What Are Carrier Credits?
Carrier Credits are an easy, electronic alternative to physical checks for refunding overpayments. The process is simple: ConData identifies the error and submits a claim for carrier approval. Once carrier approval has been received, we format a custom report with all the necessary information, including GL Codes, that can be uploaded into your system as credits to be applied to future invoices!
The Supply Chain is Complicated. Getting Refunds Shouldn’t Be.
Reconciling errors and payments in today’s complicated supply chain can be confusing and time-consuming for everyone involved. Carrier credits simplify the reimbursement process into a single monthly transaction of all the money owed. We work with all existing platforms and payment partners to tailor the details as needed.
Why Use Carrier Credits Instead of Physical Refund Checks?
The carrier credit process is preferred by the majority of shippers and service providers for many reasons:
- Increased hard cost savings by as much as 30%
- Improved cashflow by resolving claims quickly
- Reduced time spent by team members reconciling transportation service provider payments
- Simplified claim resolution process
- Improved payment controls and problem solving
- Greater transparency for all parties involved in the freight payment process
- Decreased reliance on physical locations and staff
Don’t Be Stuck with Unclaimed Checks
Carriers are 60% more likely to refund overpayments when credits are used versus paper checks. ConData is uniquely positioned to help clients, carriers, and their third-party payment partners resolve overpayments without the encumbrance of physically mailing a payment.
Carrier Credits in Action: $1 Million Recovered in Less than 30 Days
A large Fortune50 CPG company more than doubled their freight claim recovery in 2022 by switching from paper checks to carrier credits as their primary claim settlement method. In less than 9 months, they were able to settle over $1 million in open claims, some of which had been previously held back by the carriers for open A/R. ConData’s client was able to expeditiously recover overpayments in a carrier-friendly process—a win for all, and all thanks to carrier credits.