Refund recovery is an extremely important topic for shippers.
What is Refund Recovery?
Refund recovery involves reaching out to the carriers to request money back for any carrier invoice errors discovered during an audit. At Lojistic, we perform this process on behalf of our clients.
After Lojistic audits UPS and FedEx invoices and identifies errors, one of two things can happen. If you're a free audit client, we'll present that information to you through our platform.
It free to sign up, and you can go after those credits yourself. If you're an audit and recovery client of ours, however, we will start the refund recovery process for you.
Getting refunds from UPS and FedEx isn’t an easy process. Honestly, it's in their best business interest to say no and decline the credits we're trying to get. Any recovery claim that they decline is money in their pocket. And they can make it difficult through wait times, exceptions for credits, excuses, guaranteed service waivers, and other methods.
Recovering Funds for Your Shipping Company
Without using a service like Lojistic, it’s possible for small or medium-sized businesses to recover those refunds on their own. But you have to be prepared. It will take time, effort, and knowledge of the process.
That said, while it's possible for small teams, large companies will need a whole team. There are a lot of shipments that require a review, audit, and recovery process. It can take a lot of time.
Tips for Shippers’ Refund Recovery
Let's say that you aren’t using a service like Lojistic to audit your transactions but you’re interested in refund recovery. We recommend setting aside time to review and analyze your data. Time and patience will be key.
Another crucial tip is to become familiar with the carrier service guides. Both UPS and FedEx have them, and if you are familiar with those, you can better persuade the carriers to give you those credits. Knowing their rules and regulations is very helpful.
Start the refund recovery process with a parcel audit — click here to contact Lojistic now!
Author
Rich Harkey
Rich Harkey
Senior Strategy Manager
Rich Harkey is a results-driven professional with extensive experience in the logistics and supply chain industry.
As the Senior Strategy Manager at Lojistic, Rich leverages over three decades of expertise to help businesses improve their shipping strategies and reduce costs. With a deep understanding of the requirements of shippers and the operational intricacies of carriers, he excels in everything from optimizing business rules and managing carrier invoices to negotiating carrier contracts.
Rich's comprehensive knowledge of the logistics industry, combined with his strategic insights and passion for data analysis, has enabled thousands of companies to gain visibility into their shipping expenses, driving impactful results.