Frequently Asked Questions

Inventory Portal is the most efficient and trusted way for your organization to buy and sell oil & gas and marine spare parts to save money, time, and manpower. Our goal is to develop a united, sustainable, and innovative community where buying and selling spare parts and equipment is simple and reliable, providing quality products in abundance. We exist to make your job easier. Most of our listed inventory items are excess, surplus that sellers are monetizing through our extensive community and buyers are purchasing at huge discounts. Utilizing Inventory Portal for buyers and sellers is a very simple process that ties in with the end users current processes without additional training or change management.

 

What if we already have a plan in place to deal with surplus inventory internally?
This is a great step and using Inventoryportal.com will help to supplement your existing process and broaden your available market. As you will still maintain ownership of your inventory and can request it back at any time this doesn’t hamper the internal redistribution process.

Who sells on Inventoryportal.com?
We have four primary markets that sell on Inventoryportal.com:

  1.     Energy Companies: Oil companies, drilling contractors, coil tubing
  2.     Marine Industry
  3.     Mining Industry
  4.     Industry suppliers & manufacturers

Who buys on Inventoryportal.com?
We have six primary markets that buy on Inventoryportal.com:

  1.     Drilling Contractors: Land-based & offshore drilling contractors
  2.     Energy Companies: Oil companies, coil tubing
  3.     Marine Industry: Ship owners, chandlers
  4.     Mining companies
  5.     Industry suppliers & manufacturers
  6.     Industrial buyers & others

What fees are there with listing items on InventoryPortal.com?

There are no fees associated with listing items on Inventory Portal. The only time that a fee would be charged is if an item is rejected during the inspection process, or rejected from the buyer due to condition not caused during shipping,  or if the owner requests an item that is held by Inventory Portal to be made available for return for internal use. The nominal fee for items that are rejected or returned is $30 per SKU plus any applicable packaging costs.

What return can we expect on our excess inventory that is listed on Inventory Portal?

The return that one can expect is predicated on 4 major criteria:

a. Product Mix 
b. Location
c. Packaging condition
d. Expiration date/certification (most important factor)

Once we see your detailed list, we will provide an estimated selling price. Pricing will be agreed upon before the items are listed.

It’s also important going into the exercise of liquidating your inventory that you accept the fact that what you paid for these products is not an accurate reflection of what they are worth. Your book values are inflated and we must list the items for between 50-75% of your book values to liquidate them.

What Types of Inventory Items Will Inventory Portal List?

  1.    >$300 Average Unit Cost
  2.     No hazardous goods or chemicals
  3.     >12 month expiration/shelf life (if applicable)
  4.     No drugs or medicines
  5.     Is in New condition
  6.     In original packaging
  7.     Has been properly preserved
  8.     Complete (not missing parts)

Inventory Inspection and Maintenance

All items that are maintained by Inventory Portal will be inspected per Inventory Portal inspection guidelines and the same items will be maintained in a secured and controlled environment.  Periodic cycle counts will be performed on annual basis by Inventory Portal staff. Inventory items can be inspected by owners at any time during normal business hours.

When will we be paid for the items that are sold through Inventoryportal.com?
We pay the owner of the inventory items on a quarterly basis for all items that sold in the preceding quarter (Jan 15th, Apr 15th, Jul 15th, Oct 15th). 

The buyer will pay the seller for fixed assets as per the terms of the specific agreement. 

 Can Inventoryportal.com assist with packing & shipping?

Yes, we are partnered with CEVA, and will store most items in their facilities, and they can provide best in class shipping related services. There are no requirements that items have to be shipped with CEVA but we feel that you cannot find a better provider and they will have control of the items.

How do we get started?
Simple. Contact us today. What we'll need from you is a complete inventory (in an Excel spreadsheet format). Be sure to include the following:

  1.     Description
  2.     Manufacturer
  3.     Manufacturers Part Number
  4.     Location - intended
  5.     Condition
  6.     Expiration dates (if any)
  7.     Your average unit cost
  8.     Quantity
  9.     Equipment the item is used on

Also, be sure to include the following information about YOU:
Name, Title, Company Name, Facility Address, E-mail Address, Direct Phone Line

Are the items on invetoryportal.com the same products we would typically receive from our traditional distributor or the OEM?
Yes, they are the very same products. Most products are in their original and unopened packaging. Every product that has been in Inventoryportal.com’s possession has been carefully visually inspected by Inventory Portal’s quality team to verify its condition.

What forms of payment are accepted on Inventoryportal.com?
Visa, Mastercard and Amex are accepted on the site and certain buyers may be issued credit terms to allow the use of purchase orders. If you have any questions please contact us at sales@inventoryportal.comor call +1(832)930-1180.

How are returns handled through Inventoryportal.com?
In the rare event that an item does not meet purchase specifications, provided by the buyer at time of purchase, the unused item can be returned within 60 days of purchase Inventoryportal.com will replace the product or refund the purchase price if we are out of stock.

Will InventoryPortal.com list expired products?
On a case-by-case basis we will list and sell expired items outside of the Inventoryportal.com network. Please contact us for more information at sales@inventoryportal.comor call +1(832)930-1180.

How much money can a facility save annually by purchasing products from Inventoryportal.com?
We forecast that an average rig buyer would be able to save up to $300,000 USD on every million USD spent by working with us. Savings will vary depending on how committed your team is to purchasing the items that we consistently stock.

How can a facility reduce cycle time by purchasing products from Inventoryportal.com?
Most items listed on Inventoryportal.com are held ex-stock which reduces cycle time immensely. Through our research this segment of the total cycle time, PO issuance to first point of receipt, accounts for about 45% of the total cycle time of all international purchases for our industry.

On a typical item, how much can we expect to save by purchasing it from InventoryPortal.com?
As much as 50%, while our goal is to try to save you at least 25% on all excess inventory items.

Can we purchase items that are not currently listed on InventoryPortal.com?
Yes, we have a constant influx of material and may have items in-transit that are not currently visible in the system. We also have agreements with many large manufacturers and distributors for items that are commonly purchased by our industry.

Can you provide us with references?
Absolutely!! We’ve provided supplies and excellent services to many companies in the energy industry for many years. Please contact any of us today and we'll provide you with appropriate references.

 

DID WE ADDRESS ALL YOUR QUESTIONS?? If not, please contact us ASAP, and give us the opportunity to do so.