IKEA US has begun rolling out an invoice-to-pay solution provided by payments company Slope, which it says will provide flexible payment options for the furniture retailer’s business customers.
The Slope solution is launching on IKEA.com for business applications and payments if approved and will be fully integrated into all U.S. IKEA locations for in-store purchases in October, the retailer said in a press release Thursday (Aug. 29).
The new offering is part of the retailer’s efforts to expand its IKEA for Business segment, according to the release.
“Our partnership with Slope is another step forward in our commitment to supporting small and medium-sized businesses in the communities we serve,” said Jordi Esquinas Gimenez, chief commercial officer at IKEA US, in the release. “This service is a no-cost solution that is fast and easy to access, making it a unique part of our mission to create a better everyday life for the many people.”
The new payment option provided by Slope eliminates the manual process of traditional invoicing, offers business owners access to capital with a 30-day net turnaround, and provides a streamlined payment experience, according to the release.
Slope offers short-term financing to business customers at the point of purchase, allowing them to expand working capital, pay using net terms and reduce the manual workload of tracking and managing invoices, according to a webpage outlining the new offering.
Businesses can apply to Slope in less than 10 minutes, get an instant financing decision and proceed with no financing fees and a 30-day term for IKEA purchases, according to the webpage.
“We are excited to expand our payments offering to IKEA US’s customer base and work with forward-thinking partners like IKEA US to move the B2B economy online,” said Slope CEO and co-founder Lawrence Lin Murata in the release.
Slope secured $65 million in strategic equity and debt funding in July to scale its B2B payments platform for large enterprises. The funding was provided by JP Morgan Payments, Y Combinator, Jack Altman, and Max Altman’s new fund, Saga.
The company’s platform is used by JP Morgan Payments to help its clients offer short-term financing solutions to their own business customers.
