Financial Protection Program
Dealing with confidence is the main factor in increasing efficiency in any kind of collaboration, and nothing can guarantee this unless you feel financially secure at all times. So All paid members of WSA are covered by our WSA FPP (Financial Protection Program) in the annual fee. WSA feels that FPP Program should be made available equally for all members of the network.
About The Program
- WSA’s Financial Protection Program (FPP) ensures secure transactions among members, even if they have not worked together before. To maintain transparency and protection within the network, members must follow these guidelines:
- Before conducting business with another WSA member, confirm their active membership status in the official WSA directory list.
- Members must submit a statement of account (AR/AP) within the first 10 days of each month. This statement should include all outstanding payments and receivables.
- For every shipment, members must send a pre-alert (including House Waybill (HWB), Master Waybill (MWB), and billing details) within 14 days of the shipment date. This ensures both parties have full transparency regarding shipments and expected payments.
- If a member experiences a payment delay, they must report it by filing a late payment report within 60 days of the transaction date.
- Only active members can file financial security claims under the FPP. Members with expired status cannot request protection for outstanding invoices.
- The protection program only covers invoices issued within 90 days before the claim date. Invoices older than 90 days are not eligible.
- The program does not cover transactions with payment terms exceeding 30 days (e.g., if an agreement allows for payment in 45 or 60 days, it won’t be protected).
- Only members who have attended WSA conferences qualify for financial protection coverage.
- The program does not cover disputes related to service errors (e.g., operational mistakes, cargo damage, or disputes over service quality).
- If a payment issue is resolved, the payer enters a 60-day probationary period for monitoring to ensure future payments are made on time.
- If a member repeatedly faces payment issues, WSA management has the right to downgrade their payment status, limiting their access to financial protections.
- Financial Protection Program up to USD 10,000 for the 1st year,Increase to USD 20,000 in the 3rd year then Increase to USD 50,000 for members that are in the 5th year and above with the network