Singapore – Business-to-business (B2B) marketplace Proxtera and digital escrow service Tazapay are teaming up in launching a new SME-catered solution called ‘Proxtera Protect, Powered by Tazapay’ to provide international buyers and sellers with a secure and protected payment service to streamline global trade.
Initially available to SMEs in Singapore and India, the new solution allows Tazapay to provide a digital escrow service for both buyers and sellers connected via participating platforms on the Proxtera network. Through the new solution, SMEs will be able to complete transactions through the secure escrow payments service, providing both buyers and sellers with a critical layer of protection and confidence when doing business with a new partner.
‘Proxtera Protect, Powered by Tazapay’ responds to the issue that new trading partners have not been able to meet to build trust, causing an increased number of deals to fall through and lost time and resources on both sides. Tazapay solves this problem by offering secure digital background checks and an escrow service to hold funds until such time that both parties have confirmed delivery and receipt of the goods. Proxtera Protect also ensures that monies are returned should shipments not arrive.
For Rahul Shinghal, CEO of Tazapay, their recent partnership with Proxtera speaks to resolving the ongoing issue among SMEs that are restricted from growing their number of trading partners.
“Proxtera is similarly focused on providing SMEs with options and tools that allow them to work with a wide range of business partners and drive growth. We’re pleased to power Proxtera Protect and grow alongside Proxtera as both entities focus on their missions to elevate the local economy by empowering SMEs with global trade opportunities,” Shinghal stated.
SMEs can join the Proxtera network via its e-commerce platform partners to benefit from new business opportunities. Upon identifying a potential opportunity, they can leverage Proxtera Protect, powered by Tazapay’s market leading infrastructure to finalize the escrow terms and subsequently make and receive payments securely.
Meanwhile, for Shirish Jain, program director at Proxtera, the partnership means aligning also with their mission of unlocking new trade and business opportunities for SMEs around the world.
“Proxtera Protect, Powered by Tazapay is a critical component to bridge the trust gap that hinders cross-border trade. With the addition of trusted partners such as Tazapay, Proxtera can deliver on its promise to provide SMEs a wealth of business tools and opportunities at their fingertips, opening up pathways to growth and driving economic recovery to help businesses thrive in the ‘New Normal’,” Jain stated.