B2B eCommerce platform 3dcart is integrating payments functionality into its offering through a new partnership with Apruve.
A press release issued Friday (Dec. 7) said accounts receivable management and B2B payments company Apruve will provide the B2B payments capability that enables businesses using the 3dcart platform to purchase goods for their business to pay for those goods on the same platform, even if they are paying on net terms. According to 3dcart, net terms are used in 80 percent of B2B transactions allowing companies to wait 30 or 60 days to pay for goods after being invoiced.
“3dcart is committed to providing B2B online sellers with all the tools they need to … grow their business,” said 3dcart CEO Gonzalo Gil in a statement. “Apruve stands out as a leader in the B2B payments space and we’re proud to have the platform available as our of our preferred payment partners.”
The 3dcart platform also supports B2C payment technologies including Paypal, Stripe and Square. The integration of a B2B payments functionality means vendors selling via 3dcart can extend payment terms to their buyers without additional back-end work.
Apruve deploys a credit application and algorithm to provide a credit limit to business buyers at the online point of sale. Apruve underwrites all purchases made on net terms, allowing suppliers to be paid immediately while buyers have time to repay.
The company lends its technology to other eCommerce platforms, including Unilog’s CIMM2 platform, another B2B eCommerce portal.
In an interview with PYMNTS last year, Apruve CEO Michael Noble explored how extending credit to corporate buyers can be a significant burden to vendors.
“There are real costs behind the ability to extend credit to your customer,” he said. “But the reason people do it is it’s a sales tool.”
He added that offering net terms is “a competitive advantage” for vendors, because buyers establish an account — and therefore a longer-term relationship — with suppliers.