Western Union Business Solutions WU Mass Payments and incoming APIs will now be integrated with the company's online auction platform to help ensure that domestic and international payables and receivables are processed quickly and efficiently.
FREMONT, CA: "We are excited to help Crowdz expand its service to SMBs, who are significant contributors to the global economy." said Roy Farah, Regional Vice President, Western Union Business Solutions. Crowdz, an invoice financing marketplace, and Western Union, an international leader in cross-currency, cross-border money movement, and payments, make a strategic agreement to help Crowdz expand its receivables financing capabilities. The firm provides technology that allows small businesses to sell invoices to funders for finance, reducing cash flow bottlenecks and providing working capital to assist small businesses to survive and develop.
"Cash flow and working capital are exceptionally vital for SMBs, many of whom operate with tight resources in an extremely competitive environment. We are thrilled to combine our payments technology with Crowdzs innovation to help support the growth and success of small businesses and the people who depend on them," adds Farah.
Western Union Business Solutions WU Mass Payments and incoming APIs will now be integrated with the company's online auction platform to help ensure that domestic and international payables and receivables are processed quickly and efficiently.
Payson Johnston, CEO and Co-founder of Crowdz, said, "the integration was key to enhancing Crowdz sophistication, particularly given its focus on security as it aims to accelerate the speed of financing."
Funders can use Crowdz's online platform to acquire an SMB's invoice by paying straight into a holding balance thanks to a partnership with Western Union Business Solutions. Once their customer has paid in full, the funds are given to the SMB, who transfers the payment back to the funder using the incoming API.
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"In light of the pandemic, small businesses need efficient access to working capital more than ever. In the current economic climate, these businesses simply cannot afford to wait 90+ days to get paid. Crowdz is committed to creating sustainable, equitable financing models that allow the small businesses that power our communities to leverage their outstanding invoices and get paid immediately. Our partnership with Western Union Business Solutions directly supports this mission," said Johnston.
The partnership will assist Crowdz, which is experiencing tremendous development, reduce the impact of fees and exchange rates on payments. Crowdz has raised 7 million dollars in venture funding in the last year from investors such as Global Cleantech Capital, Techstars, and Bold Capital Partners. Crowdz will be able to expand its business abroad by partnering with Western Union Business Solutions, which has a banking network covering 200 countries and territories.
