IKEA Adds Slope’s Flexible Payment Options for Business Customers
IKEA U.S. has begun rolling out an invoice-to-pay solution provided by payments company Slope, saying it will provide flexible payment options for the furniture retailer’s business customers.
Slope’s solution was launched on IKEA.com for business applications and checkout where approved and will be fully integrated into all IKEA U.S. locations for in-store purchasing by October, the retailer said in a Thursday (Aug. 29) press release.
This new offering is part of the retailer’s efforts to expand its IKEA for Business segment, according to the release.
“Our partnership with Slope represents a step forward in our commitment to supporting small and medium-sized businesses in the communities we serve,” Jordi Esquinas Gimenez, chief commercial officer at IKEA U.S., said in the release. “This service is a no-fee solution that’s fast and accessible, making it a special part of our mission to create a better everyday life for the many people.”
The new payment option supplied by Slope eliminates the manual process of traditional invoicing, offers business owners access to capital with 30-day net turns, and provides a streamlined checkout experience, per the release.
Slope offers short-term financing to business customers at the point of purchase, allowing them to extend their working capital, pay using net terms and reduce the manual workload of tracking and managing invoices, according to a web page outline the new offering.
Businesses can apply for Slope in under 10 minutes, get an instant financing decision and proceed with no financing fee and a 30-day term on IKEA purchases, per the web page.
“We are incredibly excited to extend our payments offering to the IKEA U.S. customer base and work with a forward-thinking partner like IKEA U.S. to transition the B2B economy online,” Slope CEO and Co-founder Lawrence Lin Murata said in the release.
Slope secured $65 million in strategic equity and debt funding in July to scale its B2B payments platform for enterprise companies. The funding was provided by J.P. Morgan Payments, Y Combinator, Jack Altman and Max Altman’s new fund, Saga.
The company’s platform is being used by J.P. Morgan Payments to help its clients offer their own business customers a short-term financing solution.
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