CoralCommerce connects commerce communities for business to business payment flows, consumer to business payment flows, business to consumer payment flows, stored value or wallet applications, or payment rails. Businesses with digital ambitions can start by using embedded checkouts, hosted accounts and secure payments. Mature digital businesses or applications may access the same core services using our APIs.
CoralCommerce uses its experience, expertise and solutions to connect digital businesses with essential services like payment issuance & acceptance, disbursements, deposits, withdrawals, commissions & fees management, and custom checkout flows, with extensive reporting on revenue comparisons, pricing strategies and market segmentation.
By connecting to our platform, businesses are able to pay away or disburse funds into any sponsored payment channel, whether card, account, wallet or mobile money accounts. This enabled companies to reimburse their customers and pay their suppliers, using the same APIs they use for accepting payments
Our payments service affords businesses the tools to pay funds from their accounts to beneficiaries regardless payment type. By implementing the CoralCommerce APIs companies are able to make payments via the same integration as they accept payments with. Several tools exist on the CoralCommerce platform that allow business to pay away funds for the purchase of goods, for the refunding of customers, for the payment of suppliers.
Companies can implement digital methods to pay their supply chain, with variances in the payment flow that can include or exclude escrow when required. These payments can be account based as this is usually the lowest cost for supplier payments. CoralCommerce Reach can add a further settlement flow that allows companies to pay suppliers abroad. As Reach requires regulatory approved channels for cross border payments, companies must request this specific implementation of supplier payments.
Companies who purchase goods and services from SMEs can use CoralCommerce Pay to settle these suppliers digitally for their goods. Pay is a virtual terminal for disbursements specifically designed to accommodate the recording of products or services purchased. Examples of the use of CoralCommerce Pay would be breweries purchasing hops from farmers, mining agents purchasing commodities from mining companies, or companies reimbursing or settling funds to their customers.
The two primary pay-away tools, Pay & Reach, along with the standard pay-away and disbursement services within the CoralCommerce platform, are easily implemented and operated through the various administration portals we provide. These payment flows are all outgoing payments, iow payments our clients or customers make from their accounts to external entities. Reconciliations are possible where the payment sponsor (bank or external platform) makes such automated reconciliations possible.