TreviPay and Spryker have partnered to enable payments choice and digitized invoicing for B2B sellers.
With the partnership, TreviPay’s global B2B payments and invoicing network will be integrated into Spryker’s digital commerce and marketplace platform, the companies said in a Monday (May 1) press release.
“B2B businesses require innovative solutions to address buyer preferences and their evolving digital purchasing needs,” Spryker Senior Vice President of App Composition Platform Manishi Singh said in the release. “We are excited to partner with TreviPay, whose B2B payments expertise, customization and scalability will help our enterprise customers boost sales and loyalty.”
Digital transformation unlocks new opportunities, new markets and new audiences; makes the pie bigger; and furthers and deepens the monetization of the same customer base by giving them more efficient tools, Spryker Co-founder and CEO Boris Lokschin told PYMNTS in an interview posted in August.
“As companies are going through digital transformation, one thing that is changing is that from having been a purely or primarily cost reduction-related conversation, CFOs nowadays recognize that digital transformation for them is mostly about value creation,” Lokschin said at the time.
With the capabilities provided by the partnership of Spryker and TreviPay, B2B sellers and marketplaces can integrate net terms, accessible credit and digitized invoicing, according to the press release.
This will allow businesses to automate accounts receivable (AR), offer buyers more payments choice and invoicing convenience, build loyalty, increase cash flow and eliminate the complexity of cross-border transactions, the release said.
“To best support the digitization of B2B transactions, sellers must meet today’s buyer expectations of having payments choice at checkout without sacrificing operational efficiency,” TreviPay CEO Brandon Spear said in the release. “Our strategic partnership with Spryker’s composable platform will help merchants simplify the purchasing process for their business buyers with B2B-specific checkout [application programming interfaces (APIs)] to incorporate trade credit and automated invoicing functions.”
Payment optionality gives smaller suppliers access to a broader buyer community that otherwise might have been hard to capture because they want payment options, Spear told PYMNTS’ Karen Webster in an interview posted in August.
“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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