TreviPay and Mirakl have partnered to offer a centralized financing, invoicing and payment solution for marketplace businesses.
The strategic partnership brings together TreviPay’s global B2B payments and invoicing network and Mirakl’s software-as-a-service (SaaS) solution that helps enterprises manage their marketplace and dropship business, the companies said in a Tuesday (April 25) press release.
The centralized solution created by this collaboration will be available to manufacturers, distributors and group purchasing organizations that use the Mirakl marketplace, according to the release.
“By partnering with TreviPay, Mirakl is expanding our ecosystem of proven partners to continue meeting the needs of enterprises across industries, so that every Mirakl-powered marketplace can exceed the expectations of today’s digital-first B2B buyers,” Mirakl Executive Vice President, Financial Services Andy Barker said in the release.
PYMNTS research has found that online merchants have been increasing their use of marketplaces.
Among those who used marketplaces in 2021, 61% of the merchants said they were using more marketplaces than they used a year earlier, according to “Online Sellers: The Future is Multichannel.”
One of the new capabilities offered through TreviPay to marketplace operators is consolidated invoicing, in which buyers can receive a single invoice covering their purchases from one or more merchants on the marketplace, according to the press release.
With another capability delivered by TreviPay, marketplace merchants can be paid immediately even when they accept credit card payments and/or net terms invoicing that gives buyers 30, 60 or 90 days to pay, the release said.
“We know that loyalty begins with the payment in B2B marketplaces; buyers want credit decisions in less than 30 seconds and payments choice with options to meet their needs,” TreviPay CEO Brandon Spear said in the release. “And merchants need high approval rates to increase transaction volume, and they want to be paid immediately.”
Enterprises desire to have a range of payments choices at checkout and have payments deeply embedded into the eCommerce experience at checkout across channels, Spear told PYMNTS’ Karen Webster in an interview posted in August 2022.
“If you’re a supplier, dropping a broader range of options into your payment offerings delivers a more turnkey customer experience for the buyer,” Spear said at the time.
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