FASHIONGO launches Dynamic Net Terms

Monday 18 March 2024 11:00 CET | News

Online B2B wholesale marketplace FASHIONGO has announced the launch of Dynamic Net Terms, a solution that aims to increase access to funds for retailers. 

By introducing Dynamic Net Terms, FASHIONGO intends to widen access to funds for a range of retailers and support their business expansion during the constantly evolving economic landscape. As of the announcement, the net terms solution is available to all of the company’s retail buyers, with the service focusing on assisting previously underserved wholesale buyers that provide net terms and payment options which can be adjusted based on profile and needs.

Online B2B wholesale marketplace FASHIONGO has announced the launch of Dynamic Net Terms, a solution that aims to increase access to funds for retailers.

FASHIONGO’s development strategy

Through its capabilities, FASHIONGO aims to eliminate the difficulties of traditional payment norms that affect many small and medium-sized enterprises (SMEs) via criteria-based decision models for fund approvals. As per the information detailed in the press release, these practices can disregard the true creditworthiness of smaller companies and speciality retailers, which can result in approval rates ranging from 5% to 15% due to limited data sources. With the launch of Dynamic Net Terms, FASHIONGO intends to remove traditional net terms approvals, as the solution is tailored based on the individual business profile and financial history. Through this, the company can allow the qualification of buyers who would not be eligible for the traditional approach, enabling them to net 60, 45, or 30 days with zero penalties and late fees. FASHIONGO is set to maximise cash for all by targeting an approval rating higher than the industry average, providing additional access to funds.

Furthermore, Dynamic Net Terms aims to offer increased payment flexibility, with buyers being able to leverage both net terms and credit cards for a single order. Through this approach, businesses can expand their inventory, as they are allowed to place more substantial orders and pre-orders by merging different payment methods. Also, to increase the buyer’s purchasing capacity on FASHIONGO, the solution automatically raises their credit limits as they continue to develop their order history and maintain on-time payments on the company’s platform. Dynamic Net Terms focuses on gathering insight into the customer’s purchase journey and offering solutions that can address real needs and demands.

According to FASHIONGO’s officials, the company is committed to supporting buyers and the wholesale ecosystem by broadening access to funds for smaller retailers, thereby expanding their purchasing power on the FASHIONGO platform. Representatives from Balance, one of FASHIONGO’s partners, underlined that The Zero Decline Model enables buyers to receive a number of both real-time and deferred payment options. Balance intends to allow FASHIONGO to develop a platform that can facilitate the growth of all retailers in online wholesale purchasing.

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Keywords: digital payments, retail, SMEs, product launch, payment methods
Categories: Payments & Commerce
Companies: Fashiongo
Countries: World
This article is part of category

Payments & Commerce


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