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5 Stages of Purchase Order  Financing on Kickfurther

Posted by Daniel Chen on Wednesday 08 Feb 17

With our recent announcement to work with only purchase order backed Co-Ops, we thought it would be valuable to walk through the 5 main steps that occur when a purchase order is financed by the Kickfurther community. 

PO Verified

In order for a purchase order to be financed on Kickfurther, Kickfurther needs to verify the existence and details of the purchase order. To do this, brands share their purchase order document with our team who then contacts the vendor listed on the document to verify the purchase order number, SKUs listed, date, and amount listed. 

Order Placed

With the purchase order verified, after the Co-Op funds successfully, the funds are transferred and the order for the inventory listed in the purchase order is placed. Depending on different characteristics of a brand, Kickfurther will either purchase the inventory directly from the supplier or issue the funds to the brand who may have already paid for some or all of the inventory themselves. 

Inventory Shipped

After the inventory has been produced, it is then ready for shipment. Kickfurther communicates with the supplier, shipper and the brands to provide a shipment update to the community. 

Purchase Order Shipment

Inventory Delivered

When the shipment of the funded inventory is delivered  and accepted by the Purchase Order issuing vendor, Kickfurther will update the community. Kickfurther will take charge of collecting on payment for the fulfillment of the purchase order from the vendor. 

Payment Received

After the payment from the vendor is received, Kickfurther then distributes the appropriate funds including profit back to the Kickfurther community members who participated in the Co-Op. Once all funds are distributed, the Co-Op is completed. 

Topics: Updates

Posted by Daniel Chen on Wednesday 08 Feb 17
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