Joor to Make Payment Features More User-Friendly on Its Platform
Joor, a digital-wholesale platform that serves as the technology partner for the Liberty Fashion & Lifestyle Fairs trade show, recently announced that its platform was going to become more user-friendly for financial transactions.
Since 2020, companies doing business on Joor could use the platform to accept credit-card payments and generate invoices. However, companies had to go offsite to conduct transactions such as electronic bank-to-bank money transfers. On Feb. 22, Joor announced partnerships with the United States–based electronic network ACH/Automated Clearinghouse Network and the Europe-based SEPA—Single Euro Payments Area to handle these transfers. This development will help companies cut time taken to collect funds on the Joor platform, said Kristin Savilia, Joor’s chief executive officer.
“When we launched Payments last year, the goal was to foster seamless online bulk invoicing and on-platform payment processing,” Savilia said. “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. SEPA and ACH squarely meet that need and further our mission to digitally transform wholesale.”
ACH transactions are expected to be available this spring. SEPA is currently in a beta rollout, but European companies can conduct bank-to-bank transfers on the site now.
A Joor research note found that brands spend 40 percent of post–trade show time securing payment information and hunting for unpaid invoices. Features such as its payments options will allow financial transactions to be made in a more-timely manner.
More than $1.5 billion in wholesale transactions are made through the Joor platform each month. More than 50 percent of these transactions occur through bank transfers, according to Joor.