Sales solutions company Brandwise will deploy technology from B2B capital platform Fundbox to enable net payment terms for its suppliers, agencies and retailers, the companies announced today (April 30).
Brandwise operates a B2B platform to connect suppliers and sales agencies with retail customers, offering them digital presentation solutions, order capture and delivery automation, invoice and commission processing, business intelligence, sales management and a B2B ordering platform. Integrating Fundbox will allow suppliers to be paid at the moment of order capture without compromising the ability to provide retail buyers with net-60 payment terms.
The Fundbox business capital platform integration provides credit to those retailers, allowing vendors to authorize funds from that credit limit and earmark them so they cannot be spent until the sale is captured, the companies explained. They added that companies applying for business credit via Fundbox are offered a streamlined, digital application process, and can be approved for up to $100,000 in revolving business credit lines.
“By integrating with Fundbox, our hope is to enable Brandwise suppliers and agencies to sell more and to increase their average order volumes (AOV),” said Brandwise President and CEO Todd Litzman in a statement. “And for our retailers, we want them to have access to business capital and better terms so their businesses can prosper. We believe that Fundbox can be a true growth catalyst no matter if your company is a supplier, agency or retailer.”
“The process of providing or receiving terms in the world of B2B is slow, inefficient and inhibits growth and the ability to capture opportunities for businesses on both sides of the transaction,” added Fundbox Chief Business Officer Sebastian Rymarz in another statement. “There is a multi-trillion dollar economy locked up in terms, which, if unlocked, will propel the B2B sector in ways that we can’t even imagine.
“Brandwise is in a unique position to understand the magnitude of this opportunity given the billions of dollars in transactions that flow through the company’s platform,” he continued. “As such, we felt that partnering with Brandwise made complete sense.”