Openpay signs computer hardware company, HP as new enterprise partner for OpyPro, Openpay’s B2B SaaS platform for trade accounts
- Openpay secures another OpyPro B2B enterprise contract win, with global information technology company, HP
- OpyPro will integrate with HP’s ecommerce systems to deliver an enhanced and simplified buying and transaction experience for business customers
- HP 30 day credit term funding for business buyers in Australia will be provided by OpyPro’s funding partner, Lumi, enabling OpyPro to operate as a capital-light, SaaS-based product
- HP will commence B2B transacting using OpyPro during the current quarter
- The OpyPro platform is now servicing over 5,000 business customers. Between HP and Woolworths, growth of a further 2,000 business customers is expected over the next year
MELBOURNE Australia, 23 August 2021: ‘Buy now. Pay smarter.’ company, Openpay Group Ltd (ASX: OPY) (Openpay) is pleased to announce that it has signed an agreement to deliver its OpyPro business to business (B2B) platform to global information technology company, HP Inc. (HP).
OpyPro will enable an enhanced trading experience for HP business customers. The system manages trade accounts end-to-end – including account application processing, seamless business customer onboarding, credit checks and terms, approvals and account management.
Openpay’s CEO and Managing Director, Michael Eidel commented, “We are delighted to have signed HP as our second B2B contract win, adding another household name to our growing list of iconic parnters. This deal demonstrates Openpay’s ability to attract top tier business partners as we work to make the business-to-business payment experience easier and more efficient.
“This will also be the first time we’ve put our relationship with B2B funding partner Lumi, into action. Having Lumi in the mix enables us to continue to deliver OpyPro as a capital light, high transaction-volume SaaS play. We look forward to going live together imminently.”
In April this year, Openpay announced that Lumi Financial Management would provide SME funding to OpyPro customers, enabling OpyPro to remain a pure SaaS, capital light solution. Lumi’s financial expertise in business assessment and financing is being integrated into OpyPro to power a seamless credit limit assignment and transaction experience for businesses.
Lumi’s CEO Yanir Yakutiel commented, “We are extremely excited about our partnership with Openpay and HP. This is something that we have been working on with Openpay in the background for several months and it is always exciting when something that started as an idea comes to life. This rollout is the first of many and we are looking forward to announcing more partnerships in the weeks and months ahead.”
The agreement is for an initial term of two years with an option to extend for a further two years. Average order values for HP products are expected to be significant and Openpay expects the OpyPro product to drive strong transaction value for HP for all on account sales to HP business customers.
OpyPro is Openpay’s platform for the global B2B market, built as modern, merchant-led software that large companies can use to manage their trade accounts end-to-end in a fully digitised manner – from application to transaction and remittance.
Following the launch of OpyPro with Woolworths as inaugural customer in September 2020, OpyPro has been established as Openpay’s flagship B2B solution. Together with the business credit solution provided by exclusive partner Lumi in Australia, OpyPro will be rolled out in Openpay’s key markets in the UK and US where demand is significant. With its capital-light business model and usage-based fee structure, OpyPro is a highly value-accretive contributor to Openpay’s pathway to mid-term profitability.
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Openpay Group Ltd (ASX: OPY) is a fast-growing and highly differentiated player in the global ‘Buy now pay later’ (BNPL) payment solutions market. The Company’s strong platform enables it to deliver the most flexible plans in the market with durations of 2–24 months and values of up to $20,000.
Openpay focuses on industries where it can make a true difference: Automotive, Healthcare, Home Improvement, Memberships and Education; and its target customers are finance-savvy and of an older demographic who use Openpay plans as a cashflow management tool.
Openpay also has a unique B2B offering, OpyPro (formerly Openpay for Business), a SaaS-based platform that allows companies to manage trade accounts end-to-end, including applications, credit checks, approvals and account management in the one system.
Openpay provides services to Customers and Merchants in Australia, New Zealand, the UK and entered the US market, under the brand name Opy, in December 2020.