LateShipment.com, an Orlando-based startup that is looking to transform the shipping industry, announced a significant milestone in the company's growth. Instantly recovering up to 20 percent of total shipping costs and automatically refunding claims for 50-plus service failures, the technology has now tracked more than 15 million packages in the past year and is actively used by companies in more than a dozen countries, making LateShipment the only company in its space with an international customer base. Through advanced analytics and real-time reports, the technology provides refunds for common service failures such as late deliveries, billing errors, incorrect surcharges and much more.
In order to effectively monitor and identify delivery issues even before they happen, LateShipment's software only requires companies to enter their carrier information — FedEx, UPS, DHL — which is securely stored using bank-grade encryption, and can immediately begin tracking packages. In the background, the technology proactively identifies any shipments that require attention from the support team, sends automatic notifications to customers about their orders, and can help companies notice and fix delivery errors before they occur.
"LateShipment grew organically out of RIP-IT, an Orlando-based company we founded that operates within the female softball gear and apparel space," said Jason Polstein, co-founder of LateShipment. "I was shocked to find out how much money my company was losing year to year, just in shipping costs alone. We initially developed the proprietary technology behind LateShipment to track RIP-IT's shipments and receive refunds for delivery failures. Yet, after realizing the immense benefits of the solution, we decided to launch LateShipment for use by other companies. LateShipment has since grown, servicing clients across the globe with a second office in India."
With zero out of pocket costs, if a refund is available, LateShipment will collect those funds and credit them directly back to the companies' shipping carrier account. The company believes in its product by offering a risk-free, pay-per-value pricing model. Sign up is free, and the first refund is complimentary. Customers are then charged a small percentage for each refund recovered thereafter.
"Most companies are unaware that carriers make over $3 billion every year from unclaimed refunds in the shipping industry," said Sriram Sridhar, co-founder and chief executive officer of LateShipment. "I made it my personal mission to help companies take advantage of this situation, and with our breakthrough technology making it simple and more effective than ever before, we hope to transform the shipping industry all together by increasing transparency for all."