RETAILEXCHANGE.COM, PITNEY BOWES IN DEAL
Byline: Peter Braunstein
NEW YORK — Business-to-business marketplace RetailExchange.com said Tuesday that it has struck a partnership through which Pitney Bowes will make escrow services available to the B2B’s clients.
Pitney Bowes’s suite of services will allow sellers of fashion goods to accept funds from buyers in a variety of ways, including wire/ACH transfer, check, money order, or credit card. RetailExchange plans to implement its escrow services this spring.
“Up to now, sellers have had to assume the risk regarding payment, and in large B2B transactions, that can be sizable,” said Melissa Webster, vice president of strategic partnerships at RetailExchange, which is based here. “Now these transactions will be underwritten by an established, stable entity, which [is intended to] provide members with added comfort and security.” In addition, the Pitney Bowes partnership will allow sellers to accept purchases transacted via credit cards, even if the individual seller themselves does not accept the instrument; Pitney Bowes will manage the process.
In exchange for the escrow service, RetailExchange.com will charge a fee, calculated at what the company termed a “small percentage” of the overall transaction service cost, with credit card purchases incurring a slightly higher fee. “The relationship between RetailExchange and Pitney Bowes is exclusive,” said Webster, “and in exchange they are extending to our members very competitive rates.”