Open-source eCommerce platform WooCommerce has announced a partnership with Veem, a global payments provider, in a Thursday (Oct. 12) press release.
This collaboration aims to extend business-to-business (B2B) payment capabilities to merchants using the WooCommerce platform.
The partnership brings Veem’s B2B extension to the WooCommerce marketplace, allowing businesses to integrate payment collections into their checkout flow without incurring any interchange fees. This extension offers merchants the ability to manage their payables both domestically and internationally.
Marwan Forzley, CEO of Veem, emphasized the significance of digitizing accounts payables and receivables for WooCommerce merchants. Through this partnership, merchants worldwide will be able to easily collect payments for larger-ticket sales and pay their suppliers and contractors globally.
Web Griebel, head of payment partnerships for WooCommerce, said he believes Veem will help the fast-growing B2B merchant segment manage receivables and payables more efficiently, all within the WooCommerce dashboard.
Veem, a payments provider serving over 800,000 businesses in more than 100 countries, provides enterprise-level payment tools to small businesses, ensuring data security, privacy, and compliance with strict regulations.
WooCommerce is the leading open-source eCommerce platform, powering over 4 million online stores. Acquired by Automattic in 2015, WooCommerce offers unlimited extensibility, flexibility, and control for businesses to sell anything, anywhere.
By integrating Veem’s payment solution into their online stores, WooCommerce merchants can offer their B2B customers a seamless payment experience, regardless of their location. Veem’s B2B payment platform offers real-time payment tracking, competitive exchange rates, and reduced transaction fees, eliminating the need for traditional payment methods such as wire transfers or checks.
The partnership between WooCommerce and Veem comes at a time when B2B payments are undergoing significant transformation. Traditional payment methods are being replaced by digital solutions that offer enhanced security, speed, and cost-effectiveness.
Last month, WooCommerce expanded its partnership with buy now, pay later (BNPL) platform Sezzle. The collaboration aimed to give WooCommerce merchants an easier integration process for Sezzle’s BNPL solution, allowing customers more payment options.
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