JOOR launches new B2B payments solution to reduce costs and accelerate cash flow

Fashion wholesale management platform JOOR has today launched JOOR Pay, a new global B2B payments solution to reduce costs and accelerate cash flow, particularly for small to medium-sized businesses (SMBs).

JOOR Pay aims to streamline the wholesale buying and selling process by using advanced embedded payment capabilities within the JOOR platform.

Many SMBs currently struggle with international growth and cash flow due to the complex challenges of accepting and processing payments globally.

JOOR Pay enables brands to accept multiple forms of payment across 135 currencies and experience pay-outs within days of processing a transaction.

Retailers have the ability to pay with their preferred method or pay later with 60-day net terms. JOOR Pay also simplifies foreign transactions and offers business critical features including fraud protection.

Kristin Savilia, CEO of JOOR, said: “Recognising the pain points our clients face with the traditional offline invoicing and payments process, we developed a comprehensive solution to address their needs and support their growth.

“JOOR Pay empowers brands and retailers to build a future for their businesses without bearing the pain of accepting global payments. We are proud to round out the JOOR ecosystem with this industry-leading payment solution.”

Key features of JOOR Pay include:

• Multiple payment types including credit card, bank transfers and PayPal
• 60-Day net terms provided to qualified buyers
• Universal payment acceptance (across 135+ countries)
• Elimination of FX currency risks
• Best-in-class fraud coverage and prevention tools

For brands, JOOR Pay is a solution that facilitates increased sales volumes, improves cash flow, reduces payments friction, and “promotes buyer retention”.

Also, brands now have access to more buyers by extending 60-day net terms and by expanding forms of payments to include PayPal, credit cards, and bank transfers in almost every currency and geography.

Aaron Smith, Chief Operating Officer of fashion brand and early JOOR Pay adopter, Alex Crane, commented: “We’ve never been able to offer a global payment option before and it’s been a game-changer for our business.

“Since adopting JOOR Pay, we can accept over 135 currencies and still get paid in our currency of choice. The intuitive, easy to use interface has been a breeze to adopt and we’ve already seen faster payments and been able to simplify our reconciliation.”

JOOR has accumulated an expansive network of over 13,700 brands and more than 394,000 retailers transacting just over £17 billion ($20 billion) in wholesale order volume within its ecosystem annually.

The JOOR platform is used by leading luxury conglomerates including LVMH, Kering and Richemont, as well as brands such as Balenciaga, Valentino and Saint Laurent.

It also has exclusive partnerships with over 30 leading global retailers using the JOOR Retail Partner platform, including Harrods, Harvey Nichols, Liberty London, Dover Street Market, Neiman Marcus, Bergdorf Goodman and Printemps.