Volvo Financial Services selects Payer for digital B2B payments
By Pavithra R
Volvo Financial Services(VFS), the captive financing arm of the Volvo Group, providing financing and insurance solutions to the Group’s retail customers and dealers, has announced selecting Payer, a technology company and an expert in payments, to optimize payments and improve the customer experience.
International transport companies face payment challenges in an increasingly globalized world. VFS identified some challenges when workshops are charging long-hauling companies for repairs in foreign countries when the driver is the sole representative on-site. Both workshops and haulers have a common interest in smooth and secure payment flows to quickly ensure service and repair.
Under the deal, VFS will leverage Payers’ platform as part of a solution to digitalize B2B payments for service and repairs. The solution, which is tailored for Volvo’s specific needs, sends a mobile notification to a manager at the haulage company about the service order so that he/she can approve and pay it directly. After the approval process is made, payment is done in real-time which also simplifies the back-end reconciliation of payments in Volvo Financial Services’ ERP system which is SAP. The solution is now live in Norway and Spain.
“At Payer, we are thrilled to work with one of the world’s most innovative automotive companies. Ultimately, we’re two technology companies rooted in engineering. Their engines offer safe ways to travel and our engines offer secure payments for B2B. I’m impressed by the innovation level at Volvo Financial Services and their financial services technology vision. I think it’s a great fit,” said Peder Berge, CEO and founder of Payer.
The solution that VFS designed together with their integration partners and Payer infuses transparency between the service center and the long-haul company. The solution will enable a new way of handling digital payments, including digital communication, reservations and payment captures without losing valuable time. The benefits of the solution are linked to cash flow, credit risks, and reconciliation.
“As a global leader within commercial transportation we have to find solutions that fit our international demanding customer base. Effective payment solutions is a strategic area for us that supports our business and helps our customers. Together with Payer, with its B2B focus, we have been able to deliver an internationally scalable solution in record time,” said Hampus Hansson, Director Innovation & Strategy at Volvo Financial Services.
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