BigCart Brings Electronic and Early Payments to the OpenText Business Network
BigCart, a FinTech company that provides a broad portfolio of innovative, secure B2B electronic payment solutions, today announced a strategic partnership with OpenText (NASDAQ: OTEX), (TSX: OTEX), a leader in information management, on a globally integrated supply chain information platform for small to medium-sized companies and middle-market suppliers.
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BigCart’s payment solutions will now be offered to the OpenText Business Network, giving more than 1.1 million trading partners the opportunity to accelerate cash flow and reduce finance costs for suppliers. This offering is a brand-new option for those companies operating under BigCart’s system, bringing payment flexibility, all while paying suppliers in a fraction of the time.
“Working with BigCart, the first of our funding partners, OpenText is securely offering our entire trading partner community the ability to source alternative funding opportunities through custom solutions, saving them both time and money,” said Ted Harrison, EVP Global Sales at OpenText. “Building on OpenText clients’ existing applications, this new offering can help our partners ensure financial health for their supply chain and strengthen their relationships with suppliers, something we are working to offer even more of for the mid-market in the future.”
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Unlike traditional supply chain finance solutions, BigCart’s unique financing solution is geared towards small and medium-sized enterprises (SMEs), minority business enterprises (MBEs), and middle-market suppliers and does not demand a buyer guarantee. These new secure B2B electronic payment solutions analyze existing data through the OpenText Active Access Portal, a secure, collaborative portal for users across the business ecosystem, creates relevant offers to support suppliers and is automatically deployed with little involvement from either buyers or suppliers. These offerings enable all suppliers to access low-cost accelerated cash flow.
“Our goal for any client is to make money easily accessible,” said Rodney Schansman, CEO of BigCart. “Because OpenText already does so much to help their network of customers organize, integrate, and protect their data, our payment solution was an easy add-on. The OpenText Active Access portal is a natural fit for us, and we expect any OpenText enterprise client who signs on to use BigCart to see an immediate impact on their bottom line.”
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