Blink Payment enters fashion sector with Zedonk deal

Blink Payment has announced its entry into the B2B fashion payments sector through a new partnership with ERP provider Zedonk.

Through this collaboration, more than 1,000 fashion brands and showrooms that currently use Zedonk's services in 45 countries will be able to streamline their buyer payment processes. These brands often face challenges in settling invoices when relying solely on traditional bank transfers, which can be costly and slow, sometimes leading to late payments.

Zedonk has highlighted that manual payment reconciliation can consume a significant amount of time for finance teams. Research by PwC indicates that an average of 30% of a finance team's time is spent on manual reconciliation, with error rates between 0.8% and 1.8%.

The integration between Zedonk and Blink Payment will enable brands to implement open banking and card payment options via payment links connected directly to invoices. Payment links provide retailers with a faster and more secure payment method compared to traditional bank transfers.

The introduction of payment links means brands could see a reduction in late payments and benefit from automated reconciling of invoices. The system integrates directly with their ERP, simplifying the invoicing process. A study from the Netherlands suggests that invoices containing payment links are paid on average three times faster, with 40% of clients paying within 24 hours compared to 5% for more traditional invoice styles.

This partnership represents Blink Payment's initial engagement within the fashion industry, adding to their integrations across 25 different enterprise software systems in various sectors such as hospitality, retail, automotive, and professional services.

Ben Cohen, CEO of Blink Payment, stated: "Outdated payment methods and manual reconciliation of invoices places huge strain on both brands' cash flow and resource. Payment links are hugely popular in our integrations in other sectors, offering a faster, more secure and more streamlined option. We're delighted to now be introducing this solution to brands across the fashion industry, easily integrated into a market leading software and at scale."

Marco De Vecchio, Director of Operations at Zedonk, commented: "Zedonk was born from the fashion industry. We've walked miles in our clients' shoes and understand the obstacles they face. Ease of payment significantly increases the likelihood of payment, so our next step was clear. By offering the flexibility of open banking or card payment through the single automated link, we're empowering our clients to expedite the payment process, reduce manual effort, and improve their cash flow."