Joor, the digital wholesale platform for the luxury, fashion and home sectors, has introduced Joor Pay, a checkout solution geared to add ease and speed to international commerce and accelerate cash flows.
In its announcement Tuesday, Joor indicated that Joor Pay enables brands to accept multiple forms of payment across 135 currencies and experience payouts within days of processing a transaction. The company also said that retailers can pay with their preferred method or pay later with 60-day net terms. While designed to simplify foreign transactions, the new system also offers fraud protection and “streamlined” settlement and reporting, the company said.
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“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,” Kristin Savilia, chief executive officer of Joor, said. “Joor Pay empowers brands and retailers to build a future for their businesses without bearing the pain of accepting global payments.”
Savilia noted that many small and medium-sized businesses struggle with international growth and cash flow due to the complex challenges of accepting and processing payments globally.
Joor powers various virtual trade shows and fashion events through its central Joor Passport online location, and also operates a year-round virtual business-to-business marketplace for brands and retailers. Joor characterizes itself as “a digital ecosystem” for wholesale management with virtual showrooms.
According to Joor, its platform processes over $1.7 billion in wholesale transactions every month with more than 13,700 brands and 394,000 fashion retailers across 150 countries connecting on the platform every day. With its virtual showrooms and online trade shows from around the world, Joor is utilized by luxury conglomerates, brands and retailers such as LVMH Moët Hennessy Louis Vuitton, Kering, Richemont, Balenciaga, Valentino, Saint Laurent, Harrods, Neiman Marcus, Harvey Nichols, Printemps, Bergdorf Goodman, Shopbop, 24S.com, Revolve, FWRD, Liberty London and Dover Street Market. Joor is based in New York and also has offices in Los Angeles, Philadelphia, Paris, London, Milan, Madrid, Berlin, Melbourne, Tokyo and Shanghai.