In the face of economic uncertainty and market saturation in the fashion industry, businesses are seeking diversification to drive growth. Even Direct-to-Consumer brands are embracing an omnichannel approach, including wholesale. However, running a successful wholesale business presents challenges in terms of finances and payment processing. Now, JOOR—the world's premier wholesale management ecosystem—offers anembedded payment solution, JOOR Pay. With a vast network of 14,000 brands and 590,000 buyers across 150 countries, JOOR provides invaluable insight and tools for running a thriving wholesale business.
According to client data, numerous pain points exist in wholesale finances and payment processing. These challenges include high foreign transaction fees for 60% of brands, late payments experienced by 90% of brands, and over 50% struggling with manual payment processes.
JOOR Pay: A Revolutionary Solution
Launched in 2022, JOOR Pay aims to streamline payment processing and alleviate the challenges faced by fashion brands. It keeps payment processing within the JOOR ecosystem, offering benefits for businesses of all sizes. JOOR Pay provides the following advantages:
1. Alleviating Liability:
One major concern for businesses is the risk of a data breach when handling and storing buyer's payment data. JOOR Pay acts as the Merchant of Record, taking responsibility for payment, Payment Card Industry (PCI) Compliance, and associated data breach liabilities. This protects brands from potential fines and fees resulting from compromised payment data.
2. Increasing Cash Flow:
Improved cash flow allows businesses to grow and scale more effectively. JOOR Pay enables buyers to pay directly with their preferred payment method, reducing failed transactions and the need for payment chasing. Automated notifications inform brands when payments are processed, enabling immediate shipment of products. With 60-day net terms, brands receive payment within days while buyers pay after 60 days, improving cash flow without upfront costs. Offering various payment methods enhances the brand's perception as "easy to do business with" and speeds up payment time.
3. Improving Foreign Transactions:
JOOR Pay allows brands to sell and grow globally without the complexities of foreign transactions. Buyers can pay in their home currency, and the transaction is settled in the seller's chosen currency. This eliminates the need for international wires, saving time and costly bank fees. Additionally, JOOR Pay locks foreign exchange fees for 90 days, eliminating foreign exchange risks on returns.
4. Centralizing Payments:
Having all payments handled within the JOOR platform offers multiple benefits. Centralization, including payment integration with orders both on and off JOOR, provides a single source of truth. Brands can directly tie payments to JOOR orders or generate external payment links for orders captured manually off-platform. This consolidation simplifies accounts receivables and streamlines the reconciliation process, saving time and resources.
JOOR Pay revolutionizes wholesale finances and payment processing for fashion brands. By outsourcing and simplifying payments, JOOR Pay removes the burden of payment chasing, complicated international payment acceptance, and credit card processing risks. Brands can focus on growth while relying on JOOR Pay's expertise in financial management.
To learn more about JOOR Pay, get our e-book here!