Global B2B payments and invoicing network TreviPay has partnered with SaaS solution Mirakl. TerviPay will manage their marketplace and dropship business, to provide a centralised financing, invoicing and payment solution for manufacturers, distributors and group purchasing organisations operating marketplace and dropship platforms powered by Mirakl globally.
Marketplace adoption accelerating rapidly
Marketplace adoption is accelerating rapidly in the B2B space, with sales on B2B marketplaces doubled globally to $112bn in 2022. As the number of B2B marketplaces continues to rise, they must offer better tools to stand out from the competition and attract and retain buyers and sellers. Digital-first B2B buyers expect flexible payment options with speed and convenience. Meantime, sellers need a digitised and streamlined accounts receivable process managed externally to provide efficiency and free up time and resources.
The benefits of consolidated invoicing
Through TreviPay, marketplace operators can offer consolidated invoicing. This means that buyers shopping from one or numerous merchants within the marketplace can receive a single consolidated invoice. Additionally, TreviPay will enable marketplace merchants to accept credit card payments and/or provide net terms invoicing (giving buyers the option to pay on invoice in 30, 60 or 90 days) while the merchant is paid immediately. Merchant payouts can be distributed to one or many bank accounts. Payments can also be split. Finally, TreviPay says that its decisioning and onboarding makes it simple for merchants to approve new buyers, and efficiently capture long-tail spend of smaller, infrequent purchasers. Rather than engaging multiple payments and invoicing vendors, TreviPay provides marketplaces and their merchants with the simplicity of a single partner.
Loyalty begins with the payment in B2B marketplaces
“Marketplaces want to focus on creating dynamic communities for their buyers and sellers, not building out A/R departments to manage invoicing and payments. That’s where TreviPay comes in,” said Brandon Spear, CEO of TreviPay. “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. And merchants need high approval rates to increase transaction volume, and they want to be paid immediately.”
“Successful B2B marketplaces offer a payments and invoicing experience that matches how buyers and sellers operate their businesses today,” said Andy Barker, Executive Vice President, Financial Services, Mirakl. “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.”