FinTech Company BigCart Partners With OpenText to Offer Companies Faster, Easier, Payment Solution

Rhea-AI Summary

BigCart has partnered with OpenText to integrate electronic payment solutions into the OpenText Business Network, benefitting over 1.1 million trading partners. This collaboration aims to accelerate cash flow and reduce financing costs for small to medium-sized enterprises and middle-market suppliers. BigCart’s innovative solutions do not require buyer guarantees, enhancing accessibility for diverse businesses. OpenText's existing applications facilitate this process, supporting financial health within supply chains and strengthening supplier relationships, which may lead to improved business outcomes.

Positive

• Collaboration with OpenText enhances payment solution accessibility for over 1.1 million partners.
• BigCart's solutions accelerate cash flow and reduce financing costs for SMEs and MBEs.
• No buyer guarantee required, making financing more accessible to diverse suppliers.
• Integration with OpenText's existing applications streamlines the payment process.

Negative

• None.

BigCart Brings Electronic and Early Payments to the OpenText Business Network

ATLANTA--(BUSINESS WIRE)-- 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.

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.”

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.”

About BigCart

BigCart is a FinTech company that provides a broad portfolio of innovative, secure B2B electronic payment solutions. Founded in 2021, BigCart’s goal was to simplify the outdated methods of traditional supply chain finance that no longer suit today’s business needs. By leveraging vast amounts of data, BigCart’s custom payment solutions help buyers and suppliers streamline financing and gain access to the most competitive financing options available.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220817005241/en/

Elizabeth Lampton, elampton@bigcart.io

Source: BigCart

FAQ

What is the partnership between BigCart and OpenText about?

BigCart has partnered with OpenText to integrate secure electronic payment solutions into the OpenText Business Network, benefiting over 1.1 million trading partners.

How does BigCart's solution benefit medium-sized enterprises?

BigCart's solutions allow medium-sized enterprises to accelerate cash flow and reduce financing costs without requiring buyer guarantees.

When was the partnership between BigCart and OpenText announced?

The partnership was announced on August 17, 2022.

What is the primary goal of BigCart's payment solutions?

The primary goal of BigCart's payment solutions is to simplify financing for suppliers and make cash flow more accessible.

What does the collaboration mean for OpenText's trading partners?

The collaboration provides OpenText's trading partners with new funding opportunities and enhanced payment flexibility, potentially impacting their bottom line positively.