EDEKA Chooses Traxpay’s Award-Winning Supplier Financing Platform
Germany’s Largest Supermarket Corporation Selects Traxpay AG’s Dynamic Financing Platform to Support Suppliers’ Financial Freedom
Frankfurt am Main, February 22, 2019 – EDEKA, Germany’s largest supermarket corporation headquartered in Hamburg, announced the selection of Traxpay’s dynamic financing platform to provide its suppliers with financial freedom and to deepen their relationship with them. Through dynamic discounting, EDEKA is able to offer suppliers the opportunity to be paid ahead of time for a discount. If necessary, suppliers can obtain liquidity on short notice, while EDEKA receives a price advantage in return.
Automating a Manual Process
“Previously, the process in which customers and suppliers discussed payment terms, cash discounts and deviations from agreements was highly complicated and lacked standardization,” stated Markus Rupprecht, CEO of Traxpay AG. “The Traxpay solution completely digitalizes and automates the process, making it efficient and transparent for both sides.”
Win/Win for Buyers and Suppliers
Traxpay’s support goes well beyond providing the platform. “We can do a lot of work for our customers during onboarding and know exactly how to select suppliers and then how best to approach them to ensure they enroll,” added Rupprecht. The fact that the Traxpay solution is scalable and multi-bankable at any time, as well as allows for the use of various financing instruments and sources, was seen as another important advantage for EDEKA.
The Traxpay platform is a win for suppliers, who benefit as well. The platform is free to use and enables suppliers to immediately see what discount will be required to receive early payment. Suppliers can be 100 percent confident in the terms offered by this solution. They also benefit from this solution because financial flows can now be more reliably planned, enabling better cash forecasting.
More Customers in the Pipeline
While EDEKA is the first major customer active on the financing platform, Traxpay is already in advanced stage talks with a host of other interested parties. Although the Traxpay platform is a non-bank solution that does not necessarily require external funding, many banks support the concept. In a coordinated sales approach, Traxpay, together with partner banks, approaches bank customers to explain the benefits of the platform.
Traxpay is an early pioneer in the B2B FinTech sector. Traxpay has developed a patent-pending Software-as-a-Service platform that helps companies, banks and B2B networks maximize previously unused working capital revenues by offering early payment programs. The Traxpay Dynamic Financing platform connects corporate ERP systems and combines them with banking working capital products. This combination enables data and business process optimization to provide much more flexible and efficient payment processing, (reverse) factoring and dynamic discounting.
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