If you’re a typical SMB, one of your biggest challenges is managing B2B accounts receivables (A/R) and slow-paying clients, particularly when you offer net 30- to net 60-day terms of payment. Help in managing A/R has been around for a long time with the spectrum ranging from banks, credit card companies, payments intermediaries, and factoring companies on up to collection agencies. With the evolution of new digital services and technology, you can expect to see a rise in B2B Payments Companies like TreviPay.
What is TreviPay?
TreviPay has developed the technology to remove the friction of B2B purchasing by merging the ease of B2C e-commerce with the more complex needs of B2B buyers and sellers to create painless, efficient B2B transactions.
“SaaS completely reimagined the revenue model of B2B service sales in the 2000s, reducing costs, speeding up deployment time, and improving scalability. TreviPay has that same potential for the B2B payments market, which has trillions of dollars of untapped value,” says TreviPay President, Brandon Spear.
Deloitte estimates the US B2B payments market will be worth $23.1 trillion by 2020, made up of small businesses ($4.52 trillion), medium businesses ($4.54 trillion), and large businesses ($14.04 trillion).
B2B e-commerce payments are growing at an average of 10.4% annually, compared to B2B payments at an average of 5.4%. This trend will continue as more and more companies migrate to B2B e-commerce and look as well for growth in their cross-border and other international business.
“TreviPay can provide powerful value for SMBs. While many still have much of their working capital tied up in loans to customers, TreviPay can help provide a more consistent cash flow. Sellers receive payments through TreviPay once an invoice is issued to a buyer, allowing for improved revenue forecasting and access to funds. TreviPay is a scalable solution that grows alongside sellers and increases their customer’s purchasing power, positively impacting their bottom line,” Spear says.
Among the tools and technology enabling TreviPay services are:
- Payments options in 17 global currencies
- Machine learning and smart integrations that automate payments quickly and accurately apply payments to the correct accounts and invoices
- Intelligent credit technology that automates and manages the lifetime value of customers
- Credit applications to purchase in under thirty seconds using TreviPay’ automatic account setup and smart integration technology
- Comprehensive data gathering for improved insight and business intelligence.
Get the insights on how TreviPay and B2B payment companies are growing in the full article on PaymentsNext.com and learn more about what we do, here.