JOOR Pay – Accelerating Cash Flow For the Fashion Sector and Mitigating Global Currency Fluctuations

The unpredictable economic climate has every global business sector, including fashion, facing increasingly choppy waters. Hoping to offer some respite for fashion brands and retailers is the latest product from JOOR – JOOR Pay.

Put simply, JOOR Pay allows brands to be paid within days and for retailers to settle their accounts over a longer time period in the currencies of their choice. Subsequently, it helps prevent cashflow being tied up waiting for payments, which can often stall growth or in extreme cases find brands running out of liquidity.

Recent currency volatility, and the increasing strength of the American dollar, has created anxiety and stress for small and medium sized fashion businesses (SMBs) when conducting business globally. JOOR Pay eliminates foreign exchange currency risks for brands and retailers, helping to reduce costs and protect profit margins. Its best-in-class fraud protection and prevention tools also help alleviate the unknowns of conducting business across borders.

As the world’s leading digital wholesale platform, JOOR intimately understands the complexities of driving success for the fashion sector. JOOR was created to take traditional fashion wholesale online, making the connections and orders between brands and retailers as simple as possible. Today, nearly $20B in wholesale transactions are processed annually on JOOR.

Over time, JOOR noticed persistent financial challenges faced by fashion businesses—including poor cash flow, expensive currency conversion fees, time-consuming reconciliation processes, limited payment acceptance, and inability to offer net terms. JOOR Pay was designed to address these challenges and help brands and retailers, particularly SMBs, that have historically struggled with growth and cash flow issues due to the complexity of global payment processing.

For brands, JOOR Pay facilitates increased sales volumes, reduces friction in payments, and promotes buyer retention. Now, brands have access to more retailers by extending 60-day net terms to qualified buyers and by expanding forms of payments to include PayPal, credit cards, and bank transfers in 135 currencies around the world. Brands receive funds within days of processing a transaction, and there are no upfront costs associated with JOOR Pay or commitment to the service.

Many fashion brands are now looking to wholesale as a profitable extension to their business plans. Brands such as H&M, COS, Allbirds and LePrix are re-entering the wholesale channel or expanding into wholesale for the first time. The introduction of JOOR Pay will only encourage more brands to join them. JOOR Pay helps ease the potential financial hurdles and pain points of global business by offering seamless and guaranteed payment options. JOOR Pay will enable many brands to seize the huge opportunities and benefits the wholesale channel can bring in driving sales and increasing diversification for businesses of all sizes.

‍For more information on JOOR Pay, please visit: joor.com/joor-pay