Blink Payment – a UK-based tech platform – has strategically entered the B2B fashion payment sector through a new integration with Zedonk, a software platform for the fashion industry.
This partnership aims at simplifying and expediting payment processes for over 1,000 fashion brands and showrooms globally, addressing long-standing payment bottlenecks within the industry.
Many fashion brands have traditionally relied on bank transfers – a method that’s often slow, costly and susceptible to late payments!
These manual transfers also demand labour-intensive manual reconciliation, with PwC estimating that 30 per cent of finance teams’ time goes into this process, with error rates between 0.8 per cent and 1.8 per cent.
With Blink Payment’s integration, Zedonk users can now utilise open banking and card payment links directly attached to their invoices. These links enable retailers to settle invoices quickly and securely, bypassing the inefficiencies of bank transfers. For brands, this move means reduced late payments, simplified automated reconciliation, and overall faster payment cycles.
It’s worth noting here that, according to various studies, invoices with embedded payment links are paid three times faster on average and 40 per cent of payment-link recipients make payments within 24 hours – compared to just 5 per cent with traditional invoices.
This venture marks Blink Payment’s first foray into fashion, expanding its robust payment solutions portfolio, which already spans sectors such as hospitality, retail, automotive, and professional services, with integrations into 25 enterprise software platforms.
Ben Cohen, CEO of Blink Payment, expressed enthusiasm about the collaboration, “Outdated payment methods and manual reconciliation are a drain on brands’ resources and cash flow. Payment links have proven popular in other sectors, and we’re thrilled to extend this solution to the fashion industry, integrated seamlessly with Zedonk’s platform.”
Marco De Vecchio, Zedonk’s Director of Operations, noted, “We understand the unique challenges our clients face. Simplifying payments can dramatically enhance cash flow. By offering open banking and card payment options in a single link, we’re helping our clients save time, streamline payments, and better manage resources.”
This partnership signals a significant leap forward for payment processing in the fashion industry, promising greater operational efficiency and financial flexibility for brands and showrooms worldwide.
