by Stephanie Miles
Published on 20 February 2014
71 Pounds Review - Helping businesses collect on shipping refunds
Shipping costs can eat away at a company's bottom line, but 71 Pounds has created a way for its users to get some of that money back. 71 Pounds is a software company that helps businesses collect on unpaid FedEx and UPS shipping refunds - potentially saving companies up to 6% of their overall shipping costs.
In this 71 Pounds review, I will explain how businesses can utilize the software company's set-it-and-forget-it system to easily collect on late-shipment refunds from carriers like UPS and FedEx. I also hope to provide a deeper understanding of the financial impact that using 71 Pounds can have on a small, medium, and even large-size business.
71 Pounds is a shipping software platform that automatically collects late-shipment refunds that are owed to participating businesses. Capitalizing on the full money-back guarantee that FedEx and UPS offer for every late package delivery, the automated process that 71 Pounds has developed ensures that companies actually collect on every cent that they're due. In exchange for this automated service, 71 Pounds collects 50% of the refunds that it gets for its business clients.
71 Pounds automates a process that would otherwise be difficult and time consuming for companies to handle on their own. Providing 71 Pounds with their FedEx.com and UPS.com credentials allows businesses to unload the burden of tracking the status of daily shipments. Instead, 71 Pounds monitors shipments on behalf of its clients, and compares those shipments to the carriers' guaranteed time commitments. If a shipment arrives at a destination even 60 seconds after when the carrier guaranteed it would arrive, 71 Pounds steps in with notifications to both its clients and the appropriate carriers. 71 ensures businesses that FedEx and UPS will credit all of their shipping costs, and the software company will notify businesses when refunds have been approved.
Between 4% and 6% of worldwide shipments are potentially late, which means companies that don't collect on the refunds they're owed are leaving significant money on the table each month. Worldwide, more than $2 billion in shipping refunds are left unclaimed each year. Given this statistic, it's easy to understand the value in a software platform like 71 Pounds.
To monitor and manage shipping refunds on their own, businesses would have to manually audit between 94% and 96% of all on-time shipments, just to find the 4% to 6% of late shipments that occur. That type of opportunity cost is generally too great for most businesses, especially those without the dedicated resources and large staffs to handle such an endeavor. With that in mind, it is much cheaper for businesses to rely on 71 Pounds' automated contingency-based model instead.
Once you've entered your UPS and FedEx login credentials into the 71 Pounds platform, you'll be able to get a clear overview of your refund averages and monthly shipping spending patterns. Visit your 71 Pounds analytics dashboard for real-time shipment information.
Click on the "Refunds" tab for a more detailed look at your shipping refunds. 71 Pounds shows your refunds for last month, this month, and the past 12 months. You can also search for specific refunds by tracking number.
71 Pounds offers a number of support options for businesses that are just getting started with the platform. Frequently asked questions (FAQs) and video tutorials are posted as a compliment to 71 Pounds' personalized online and telephone support.
Businesses do not have to sign any long-term contracts to work with 71 Pounds, and the software company does not charge any monthly fees or signup fees, either. Instead, 71 Pounds collects 50% of the refunds it gets for each client. As a result, 71 Pounds only gets paid when its clients collect on the refunds they're owed.
71 Pounds can help businesses collect on shipping refunds they didn't even know they were owed, and there are virtually no downsides to using the service. Although businesses do have to give 50% of their collected refunds to 71 Pounds, that amount is generally far less than what they could expect to spend to manually monitor all UPS and FedEx shipments. The fact that 71 Pounds does all the work, and generates revenue for participating businesses, makes this a software system that everyone can get behind.
Ratings: ease of use 4/5, features 5/5, value 5/5