The standard 10 to 30-day wait for payment can deprive merchants of essential funds for operating their businesses, which, in turn, can have a knock-on effect on growth and innovation.
Mangopay, the modular, flexible payment infrastructure provider for marketplaces and other platforms, is on a mission to change that.
The firm’s partnership with fintech innovator Storfund means marketplaces can offer sellers the opportunity to eliminate the standard wait time and instead activate immediate payment for sales.
The hope is that this rapidly-improved cash flow will give businesses increased flexibility and the ability to restock on a more regular basis.
Romain Mazeries, CEO at Mangopay, comments: “At Mangopay we have a relentless focus on innovating on behalf of our customers – whether that’s new cross-border payment capabilities, sophisticated fraud prevention technology or partner integrations available through our modular approach that bring opportunities to drive business growth.
“By introducing immediate payments and an answer to cash flow challenges, Storfund is the latest partner solution in our ecosystem that has the ability to help our marketplace clients and their seller businesses to scale.”
Helping businesses to scale
Delays in receiving payments can leave sellers without the necessary funds to run their businesses efficiently.
However, the solution offered to Mangopay customers through its collaboration with Storfund can help them to scale their operations and increase turnover, supporting the growth of marketplaces and the platform economy as a result.
London-based Storfund launched in 2018 with that exact aim: to increase cash flow for merchants, particularly during peak shopping periods such as the final quarter of the year.
It has since expanded its services to cover more than 30 countries as the marketplace industry and volume of seller businesses continues to grow.
Mangopay, meanwhile, has been providing its modular payment infrastructure to marketplaces since 2013.
Flexibility is at the heart of the firm’s approach, with its modular solution designed so that marketplaces can select and create a specific payments infrastructure to meet their needs.
George Brintalos, Founder and CEO at Storfund, adds: “Storfund and Mangopay are driving new innovations that are helping to fuel the growth of the platform economy, whether that’s sellers who are looking to scale their businesses, or the marketplaces themselves.
“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.
“We’re excited to open up these growth opportunities to more marketplaces through our partnership with Mangopay.”
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