Historically, Payments processing has comprised one of the greatest points of friction across the wholesale lifecycle. Inefficiencies , high costs, lost revenue, and the potential for fraud characterized the pre-pandemic version of this fraught but necessary step.
The Challenges of Traditional Payments :
- Inefficiencies - multiple manual invoices, long waits for receivables, payments in differing formats
- High costs - factoring charges, credit card fees, high number of man hours
- Lost revenue - high fail rates of credit cards, mail problems, refusal of goods
- Potential for fraud - diminished security of wire transfers, credit card hacking
The pandemic made digital streamlinization a must-have. Brands needed airtight, automated, and integrated operations to work as quickly and cheaply as possible. They needed access to data-driven insights to navigate the rapid and unprecedented shifts in consumer behavior, to meet fast-changing expectations and to stay competitive. They needed pre-order funds in hand to pay for production after dealing with suppliers’ late shipments and retailers’ refusals of inventory. And they needed access to as diverse a market as possible--including pure ecommerce players, past-season discounters, online marketplaces, social selling opportunities, and potential retail partners all over the world--in order to move ATS inventory at the first signs of economic demand. Such agile, consumer-led business practices do not square well with excel sheets, post-it notes and chasing down dozens of invoices. But JOOR's new solution can.
How JOOR Stepped Up
In January of 2020, JOOR launched JOOR Payments to solve for these issues. The on-platform digital payment system allows fashion brands and retailers to conduct wholesale shopping and payments digitally. It revolutionizes the invoicing process, offering unique features and advantages found nowhere else in the industry. These include:
- Facilitation of $1.5B USD international monthly orders in over 100 currencies
- Automated PCI
- Automated bulk invoicing
- Credit card processing: plus extremely secure, international bank-to-bank Direct Debit transfers via SEPA and (coming soon) ACH
- Reduction of average amount of time needed to receive funds from 3 months to 3.5 days
- Impending rollout of mobile payments to bring online efficiencies to physical shows
JOOR Payments--and its partnership with Stripe--exemplifies JOOR’s overarching collaborative approach to innovation. JOOR allies with expert technology providers throughout the wholesale ecosystem to deliver seamlessly integrated, best-in-class solutions to JOOR brands and retailers. Other partners include Hatch, Ordre, and over 50 ERP and backend systems.
For questions about integrating JOOR Payments into your invoicing process, please contact your customer success agent. Or, learn more here.