TreviPay, a global financial technology company, today announced its foray into the US fashion sector after being selected to power the trade credit offering for Flowfy, an integrated service platform for online B2B fashion and apparel marketplaces.
TreviPay’s API enables Flowfy’s ‘FlowPay’ offering, which is sold to fashion marketplaces, and provides quick and reliable settlement terms to marketplace sellers as well as extends trade capital to buyers at a competitive rate. The digitized and seamless payment experience allows marketplace buyers and sellers to focus on their core business functions in the already complex fashion supply chain.
Friction-free B2B payments have become paramount to meet shifting consumer expectations. Over 90 percent of respondents in TreviPay’s recent Forrester Consulting study reported that better payment options for B2B customers will improve customer satisfaction, quicken transactions, free up internal resources, and increase business success. These benefits, coupled with marketplace sellers’ desire to lower business risk with online buyers, are heightened in the fashion wholesale market.
Also Read: Three Steps CIOs Can Take to Improve Customer Experience
“Offering long-term trade credit can be challenging for small and medium-sized fashion wholesalers, but fashion retailers rely on 30- to 60-day payment terms in order to protect their cash flow,” said Brandon Spear, CEO of TreviPay.
“TreviPay’s unique payments solution for Flowfy will provide 30-second credit approval for fashion marketplace buyers with a B2C-like experience. Additionally, FlowPay protects marketplace sellers from the risk of extending credit by providing reliable underwriting and settlements within two days.”
Flowfy is already integrated with B2B fashion marketplace Brandboom, an AI-driven marketplace that provides introductions between sellers and buyers that fit each other’s profiles.
“Our goal is to continue modernizing and digitizing the buyer-seller marketplace relationship as we recognize these growing needs in the fashion sector,” said Jesse Kim, Director of Flowfy Commerce Service. “Partnering with TreviPay has enabled us to provide faster and more reliable settlement terms to sellers while managing payment details and extending trade capital to buyers at a competitive rate – all of which are needed to host a frictionless check-out experience.”
For more such updates follow us on Google News TalkCMO News.
