-export financing
providers, and sales, support, and marketing agents.
What rules govern the use of TradeCard and where may I find them?
TradeCard has created a set of rules by which buyers and sellers who are members of the TradeCard must abide. These
rules may be found in the TradeCard Membership Agreement. The TradeCard Membership Agreement governs access to and
use of using the TradeCard.
What happens if a legal dispute arises between a buyer and a seller over goods involved in a TradeCard
transaction?
TradeCard processes documents; it is not involved with the manufacture or shipment of the goods
themselves. Unless the parties use the services of one of the inspection companies within the TradeCard Network,
issues surrounding the quality or condition of the goods themselves lie outside the scope of TradeCard, and are
governed by the Rules of Conciliation and Arbitration of the International Chamber of Commerce (ICC). Any such
proceedings between a buyer and a seller may be conducted in the country agreed to by those parties.
What is the process for resolving disputes arising from a TradeCard transaction?
As members of the TradeCard all buyers and sellers agree to comply with the terms of the TradeCard Membership
Agreement. The Membership Agreement states that all disputes must be settled through ICC arbitration. In addition,
the value-added services provide to buyers and sellers (payment protection, funds transfer, etc.) will require
separate agreements that will govern the terms of dispute resolution with those parties.
Are electronic signatures on TradeCard documents legally enforceable?
Yes. As of the end of 2003, laws making electronic signatures legally enforceable have been enacted in the United
States as well as in most countries around the world.
