Launch of Payment Monitoring System

As Chairwoman of UFO, I personally believe in prevention rather than cure when it comes to financials.

 

We have made exhaustive investigations, consulting both specialist lawyers and insurance companies into the best options in which to protect our Member’s assets, including bond systems and member-to-member liability programs. The outcome is that they can in fact be highly illegal, have complicated tax implications but more importantly, be open to fraud.

 

That is why I have pleasure in launching our new Online Payment Monitoring System, developed using sophisticated technology.

 

 

 

Once logged in, each Member can add, view and edit details of their outstanding invoices, both receivable and payable, within our network. 

 

A useful aspect of the system, and one that will save each Accounts Department valuable time, is that it automatically sends a 'Statement of Accounts' to Members every 2 weeks. 

 

The statement will list all invoices that you owe to your fellow Members including the amount and due date.

 

For confidential reasons, Members are not able to view each other’s open accounts. However, the information is available to the UFO Head Office who will use the system as a framework to manage and continually optimise credit risk within our network.

 

Although our current strict procedures and Default Alert system work very well, it is important that we are made aware of any unpaid invoices the day that they are overdue.  We do not want a Member to delay telling us about overdue payments until it is too late. By then the defaulting company could have had the chance to build up debts with other Members.

 

As UFO is now one of the largest independent freight networks in the world with representative in over 105 countries, we feel it is our responsibility to do our best to improve cash flow within our network and help avoid financial losses to Member companies.

 

The UFO Head Office have now written to each member individually providing full instructions and log-in details. If you have not received your email, please contact us on admin@universalfreightorg.com.

 

Kind regards,

 

 

RACHEL HUMPHREY
Chairwoman