Blink Payment, a UK paytech platform offering digital payment solutions to businesses, plans to enter B2B fashion payments through integration with Zedonk, an Enterprise Resource Planning (ERP) software provider, to help over 1,000 fashion brands and showrooms streamline their payment processes.
Blink Payment plans to offer support to brands, serviced by Zedonk, that lack the payment infrastructure enabling them to settle invoices via methods other than bank transfer – which can be slow and expensive.
According to PwC, finance teams spend an average of 30 per cent of their time on manual payment reconciliation, with error rates between 0.8 and 1.8 per cent. Zedonk’s integration with Blink Payment aims to enable brands to directly adopt open banking and card payments via payment links connected to an invoice. This process enables retailers to settle their invoices in a faster, more convenient and more secure way compared to bank transfer.
For brands, the switch to payment links should result in a reduction in late payments, plus automated reconciling and far greater simplicity, with their invoicing system directly integrated into their ERP.
Further research suggests that invoices that contain payment links are paid on average three times faster than those that don’t, and that 40 per cent of customers who receive a payment link generally pay within 24 hours (compared to just five per cent for traditional invoices).
Ben Cohen, CEO of Blink Payment said: “Outdated payment methods and manual reconciliation of invoices places huge strain on both brands’ cash flow and resource. Payment links are hugely popular in our integrations in other sectors, offering a faster, more secure and more streamlined option.”
Tackling invoice payments in the fashion industry
Marco De Vecchio, director of operations at Zedonk, also said: “Zedonk was born from the fashion industry. We’ve walked miles in our clients’ shoes and understand the obstacles they face. Ease of payment significantly increases the likelihood of payment, so our next step was clear. By offering the flexibility of open banking or card payment through the single automated link, we’re empowering our clients to expedite the payment process, reduce manual effort, and improve their cash flow.”
Blink Payments’ partnership with Zedonk represents the payment solutions provider’s first venture into the fashion industry. The London-based paytech has integrated into 25 different enterprise software systems across a range of sectors, including hospitality, retail, automotive and professional services.
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