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April 11, 2023

Monthly Money Tips with Madison

To kick off this series, let’s chat about chasing payments. Time spent chasing payments and collecting payment information is among the leading pain points our brands are facing today. Having to constantly reach out and get permission to run a payment or receive updated payment information when a card declines takes valuable time away from running your wholesale business efficiently. 

Monthly Money Tips with Madison
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Monthly Money Tips with Madison

Welcome to our Monthly Money Tips with Madison series where we share tips, best practices, and all things wholesale payments. 

Meet the host of this series, Madison Meares, our Payments Team Lead at JOOR. 

Madison is focused on onboarding clients to virtual payment methods and creating lasting relationships with our brands by offering JOOR Pay knowledge and support. Madison enjoys spending time with her family, exploring the Florida state parks, trying new foods, and (usually) never misses an episode of Jeopardy! 

Episode 1:

To kick off this series, let’s chat about chasing payments. Time spent chasing payments and collecting payment information is among the leading pain points our brands are facing today. Having to constantly reach out and get permission to run a payment or receive updated payment information when a card declines takes valuable time away from running your wholesale business efficiently. 

So, what have our brands been asking for to streamline this process? 

1. Simple payment notifications and follow ups to eliminate the need to track down buyers by phone 

2. Alerts when a buyer has paid and viewing payment status directly on JOOR, so brands can immediately ship out their products 

3. More payment options for buyers so they can increase successful transactions and get paid faster 

Episode 2:

Check out this list for tips and tricks on improving your successful transaction rate with JOOR Pay. 

  1. Review the accuracy and relevancy of stored address information

    You can use the Data Uploader to seamlessly bulk upload addresses. 
  1. Ensure billing information on the PO matches that of the cardholder

    When you initiate a new order, confirm with the buyer that the billing information from the credit card they provide matches the billing address field on the PO and is accurate. If a transaction fails, it’s unlikely that trying it again several days later without changing any information (ie, card number, billing address, billing name) will allow it to go through. 
  1. Ask buyers to validate the purchase

    Ask your buyer to contact the number on the back of their card to validate the purchase. Once the card issuer has confirmed this relationship, all future transactions should process cleanly.

  2. Allow your buyers to pay directly

    The best option is to send your buyer the payment link where they can make payment directly. Simply use the “Send Invoice Feature” to email payment links to buyers. This provides buyers with multiple payment method options to make the payment, drastically reducing failed transactions. Buyers can automatically choose a second method if the first payment method fails for whatever reason.

  3. Lean on the JOOR Pay Team

    The JOOR Pay team proactively monitors transactions and can recommend solutions to resolve issues. Don’t hesitate to reach out

Episode 3:

‍Track all payments through JOOR Pay (both on and off platform). For example, if a buyer pays partially or fully via check, cash, credit card, ERP or wire transfer outside of JOOR, you can still capture and update payment status within JOOR. This helps you streamline and reduce gaps in reporting with all payments consolidated in one place! 

JOOR Pay includes all of that, and more. Visit our website today or book a meeting with our Payments Team today to learn how you can reallocate time spent chasing payments to revenue driving activities.  

Tina Baxter
JOOR Fashion Consultant
Monthly Money Tips with Madison

Looking to boost your fashion wholesale sales? What are the key strategies? Learn more in our new guide.

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