Square Enters Procurement Payments Space With Handshake

Payments company Square has made several initiatives in the past to expand its presence in the back-office and B2B payments space. Now, the company is taking a larger step into the market through a collaboration with Handshake.

In an announcement Monday (June 18), Square said it is partnering with the B2B eCommerce platform to power B2B payments for suppliers and corporate buyers on the Handshake portal. The integration is available to joint customers in the Square App Marketplace, the companies noted.

Businesses that are buying on the Handshake Direct eCommerce website and mobile app can pay suppliers using any major credit card, while vendors can see money deposited into their accounts within two business days. Manufacturers and distributors selling on Handshake can customize the checkout experience for individual customers.

Their collaboration also extends to supplier sales representatives operating on the Handshake Rep solution — these professionals can accept credit cards in-person at trade shows and customer appointments using Handshake Rep with Square, the firms noted.

Handshake CEO Glen Coates said in a statement, “As more and more B2B payments shift to credit card and more B2B orders migrate online, manufacturers and distributors are looking for ways to combine seamless customer ordering with a modern payment experience, which supports the specific workflows of B2B commerce. Square and Handshake share a common viewpoint on the importance of both in-person and online payments. We are committed to driving more sales success and speeding up cash flow for Square and Handshake customers with this easy to deploy integration.”

Handshake is targeting mid-sized suppliers, and its partnership with Square aims to accelerate the order-to-cash process, the company said.

Square’s other initiatives in the back-office include Square Capital, its small business lending unit, as well as a 2015 partnership with B2B inventory and shipping management company Ordoro.