The home improvement chain also said the malware responsible for the breach has been removed from all stores.
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TradeCard charges users on the buying side of transactions an annual subscription fee based on volume; users on the selling side pay per-transaction fees equal to less than 1% of transaction value. In addition, a retailer can expect to pay TradeCard or a third-party systems integrator tens of thousands of dollars to integrate the TradeCard platform with its back-end software that stores data on purchase orders and other documents.
As retailers and suppliers perfect their use of trade settlement software, they’ll move on to the next step of analyzing in a collaborative way how and why invoice discrepancies occurred, experts predict. “They have to learn what triggered an invoice deduction in the first place,” Connolly says, noting that Notiva released its first trade settlement analytics software in April. “They’ll use analytics to leverage the data in their trade settlement software to see what business process problems they need to fix to preclude more invoice deductions going forward.”
“We believe analytics long-term will provide the biggest return for both retailers and manufacturers,” he adds, “because it will give them a common view on how to do business.”