The Launch Of Tradeshift Pay To Explore New Payment Processes
Tradeshift, an open business platform created to connect businesses globally, has recently announced the launch of its Tradeshift Pay (and Tradeshift Cash), which claims to address concerns related to the lack of proper recording and delayed payment systems.
Tradeshift has been known as business-based platform as their platform claims to bring together suppliers in one space, help businesses take advantage of payment discounts, eliminate traditional paper and manual processes and most importantly, reduce the likelihood of supplier risk.
Based on the Tradeshift’s goals, it is clear that it coincides a lot with businesses worldwide. Therefore, Tradeshift Pay is the alleged solution that will make the payment processes tied to businesses efficient, faster, and risk-free. Whereas Tradeshift Cash is a real-time early payments product using blockchain technology for all MSMEs (micro, small and medium-sized enterprises).
According to the CEO and Co-founder Christian Lanng, it is important to have:
“the transactions on a public ledger, which ensures complete transparency. Also, the ability for companies to prove that they have legit transactions.”
As for the services provided by the newly launched, users will be provided with a variety including supply chain finance and payments, and a single platform that enables early payment processes.
The entirety of this project appears to target the traditional, “accounts receivable” method, which is a promise that businesses make suppliers that they will pay for the services completed. This is definitely not as simple as it sounds, as suppliers who were unable to collect money due, were left with no choice but to write-off the amount altogether.
With Tradeshift Pay, it appears that the risk of potentially losing money will become something of the past, and if Tradeshift succeeds in this endeavour, this will prove that the traditional ways set in place are meant to be altered.
For more information on Tradeshift Pay and other solutions that are set to be released in the near future, go to: https://tradeshift.com/enterprise/solutions/pay/ – The Tradeshift Cash model is supposed to represent a new supply chain principle when it comes to finance by giving companies greater access to insight and cash.
Then to top off the releasals of Tradeshift Cash and Tradeshift Pay, they announced here they had raised $250 million in Series E funding lead by US banking giant Goldman Sachs and PSP Investments which could lead the company to an evaluation of over 1.1 billion. The capital invested to date will be used in Asia and Europe for blockchain technology and artificial intelligence.
The CEO of Tradeshift Christian Lang had this to say about the financing:
“We have always believed that the future of supply chains is 100 percent digital and that connecting trade is just the first step to a digitally connected economy. This investment will enable us to continue our rapid growth and consolidate our leadership position.”