Crowdz announced $75 million funded receivables for small businesses! This major milestone demonstrates our commitment and dedication to helping...
Crowdz Partners with Western Union Business Solutions
Crowdz and Western Union Business Solutions have entered into a strategic partnership to help small and medium businesses access the cash faster.
Crowdz and Western Union Business Solutions have entered into a strategic partnership to help small and medium businesses access the cash faster. The ongoing pandemic has made it almost impossible for these businesses to wait for 90 days before suppliers can clear their outstanding invoices. So this partnership could not have come at a better time. Crowdz and Western Union Business Solutions partnership will be beneficial for the parties involved. Read on to find out how.
Western Union is a global leader in cross-border cross-currency money movement and payment companies. It has partnered with Crowdz to help SMBs access working capital in a faster and more reliable way. The partnership will increase Crowdz’s receivables financing capabilities which will in turn avail more money to SMBs. This will go a long way in supporting Crowdz and Western Union’s mutual initiative of supporting crucial yet vulnerable SMBs all over the world.
Crowdz and Western Union developed a new payment platform for funding and repayment for businesses. Some of the key benefits of this platform include:
1. Faster Payment
Small businesses will receive their payments faster for outstanding invoices with Crowdz’s Western Union payment gateway integration. Faster disbursement of funds will give SMBs the breathing room that they need in this harsh economic climate that’s choking most of them. This partnership has increased the speed at which money SMBs accounts. In some cases, businesses will receive their payments in under 24 hrs.
2. Enhanced Security
Both Crowdz and Western Union are faithful in adhering to the compliance programs in any jurisdiction and their partnership strengthens this mutual goal. Western Union has over 60,000 businesses it has verified through its compliance program. This puts Crowdz in a prime position to only legitimate fund businesses. Small businesses should not worry about the safety of making payments through the new platform. It has an advanced payment network that ensures only authorized people access the funds.
3. Expansion into New Markets
The partnership with Western Union will propel Crowdz into new markets that Western Union currently serves. This should be great news for investors. Expansion into new markets will enable them to make investments not only in the US but also in global markets. This is a great way of driving returns through impact investments.
The expansion into new markets will also benefit SMBs. This expansion will facilitate Crowdz to serve SMBs in diverse geographic locations. It levels the field for business owners around the globe since their business must not be in the US for them to access funding.
Business owners in the US who have other businesses abroad will also access funding for their businesses in other countries thanks to this partnership.
4. Increased Transparency
Transparency is vital in every business deal. Clients can only trust your services if you are transparent with them. That is also the case when it comes to matters involving money. SMBs want to know exactly how their funding moves until it reaches them when they auction their invoices. And that’s what this new partnership offers.
The new platform sends SMBs more notifications about where their funds are in regards to funding and repayment. If your business is in Europe then all changes are transparent. You can see from the platform that you’ll need to repay a Western Union bank account. For people in the US, you will have to connect one bank account for repayment using ACH-debit. Western Union will then connect this account with their system to enable ACH-debit. This process will take up to 5 days.
Crowdz is in the midst of a rapid scale phase after securing venture capital from a host of investors. The main aim is to enhance Crowdz’s sophistication since it aims to accelerate the speed of financing. Partnering with Western Union has cost savings in relation to Crowdz’s upscaling activities. Western Union brings on board the sophistication in the payment network along with expansion into new markets that Crowd will benefit from without the need to invest heavily.
6. Sustainable Payments
So how will businesses outside the US receive and make payments through the new platform? Wouldn’t it be expensive because of the cross-border payment costs? Well, the answer is the payment will be affordable like never before for businesses.
Businesses outside the US will be able to make and receive payments in their local currencies in the new platform. This eliminates the forex costs which reduces the cost of doing business. Additionally, you won’t incur any cross-border payment costs when you use the platform to transact with foreign entities.
Get Funding for Your Business with Crowdz Today
Crowdz is modernizing invoice financing and invoice practices for small and medium-sized businesses. Our new platform from partnering with Western Union offers an alternative financing solution for businesses that struggle to obtain financing from the traditional banking system. Our partnership with Western Union will enable SMBs to access working capital much faster and help them get rid of cash flow bottlenecks that are hindering their growth. Contact us today for more information.