The Startup Cashing in on FedEx's On-Time Guarantee Money
FedEx and UPS offer an array of services to help small businesses save time and money. They also offer full refunds for late deliveries, but they don’t make it easy to collect them, says Jose Li, a former FedEx executive who founded startup 71lbs to handle the process for small companies. “A lot of these customers have never heard of the money-back guarantee,” he says...
If Your Business Ships, FedEx Probably Owes You Money
Jose Li wants to let you in on a secret: FedEx owes you money. UPS, too. If you run a business that regularly ships items, odds are that around 5% of those shipments arrive late, entitling you to a full refund for each one. "Even if a driver delivers it a minute late you're entitled to get 100% of your money back," Li explains gleefully. He should know. For nearly six years Li, 41, ran FedEx's e-commerce and retail division. Before that he worked in Jamba Juice's supply chain department. Now as the CEO of 71lbs, he's exploiting that experience to help small businesses take advantage of a little known money-back guarantee...
Web Startup Ensures Shipping Refunds
Over the 15 years that Jose Li spent learning the shipping business, with stints in supply-chain logistics at Jamba Juice and retail and e-commerce support at FedEx, he saw carriers split their customers into two classes. "I worked with the Amazons, Targets and Nikes of the world," Li says, "and I've seen the discrepancies, the gaps of what large customers get and what small businesses don't."
Li decided to do something to help narrow that gap. He launched 71lbs, a web-based "set and forget" service that automatically audits shipments handled by FedEx or UPS for small and medium-size mail-order businesses. When the carriers don't deliver on time, 71lbs files a refund request on the recipient's behalf....
Got There a Minute Late? Startup Gives You Automatic Fedex Refunds
A former FedEx employee has gone rogue and started a company that exploits the fine print in a package delivery contract to claim refunds. Jose Li, who used to run FedEx's retail and e-commerce unit, claims that 5% of FedEx deliveries are late. If they come in even a minute after their stated time, then the person or company that shipped the package is entitled to a full refund. So Li's company, 71lbs, uses FedEx's and UPS's tracking systems to look for late deliveries. Then it takes 50% of the refund, and gives the rest to the client. (The name, by the way, comes from a charge for packages over that amount that could run as high as $130.)...
15 Top Apps E-commerce Sites Can't Do Without
Statistics show that online shopping is growing rapidly — a trend that presents both opportunities and challenges for entrepreneurs selling via websites. Late UPS and FedEx shipments account for nearly six percent of all shipments. And what most merchants don’t know is that they are owed a full refund on orders that arrive late. When a merchant uses 71lbs, all their shipments are monitored for late orders, and refunds are automatically claimed and credited back to them...
Late delivery? Davie startup 71lbs helps get refunds
A new startup company in Davie is focused entirely on helping businesses and people file successful claims with package delivery companies such as FedEx and UPS for late or damaged shipments.
The business is called 71lbs because major shipping companies charge an additional fee for packages over 70 pounds.
Jose Li, 42, founded the company after a career in shipping that included stints at Jamba Juice and as an executive at FedEx Corp. He said he is currently busy with Christmas package deliveries.
I always like to have an underdog on my side
The entrepreneurs that hole up in 1871 each summer as participants in the tech accelerator Excelerate Labs tend to be, well, young. You have to be somewhat flexible to drop everything and devote three months to the program.
The elder statesman in this year's class is Jose Li, 40, founder and CEO of 71 Lbs, which helps companies collect the money-back, on-time guarantees offered by shipping giants such as FedEx and UPS. Mr. Li, a former FedEx executive, knows well that small businesses seldom collect on those guarantees. Mr. Li founded 71 Lbs in 2011 in Fort Lauderdale, Fla. The decision to come to Chicago for the summer represented serious upheaval...
71lbs.com Gets Sellers Hefty Shipping Refunds
Did you know that every year companies forfeit $2 billion in unclaimed shipping refunds? It's because every FedEx and UPS parcel shipment comes with a money-back-guarantee: if an overnight or ground shipment is late, even by 60 seconds, a company should get 100% of its money back. But many merchants aren't aware of the policy, or they simply don't have the resources to devote to monitoring and tracking which shipments qualify for refunds.
But there are services that shippers can use to audit carrier bills, and one such company has created a process for companies to get these refunds automatically. "We created proprietary technology and algorithms to make this tedious and cumbersome process invisible to our customers," said Jose Li, CEO and founder of 71lbs.com. "We do all of that for them."
Hefty year for 71lbs: New funding, new offices, meteoric growth
71lbs, a Davie -based startup that helps businesses save money on shipping, has closed a funding A round of $2 million with investors including Raleigh, NC-based Idea Fund Partners, Naples-based Tamiami Angels, and senior executives from Intuit, LinkedIn and Alibaba.com among other angel investors, Jose Li, founder and CEO, said on Wednesday.
71lbs is “a set-and-forget, then collect” system that allows companies to automatically track and collect on the $2 billion a year in unclaimed FedEx and UPS late shipping refunds.
Entitled to a Shipping Refund? Get Help Collecting It.
As a small business owner, you have enough on your plate getting a product ready for shipment to be too concerned about a package that arrived a few hours, or even just a few minutes, late. But it might be worth your while to pay attention. Major carriers offer a money-back guarantee for on-time deliveries and provide a refund if they don't fulfill that promise. The catch is a claim must be filed within 15 calendar days of the late delivery, and most small companies simply don't have the time or resources to pursue their refunds...