Germany-based financial powerhouses Wirecard Group and Commerzbank have teamed up to launch a new financing service enabling online merchants to receive immediate credit for e-commerce sales, rather than waiting days or weeks for transactions to clear.
Wirecard, a Munich-based bank and payments provider, is adding the new e-commerce payment solution to its Wirecard Checkout Portal, with financing and risk management provided by Frankfurt-based Commerzbank, the companies said in a Sept. 23 press release.
The integration enables participating e-commerce merchants to speed up the payments sequence, opting to receive “pre-financing” credit from Commerzbank on their sales. Merchants who qualify receive funds from the sale immediately.
The service typically cuts at least 14 days out of the process for merchants waiting to receive funds from goods sold, which is a boon to startups and online merchants pursuing liquidity, said Marc Starzmann, a branch manager with Commerzbank, Germany’s second-largest bank, which has offices in 50 countries.
Wirecard developed the solution in response to merchants asking for more flexibility in managing their funds, added Thorsten Holten, executive vice president of sales for financial institutions and fintech at Wirecard.
