Global FinTech TreviPay on Friday (Sept. 24) announced that it’s jumping into the U.S. fashion market as the API provider behind the trade credit offering for online B2B fashion and apparel service platform Flowfy.
Through the pairing, TreviPay will enable FlowPay, a digital payment process that is sold to fashion marketplaces and offers settlement terms for sellers and trade capital for buyers.
“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, in the joint announcement. “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 integrated with B2B artificial intelligence (AI)-driven fashion marketplace Brandboom, which facilitates introductions between sellers and buyers. “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, in the company announcement.
“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 checkout experience,” he added.
In June, global eCommerce enabler Digital River and TreviPay teamed up on a payment solution with Lenovo to boost frictionless commerce for B2B spaces.
By using Digital River Global Seller Services, B2B brands under TreviPay’s umbrella can offer more efficient checkout options, letting buyers pay on their preferred terms. TreviPay will allow users to get an extension on net terms and invoicing at checkout at Lenovo stores, where the solution has now gone live in the U.K., Ireland, Germany and France.