NEW YORK, Feb. 22, 2021 (GLOBE NEWSWIRE) Today JOOR, the world’s industry-standard wholesale management platform for fashion, beauty and home, has announced an extension of the company’s Payments platform by launching partnerships with SEPA (Single Euro Payments Area) and ACH (Automated Clearinghouse Network). In addition to JOOR’s existing functionality of accepting credit card payments, these new alliances will enable JOOR platform users in Europe and the US respectively to enjoy the convenience of electronic, bank-to-bank money transfers. With over $1.5Bn in wholesale transactions running through the JOOR platform on a monthly basis, and over 50% of these occurring via bank transfer, these added payment capability options extend JOOR’s footprint into the fintech space to further the digital transformation of the wholesale and retail industry.
JOOR brands currently use the integrated Payments solution to generate bulk invoices, receive credit card payments, and easily review outstanding invoices all within the JOOR platform. Retailers can make instant payments or pay later, allowing brands flexibility to handle both immediate and pre-book orders. The results are a streamlining and consolidating of operations, allowing brands to close transactions much faster.
“This is a great feature! We are really excited to have the invoice tool on JOOR. It is such a game-changer for our business growth when we can secure timely payments," said Hannah Paul, Business Development Associate at Tribe Alive.
“When we launched Payments last year, the goal was to foster seamless online bulk invoicing and on-platform payment processing,” said Kristin Savilia, CEO of JOOR. “This functionality was critical for many brands during challenging times. Our clients responded positively and requested bank direct debit options, in particular for larger transactions. As the European and US standards, SEPA and ACH squarely meet that need and further our mission to digitally transform wholesale.”
According to JOOR customer insights, brands today spend nearly 40% of their time post-market on tedious tasks, including securing payment information and chasing unpaid invoices. Even worse, brands on average estimate 2-4% of orders are simply lost because payment information is never received, resulting in lost revenue. In the last year, over 175 clients have used JOOR Payments to streamline the payment process. The amount of time it takes to receive funds has been dramatically cut from approximately 3 months to on average 3.5 days. SEPA is now available to JOOR brands, with ACH launching in the coming months.
JOOR is the world’s leading digital wholesale platform and data exchange, with over $1.5Bn in wholesale transactions processed every month. More than 12,500 brands and over 300,000 curated fashion retailers across 144 countries connect on the platform every day. With a commitment to fueling the advancement and growth of both brands and retailers, JOOR provides an ecosystem that combines dynamic virtual showrooms with collaborative tools including JOOR Passport, which centralizes the trade show experience across multiple global fashion events. JOOR users have greater flexibility, visibility, performance and insights into their business. JOOR is headquartered in New York City and has offices in Los Angeles, Philadelphia, Paris, London, Milan, Madrid, Melbourne and Tokyo.
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