NEW YORK, Sept. 13, 2022 (GLOBE NEWSWIRE) -- JOOR, the world’s premier wholesale management ecosystem, has announced the introduction of JOOR Pay, their market-leading embedded global checkout solution. JOOR Pay enables brands to accept multiple forms of payment across 135 currencies and experience payouts within days of processing a transaction. Retailers have the ability to pay with their preferred method or pay later with 60-day net terms. JOOR Pay also simplifies foreign transactions and offers business critical features including fraud protection and streamlined settlement and reporting.
JOOR Pay has been developed to ease and accelerate cash flow for fashion brands and retailers, particularly small to medium-sized businesses (SMBs). Many SMBs currently struggle with international growth and cash flow due to the complex challenges of accepting and processing payments globally.
JOOR has accumulated an expansive network of over 13,700 brands and more than 394,000 retailers transacting nearly $20 billion in wholesale order volume within its ecosystem annually. JOOR Pay streamlines the wholesale buying and selling process by functioning as the merchant of record using advanced embedded payment capabilities within the JOOR platform. Key features of JOOR Pay include:
- Multiple payment types including credit card, bank transfers and PayPal
- 60-Day Net Terms Provided to Qualified Buyers
- Universal Payment Acceptance (across 135+ countries)
- Elimination of FX Currency Risks
- Best-In-Class Fraud Coverage and Prevention Tools
For brands, JOOR Pay is a revolutionary solution that facilitates increased sales volumes, improves cash flow, reduces payments friction, and promotes buyer retention. Now, brands have access to more buyers by extending 60-day net terms and by expanding forms of payments to include PayPal, credit cards, and bank transfers in almost every currency and geography.
“We’ve never been able to offer a global payment option before and it’s been a game-changer for our business. Since adopting JOOR Pay, we can accept over 135 currencies and still get paid in our currency of choice. The intuitive, easy to use interface has been a breeze to adopt and we’ve already seen faster payments and been able to simplify our reconciliation,” explained Aaron Smith, Chief Operating Officer of Alex Crane.
“Recognizing the pain points our clients face with the traditional offline invoicing and payments process, we developed a comprehensive solution to address their needs and support their growth,” said Kristin Savilia, CEO of JOOR. “JOOR Pay empowers brands and retailers to build a future for their businesses without bearing the pain of accepting global payments. We are proud to round out the JOOR ecosystem with this industry-leading payment solution.”
For more information on JOOR Pay, please visit, https://joor.com/joor-pay.
About JOOR
JOOR is the world’s leading wholesale management platform, with over $1.7Bn in wholesale transactions processed every month. More than 13,700 brands and over 394,000 curated fashion retailers across 150 countries connect on the platform every day. With a commitment to fueling the advancement and growth of both brands and retailers, JOOR provides a digital ecosystem that combines dynamic virtual showrooms with collaborative tools including JOOR Passport, which centralizes the trade show experience across multiple global fashion events. JOOR is the exclusive platform for leading luxury conglomerates including LVMH, Kering and Richemont, as well as brands such as Balenciaga, Valentino and Saint Laurent. JOOR has exclusive partnerships with 30+ leading global retailers using the JOOR Retail Partner platform including: Harrods, Neiman Marcus, Harvey Nichols, Printemps, Bergdorf Goodman, Shopbop, 24S.com, Revolve, FWRD, Liberty London and Dover Street Market. JOOR is headquartered in New York City and has offices in Los Angeles, Philadelphia, Paris, London, Milan, Madrid, Berlin, Melbourne, Tokyo and Shanghai. For more information visit: JOOR.com.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ef68337d-d6f0-452d-b8d8-042672f6b85f
