Today In B2B: NeweggBusiness Adds Payment Terms; Deutsche Expands Cash Management Business

Today In B2B payments, NeweggBusiness integrates business financing and payment terms via Behalf, while Deutsche Bank expands its cash management offering into Australia. Plus, GE shutters its staff audit program, and Park Place Payments partners up for small business B2B payments.

Newegg Chooses Behalf For Flexible Business Financing

Behalf, which provides alternative financing and payment solutions for B2B sellers and buyers, has been selected by Newegg to provide flexible financing options for customers, Behalf announced in a Wednesday (Nov. 11) press release. By using Behalf, Newegg, which works in tech-focused eCommerce, can now offer customers a way to finance and pay for purchases on their own schedules, with monthly or weekly installment pay options. NeweggBusiness offers customers detailed product information, peer reviews, expert opinions, product tutorials and networking options with other users, and the new partnership with Behalf will “apply the same philosophy to the purchasing experience,” according to the release. “Financing has always been a challenge for small and medium-sized businesses, and that is especially the case today due to COVID,” Behalf CEO Rob Rosenblatt said in the announcement.

Deutsche Bank Debuts Cash Management In Australia

Deutsche Bank has opened a new cash management business in Australia, which will add to its global portfolio, according to a press release. Deutsche Bank now operates a global network of cash management services in 35 locations with 14 in the Asia Pacific, the release stated. There were 14 new jobs added to support the new Australia location, including John Godlonton of Deutsche Bank Singapore, who will act as the head of cash product for Australia. The Australia business will offer current accounts and deposit products, domestic and cross-border payments and collections, and liquidity services, the release stated. Glenn Morgan, the interim CEO for the Australia business, said in the release that adding Australia to the bank’s global network of cash management businesses will be “a terrific boost for local employees.”

GE To End Rotational Staff Audit Program

General Electric Co. is ending a longstanding staff rotational program that lasts multiple years, which the company has harnessed to develop executives, The Wall Street Journal reported. The conclusion of the Corporate Audit Staff (CAS) program is reportedly part of efforts by CEO Larry Culp to streamline the business, WSJ reported. GE has sold possessions, reduced expenses and decreased the staff that supervise arms like GE Aviation and GE Energy. The company reported in October that expenses for its corporate operation fell 9 percent in Q3. The move was reportedly shaped by Carolina Dybeck Happe, the firm’s new finance head, according to WSJ. The CAS program goes back to the early part of the last century. Staffers worked lengthy hours and visited various places around the globe to examine different parts of the company, looking over internal controls or seeking out waste.

Park Place Payments, NOW Corp Team For SMB Payments

Park Place Payments, which provides payment processing to companies, and Atlanta-based NOW® Corp unveiled a collaboration that is meant to change how small and medium-sized businesses (SMBs) take payments, according to a Wednesday (Nov. 11) announcement.” The need for small and mid-sized businesses to get paid faster has never been greater,” NOW® Corp CEO and President Lara Hodgson said in the announcement. “The future of small business access to capital will be shaped by innovations in payments, and we are excited to partner with Park Place, which puts us at the forefront of these innovations.” The acceptance of payments for products or services has historically been a large cost center for independently owned companies that don’t have much bargaining power, according to the announcement, which notes that NOW® Corp and Park Place are set to change that paradigm.