B2B payment and credit management firm TreviPay announced in a Tuesday (June 28) press release that lifestyle product wholesaler Dock & Bay (D&B) has joined its payments and invoicing network.
The tie-up means approved retailers can choose TreviPay as a payment method when checking out on D&B’s online store, making larger orders easier for business buyers, according to the release. After completing the transaction, retailers will get an invoice with their established terms.
D&B wholesale customers can place orders without having to pay by credit card or to pre-fund orders, something which negatively affects cash flow, the release stated.
“Companies that embrace digital expectations and implement payment solutions designed for B2B and its complexities are poised to provide a better customer experience,” said TreviPay CEO Brandon Spear in the release. “By joining TreviPay’s payments and invoicing network, Dock & Bay can successfully offer trade credit, a preferred and more convenient payment method for B2B transactions.”
The integration lets D&B offer a line of instant trade credit, while TreviPay takes responsibility for risk assessment and underwriting, according to the release.
“This means that D&B is always paid on time, even if its B2B buyers default on a payment,” the release stated. “D&B eliminated [days sales outstanding (DSO)] and the need to allocate resources to chase unpaid invoices. TreviPay’s [application programming interface (API)]-first design meant it was quickly and seamlessly integrated into D&B’s online sales channel.”
D&B first became known for its line of beach towels, but has since branched out to offer beachwear, beauty accessories and fitness products, according to the release.
D&B Co-Founder Ben Muller added in the release that the company wanted to offer its customers a deferred payment option, in the model of the buy now, pay later (BNPL) trend in B2C retail.
The news comes at a time when 65% of B2B companies offer eCommerce sales capabilities allowing customers to pay online, compared to 53% a year ago, according to “The Treasurer’s Guide to AR Payment Optimization,” a PYMNTS and CheckAlt collaboration.
Read more: 65% of B2B Companies Offer Fully Digital eCommerce Capabilities
