Ikea streamlines business-to-business payment
Ikea U.S. is in a new partnership to eliminate the manual process of traditional invoicing.
The U.S. subsidiary of the Swedish home furnishings giant has selected Slope Tech Inc. as its new third-party invoice-to-pay solution provider. Slope is now available Ikea’s U.S. website for business applications and checkout where approved.
In addition to streamlining the checkout process, this new option provides Ikea business customers access to capital with 30-day net terms, enhanced budget management and instant eligibility up to $100,000.
"Our partnership with Slope represents a 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 U.S. "This service is a no-fee solution that's fast and accessible, making it a special part of our mission to create a better everyday life for the many people."
By October 2024, Ikea expects to have Slope fully integrated into all of its U.S. locations. J.P. Morgan Payments made a a strategic investment in Slope in July 2024 to help provide its clients access to a short-term financing solution that offers an extension of payment terms to their business customers using the Slope platform.
Slope is part of the J.P. Morgan Payments Partner Network, which delivers end-to-end payment experiences through an ecosystem of third-party applications.
"We are incredibly excited to extend our payments offering to the Ikea U.S. customer base and work with a forward-thinking partner like Ikea U.S. to transition the B2B economy online," said Lawrence Lin Murata, CEO and co-founder of Slope.
Ikea is also in the midst of a three-year effort to invest more than $2.2 billion in its omnichannel growth strategy.
Ingka Group (Ingka Holding B.V. and its controlled entities) is one of 12 different groups of companies that own and operate Ikea retail under franchise agreements with Inter Ikea Systems B.V. Ingka Group has three business areas: Ikea Retail, Ingka Investments and Ingka Centres. Ingka Group is a strategic partner in the Ikea franchise system, operating 389 Ikea stores in 32 countries – including 50 retail locations in the U.S.
