The new solution aims to enable brands to accept multiple forms of payment across 135 currencies and experience payouts within days of processing a transaction. Retailers can 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.
This new tool has been developed to ease and accelerate cash flow for fashion brands and retailers, particularly small to medium-sized businesses. Many small medium enterprises currently struggle with international growth and cash flow due to the complex challenges of accepting and processing payments globally.
For brands, this new payment system can offer a highly innovative solution that can facilitate increased sales volumes, improve cash flow, reduce payments friction, and promote buyer retention.
Along with it, 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.
“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,” she added.
Joor counts on over US$1.7 billion in wholesale transactions processed every month and operates with more than 13,700 brands and over 394,000 curated fashion retailers across 150 countries connecting on its platform every day.
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.
The Joor system operates through partnerships with more than 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.
Leading luxury conglomerates including LVMH, Kering and Richemont, as well as brands such as Balenciaga, Valentino and Saint Laurent use the Joor platform.
The company's headquarters are in New York City, while it holds offices in Los Angeles, Philadelphia, Paris, London, Milan, Madrid, Berlin, Melbourne, Tokyo and Shanghai.