Parcel BI Exposes Costly Late Fees

Parcel BI Exposes costly Late Fees | Cleveland,Ohio

Many companies spending lots of money on parcel are leaking money in areas that they may not realize. Parcel BI offers easy to use tools to help expose these leaks and show these companies how they can save on their parcel spending long term.

One of the most subtle areas many companies lose money is on late fees. Standard terms for the major parcel carriers are paying your bills Net 15. In many of these companies, the people who are in charge of accounts payable may not be aware of this. This leads to the company not paying their parcel bills on time, which can add significant cost.The carrier that assesses these does not mind keeping you in the dark because it makes them a lot of extra revenue.

Late Fees Are Subtle

Unfortunately, late fees go unnoticed all the time, and the more accounts you have, the bigger the problem can be. Common reasons for a company racking up late fees are anywhere from their accounts payable not realizing the due dates to not realizing they had their bills charging to an expired credit card. 

  • One of our clients switched accounts payable systems which automatically set their payment date to the company default and not the carriers due date. This cost them $114,000.
  • Another client had bills set up on credit card, and the card had been replaced with a new one costing them $25,000.
  • We had another customer who was sending out their bills on time, but by the time the payments were received by the carrier, it was 16 or 17 days, and they were being assessed. They thought they were doing the right thing, but they didn't have an easy way to access the data.

What did all three of these clients have in common? They had a third party that was supposed to be “auditing” their bills or providing bill payment. They were not bringing these fees to the customer’s attention because they were not making money off of them, or their reporting and analytics were poor.

Parcel BI goes beyond simply auditing invoices, we provide reports that expose the little things, that can add up to big things, like late fees.

If you are tired of paying unnecessary late fees on your parcel bills, try our free demo from Parcel BI. We expose data and provide you with convenient tools to help you access data on your parcel spending.

Parcel BI Exposes costly Late Fees | Cleveland,Ohio

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