B2B financial technology firm MSTS is introducing a plug-in that enables invoicing for corporate buyers using the Magento B2B eCommerce platform.
In a press release on Monday (May 13), MSTS said it is launching a plugin that integrates MSTS credit-as-a-service (CaaS) within the Magento platform. The solution allows B2B vendors to offer MSTS's InvoiceMe payment option to their corporate customers, meaning business buyers can receive an invoice and obtain lines of credit to finance their purchases.
The solution connects buyers who want to purchase on credit with an approval within 30 seconds, the company noted.
"With CaaS, Magento customers will be able to provide their clients with invoicing at checkout, personalized discounts and risk-free lines of credit," said MSTS Chief Product and Information Officer Dan Zimmerman in a statement. "Our white-label solution is also designed to provide branded support for a cohesive customer experience."
Earlier this year, MSTS said 4MD Medical had been on-boarded as its first CaaS customer within the Magento B2B eCommerce platform, and will connect its buyers to the invoicing and financing solution.
MSTS first announced its credit-as-a-service suite of applications earlier this month, enabling its B2B customers to increase sales, reduce risk and lower accounts receivable costs by simplifying management of terms-based sales.
"Buyers want to access a line of credit because it allows them to manage their cash flow," said MSTS President Brandon Spear in a statement at the time. "Meanwhile, sellers want to offer credit because it increases loyalty and drives a larger share of their customers’ wallets."
The solution includes features to reduce the complexities of cross-border B2B payments in particular, including compliance, foreign exchange, business culture and language issues.
In March, PunchOut2Go launched PunchOut for Magento, another extension for the marketplace that enables B2B sellers to add PunchOut catalog functionality into their eCommerce platforms and procurement systems to automate data entry of order details within procurement, spend management and ERP platforms.