Mangopay and Storfund Team to Eliminate Payment Wait Times

French payment infrastructure provider Mangopay has teamed with Storfund to help sellers get paid faster.

The company announced its collaboration with the British FinTech in a news release Tuesday (Jan. 16), saying it would let marketplace sellers eliminate the typical 10 to 30-day wait for payment for their sales, and instead allow them to get paid on the day they sell.

“Through the collaboration, marketplaces can offer sellers on their platform the opportunity to activate immediate payment for sales,” the release said. “This in turn can rapidly improve cash flow for businesses selling on marketplaces, giving them increased flexibility and the ability to restock on a more regular basis.”

The release notes that delayed payments can leave sellers without the income they need to remain in operation. Mangopay and Storfund’s solution can help sellers scale their businesses and boost turnover, fueling the growth of marketplaces and the platform economy as a result, the companies said.

“Here at Storfund we have a mantra of ‘win-win eCommerce’ — by supporting the growth of the marketplace seller, we can also support the growth of marketplaces,” said George Brintalos, the company’s founder and CEO.

The partnership comes at the start of what is “shaping up to be the year when B2B relationships are re-forged within the crucible of digital convenience,” as PYMNTS wrote recently, arguing that the lessons of the revolution in B2C payments should apply to the B2B space.

“There’s a lot of change going on in the industry,” Kelli Svymbersky, vice president of payment at CCC, told PYMNTS. “We are all expecting that instant payment experience that we have in our personal lives’ across business transactions … the payments experience is [becoming] a part of the organization’s brand.”

“If we look at organizations that have legacy platforms that have been in place for some time, from a purely payment standpoint, that infrastructure relies on outdated processes and is not as secure,” she added, noting that few payment methods are prone to abuse as paper checks.

Meanwhile, Mangopay CEO Romain Mazeries contributed to PYMNTS’ recent look ahead at payment trends for 2024, and said AI will play a larger role in things like assessing creditworthiness and risk evaluation and management.

“We also expect to see AI lead a new company culture of an 80/20 rule to deliver innovations and solve workforce challenges by leveraging a small and nimble team as talent acquisition becomes more challenging and costly,” he wrote.