Kickfurther Update: Kickfurther Badges

Posted by Daniel Chen on Monday 27 Feb 17

Alongside the 5 new stages of a purchase order being financed on Kickfurther, there are also new credibility metrics, that represent specific protections the businesses have agreed to, which will be administered by the Kickfurther platform. Our community can judge consider these standardized protections as one way to evaluate the different Co-Ops side by side. These credibility metrics will be viewable both within the Co-Op and also at a glance from the Co-Op Cards seen on the "Browse" navigation as Kickfurther Badges.

Since different brands have different credibility, badges will be active on some brands and not others. Let's take a deeper dive into what each of these Kickfurther Badges represent. 

POBadge.png  Verified Purchase Order (P.O.)

A purchase order is a contractual agreement to purchase inventory. If a Co-op has a Verified Purchase Order Badge it represents that Kickfurther has received the purchase order document from the brand and has verified the SKU, Pricing, and Quantity details with the Retailer or Distributor who issued the purchase order contract. 

AssignmentBadge.png  Purchase Order (P.O.) Assignment

After our team verifies the purchase order with the vendor that placed it, we then require that the brands assign ownership of the purchase order to Kickfurther. Upon successful funding of the purchase order an assignment acknowledgement the complete payment for the fulfillment of the purchase order to Kickfurther. In other words, when the inventory in the purchase order is delivered to the vendor, the vendor pays Kickfurther the amount rather than the brand. 

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. The remaining amount is then sent back to the brand. 

UCCBadge.png  UCC-1 Lien

The UCC-1 lien is a financing statement that gives others, including existing or potential creditors, notice that Kickfurther has a prioritized right to take possession of the consignment inventory covered within. Kickfurther files the lien with the appropr

RPBadge.png  Repeat Brand

The Repeat Brand Badge represents that the brand launching to Co-Op has successfully completed at least one Co-Op on Kickfurther. Successful completion is referred to as any Co-op where a business reaches the payout amount in full even if it is not within the projected timeline. You may peruse the details of their previous co-op payment schedule to judge their performance in a more detailed manner.

Brands that have multiple Co-Ops running concurrently but have not paid back the Total Payout Amount on any of their Co-Ops will not have this badge on their Co-Op. 

SDBadge.png  Supplier Direct

A Supplier Direct Badge represents that Kickfurther will either issue the payment for the production of the inventory or verify with the supplier that the production of inventory has already begun, and there is no outstanding balance to be paid. 

Brands that produce inventory in house are not eligible for the supplier direct badge. Supplier Direct payments are intended to ensure the propper use of co-op funds, but does not constitute any vetting or seal of approval by Kickfurther of the Supplier. 

PGBadge.png  Personal Guarantee

If a Co-Op has an activated Personal Guarantee Badge, it represents that an owner of the Co-Op has signed a personal guarantee which equals the total payout amount. If the Co-Op were to go become cancelled, and the business itself was unable to meet the terms of the contract, and potentially go bankrupt, the owner as an individual will still be responsible for the obligation.  

LA Badge.png  Logistics Access

Brands typically use third party logistics providers (3PLs) to manage the distribution and fulfillment of their company. These 3PL's typically include services such as the storage, order processing, and shipment of inventory. To monitor their inventory, brands receive accounts to online systems that they use to see the real time events surrounding their inventory. 

If a brand on Kickfurther has the Logistics Access Badge, it represents that the brand has given Kickfurther admin access of their 3PL system account. Furthermore it indicates that the Logistics provider has provided Kickfurther with a signed acknowledgement of our Power of Attorney  With this information, Kickfurther has much greater visibility into the sales of the inventory listed in Co-Ops and will be able to halt the order processing and shipment of the inventory if a brand is refusing to make payouts but is selling the inventory. 

 

 

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Topics: Updates

Posted by Daniel Chen on Monday 27 Feb 17
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