Hokodo, Europe’s leading provider of digital trade credit, and Mangopay, a platform-specific payment infrastructure provider, have announced a strategic partnership that makes Hokodo’s solutions available to Mangopay B2B platforms. This cooperation will allow B2B marketplaces to foster their growth and scale their payments capability.
Marketplaces continue to become increasingly ubiquitous in the B2B e-commerce space. Thousands of industry-specific marketplaces are now in operation, serving as a bridge connecting suppliers with business buyers globally.
Large suppliers and other merchants are capitalising on the phenomenon, with 75% actively developing marketplace strategies. With up to 80% of B2B transactions expected to take place online by 2025, seamless online payment experiences are a priority for B2B buyers.
As the B2B marketplace industry continues to grow, the payment experience remains a key differentiator for such players. Enhancing Mangopay’s payment infrastructure capabilities with Hokodo is a meaningful step to help B2B players drive global growth for marketplaces. With their combined solutions and expertise, the two companies deliver a comprehensive payment offering and optimised payment flows for B2B marketplaces. From the granting of credit terms and payment collection through the disbursement of funds to sellers and marketplaces operators’ commissions, funds flow smoothly thanks to the partnership.
“The success of a given marketplace relies partly on providing buyers and sellers with a payment experience that they cannot replicate off-platform. Business buyers expect payment terms, while suppliers want to get paid up front,” explains Raphael Caruso, Director of Strategic Projects & Partnerships at Hokodo.
“Marketplace operators themselves also need access to their funds as soon as possible to avoid working capital issues. Together, Mangopay and Hokodo’s complementary solutions satisfy the demands of each party.”
Luke Trayfoot, Chief Revenue Office at Mangopay, added: “Businesses need to move quickly to keep up with changing consumer preferences to help drive increased conversion. For five years, Hokodo has been a powerful solution for businesses to reach new customers and drive growth. Mangopay users can now get started accepting payments with Hokodo in mere minutes and providing better payment user experience which ensures higher conversion.”