The Wirecard Group, a leading supplier of electronic payment and risk management solutions, has entered into a partnership with Commerzbank AG. Wirecard enlarges the portfolio of Commerzbank with easy to integrate online payment solutions for e-commerce, as well as risk management.
With this, Commerzbank can offer their business and corporate customers these services in addition to its own portfolio.
Thereby, Wirecard and Commerzbank evolved a new payment method: ‘Purchase on account with pre-financing’. This means that online merchants could be credited with the outstanding amount immediately after a customer completes a ‘purchase on account’, without having to wait until the product has been delivered for the amount to be settled by the customer.
Merchants who already offer ‘purchase on account’ have often been confronted with the problem of having to wait at least 14 days to receive payment. This means that merchants previously had to pre-finance the sale for the duration of this period. In addition, other factors were the payment default risk and costly debtor management systems.
The new payment type can now be integrated into an existing software solution or, alternatively, is offered as a full package service with all other current payment options. The Wirecard Checkout Portal helps with this by conveniently integrating payment types into an online shop.
Marc Starzmann, Munich Branch Manager of the Commerzbank-Mittelstandsbank, explains the cooperation with Wirecard, “As the undisputed market leader in SME financing, we support many large, but also start-up, online merchants, so as to benefit from the continuing e-commerce boom. We are delighted to have found a professional partner in Wirecard, who understands our customers’ needs.”
Thorsten Holten, Executive Vice President Sales Financial Institution and FinTech Europe at Wirecard adds, “We are very proud to offer an attractive offer together with Commerzbank in the area of e-commerce for its customers. It represents a reaction to the wishes of online merchants to have liquidity as soon as possible and also be able to set up their shops as individually and flexibly as possible, including in terms of payment types offered.”
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