Woolworths Group has announced an agreement with Openpay Group to roll out its new business-to-business portal across the supermarket’s payments and digital platform.
Openpay For Business is a Software-as-a-Service (SaaS) that allows companies to manage trade accounts end-to-end, including applications, credit checks, approvals and account management in one system.
Woolworths will utilise the SaaS business management platform on an initial term of three years with an option to extend for a further two years. Woolworths will not offer a buy-now-pay-later (BNPL) facility through the platform.
Openpay CEO, Michael Eidel said, “Businesses with trade accounts currently face manual, time-consuming processes to gain approval for credit checks and manage their accounts.
“With Openpay For Business, these companies can now seamlessly control the whole trade account process from signing new accounts to invoicing in the one system, saving time and resources and improving trade customer experiences.
“This new SaaS product represents an important differentiator for us. It does not require support from Openpay’s balance sheet and is expected to deliver diversified revenue streams for the company.”