Volvo Financial Services chooses Payer to optimize payments and improve the customer experience

STOCKHOLM,Jan. 25,2021 -- International transport companies face payment challenges in an increasingly globalized world. Both workshops and haulers have a common interest in smooth and secure payment flows to quickly ensure service and repair.

As an important partner in one of Volvo Financial Services' new payment solutions,Payer was commissioned to integrate its platform and secure the payment chain between the workshop,dealers and customers. The solution is now live in Norway and Spain.

Infusing trust in cross-border trade through secure payments

The solution (that Payer contributes to) means that a Volvo workshop can get a payment guarantee from the hauler directly without delays and the workshop can repair the truck and solve the customer problem immediately.

Every minute a truck is parked is a cost for the entire supply chain,a challenge that Volvo Financial Services (VFS) wanted to take on. The solution that VFS designed together with their integration partners and Payer infuses transparency between the service center and the long-haul company. The solution notifies a manager of the hauling company of the service order so that he then can approve and settle the payment to get the truck back on the road quickly. The payment is made in real-time and also simplifies the back-end reconciliation of payments in the ERP system which is based on SAP.

"At Payer,we are thrilled to work with one of the world's most innovative automotive companies. Ultimately,we're two technology companies rooted in engineering. Their engines offer safe ways to travel and our engines offer secure payments for B2B. I'm impressed by the innovation level at Volvo Financial Services and their financial services technology vision. I think it's a great fit," says Peder Berge,CEO and founder of Payer.

Hampus Hansson,Director Innovation & Strategy at Volvo Financial Services,says: "As a global leader within commercial transportation we have to find solutions that fit our international demanding customer base. Effective payment solutions is a strategic area for us that supports our business and helps our customers. Together with Payer,with its B2B focus,we have been able to deliver an internationally scalable solution in record time."

Teamwork

Payers API was integrated by SIGMA,the global IT consulting company,into the self-built payment solution that executes the customer experience. Martin Kvarnered from Biner,digital management consultants based in Gothenburg,led the project.

"This particular project is a shining example of an agile development journey where we took a broad approach at first but quickly zoomed in on one particular problem. We then created a well-defined solution together with Payer and Sigma. Payer is smooth to work with and the technology is top notch. The team from Payer has been responsive to our need and is quick to deliver," says Martin Kvarnered.

The solution was rolled out in Norway earlier this year and VFS has now added Spain as a second market."We look forward to working further with Volvo Financial Services to create future payment solutions for the heavy-duty truck division,anywhere hardware and software intersect," says Peder Berge.

For additional information,please contact

Stefan Backlund,CMO at Payer,

stefan.backlund@payer.eu,+46-70-8628489

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The following files are available for download:

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Volvo truck driver - VFS & Payer partnership

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Volvo Truck on the road - VFS & Payer partnership