The unpredictable economic climate has thrown every global economic sector, including fashion, into increasingly choppy waters. Hoping to bring some relief to fashion brands and retailers, we offer JOOR’s newest product – JOOR Pay.
Put simply, JOOR Pay enables brands to receive their payment within a few days and merchants to pay their bills in the currency of their choice over a longer period of time. Additionally, it helps prevent cash flow from being tied up waiting for payments, which can often stunt growth or, in extreme cases, leave brands lacking liquidity.
Recent currency fluctuations and the increasing strength of the US dollar have brought anxiety and stress to small and medium-sized fashion companies (SMEs) as they do business around the world. JOOR Pay eliminates exchange rate risks for brands and retailers, helping to reduce costs and protect profit margins. Its world-class fraud protection and prevention tools also help reduce the unknowns of doing business across borders.
As the world’s leading digital wholesale platform, JOOR understands exactly what complex mechanisms are required to drive the success of the fashion industry. JOOR was founded to bring traditional fashion wholesale online and to make the connections and orders between brands and retailers as easy as possible. Today, nearly $20 billion in wholesale transactions are processed through JOOR annually.
Over time, JOOR noticed ongoing financial challenges that fashion companies faced – including poor cash flow, expensive currency conversion fees, time-consuming reconciliation processes, limited payment acceptance and the inability to offer net terms. JOOR Pay was designed to address these challenges and help brands and retailers, particularly SMBs, who have historically struggled with growth and cash flow issues due to the complexities of global payment processing.
For brands, JOOR Pay enables higher sales volumes, ensures seamless payments and encourages shopper loyalty. Now, brands have access to more retailers by extending 60-day net terms to qualified shoppers and expanding forms of payment to PayPal, credit cards and bank transfers in 135 currencies worldwide. Brands receive the funds within days of processing a transaction, and there are no upfront costs or commitments to service with JOOR Pay.
Many fashion brands are now looking to wholesale as a profitable extension of their business plans. Brands like H&M, COS, Allbirds and LePrix are returning to the wholesale channel or expanding into wholesale for the first time. The launch of JOOR Pay will now serve to encourage even more brands to join them. JOOR Pay helps reduce the potential financial hurdles and difficulties of global business by offering seamless and guaranteed payment options. JOOR Pay enables many brands to take advantage of the tremendous opportunities and benefits that the wholesale channel can bring, increasing sales and increasing diversification for businesses of all sizes.
More information about JOOR Pay can be found at joor.com/joor-pay