Nearly three-quarters, or 72%, of B2B buyers prefer sellers that offer their preferred payment method, and more than half say net terms is their leading way to pay, payments technology company TreviPay Inc. found in a survey of 300 global B2B buyers.
Murphy Research conducted the survey for TreviPay between May 17 and June 2.
To address such B2B buyers’ preferences and help merchants attract and engage a broad range of customers, TreviPay launched this week a payments system that combines multiple payment options. The options include making payments upfront with payment cards, ACH bank transfers, and mobile wallet services or deferring payments through net terms and invoicing.
“As enterprises continue to evaluate their digital transformation efforts, there is still an opportunity to innovate the online B2B payments experience to eliminate checkout friction and increase conversions,” Dan Zimmerman, chief technology officer, said when TreviPay announced its new payments offering. “Through one comprehensive checkout solution, merchants can rely on a single payments vendor to accept multiple payments modalities and consolidate reporting across payment types.”
He adds that by offering multiple payment types through a single vendor, TreviPay expects to simplify payments management for companies that want to grow among customers with small as well as large average order values, including smaller companies that may not qualify for net terms extended over 30, 60 or 90 days and rely more on payment cards and bank transfers to process payments.
TreviPay has also introduced technological capabilities designed to increase customer loyalty, including:
- Billing groups and sub-tiered accounts, or “parent-child” account hierarchy, with customized billing and payment options and individual credit limits for each account.
- Contract price verification: Sellers can define customer pricing tiers, including SKU-level pricing details that TreviPay cross-references against contract pricing.
- Customized customer support: Sellers can offer customers such perks as more attractive net terms based on their sales volume or expectation of entering more valuable contracts.
- Customer portal upgrade: Along with improved navigation, TreviPay is making current and historical invoice and payment data available for both sellers and buyers to manage and analyze transactions. It makes this data available either through API connections or downloads from the cloud-based Snowflake data storage service.
Zimmerman says the typical deployment time for the “all-in-one” payment platform takes two to four months, though sometimes longer, depending on a company’s technology team. For credit card transactions, TreviPay charges fees of about 2% to 2.5% of the value of each transaction. Net terms fees can range more widely, from about 1% to 3.5%, depending on such factors as term length.
Paul Demery is a Digital Commerce 360 contributing editor covering B2B digital commerce technology and strategy. [email protected].
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