B2B payments and invoicing network TreviPay has partnered with SaaS platform Mirakl to provide marketplace businesses with invoicing and payment solutions. The collaboration is set to offer a centralised financing, invoicing and payment solution for manufacturers, distributors, and group purchasing organisations that operate marketplace and dropship platforms powered by Mirakl worldwide, aiming to drive loyalty and preference among merchants and buyers with improved payment choice and experience.

B2B payments and invoicing and what the partnership entails When talking about the B2B space, marketplace adoption is seeing a rapid increase, with sales on B2B marketplaces having doubled globally to USD 112 billion in 2022. As the number of B2B marketplaces continues to grow, they need to provide improved tools to differentiate themselves from the competition and attract and retain buyers and sellers. Digital-first B2B buyers have an expectation for flexible payment options with speed and convenience, whereas sellers require a digitised and simplified accounts receivable process managed externally to offer efficiency and free up time and resources.

Through TreviPay, marketplace operators can provide consolidated invoicing, meaning that buyers shopping from one or more merchants within the marketplace can receive a single consolidated invoice. Furthermore, TreviPay is set to enable marketplace merchants to accept credit card payments and/or provide net terms invoicing (offering buyers the option to pay on invoices in 30, 60, or 90 days) while the merchant is paid immediately. Additionally, merchant payouts can be distributed to one or more bank accounts, and payments can be split as well.

What is more, TreviPay decisioning and onboarding simplify how merchants approve new buyers and help capture long-tail spending or smaller infrequent purchases in an efficient manner. Instead of engaging multiple payments and invoicing vendors, TreviPay offers marketplaces and their merchants the simplicity associated with a single partner. Brandon Spear, CEO of TreviPay advised that marketplaces aim to focus on creating dynamic communities for their buyers and sellers and not on building A/R departments for invoice and payment management, which is where TreviPay comes in.

As per their statement, the company knows that in B2B marketplaces loyalty starts with the payment, and buyers want credit decisions in less than 30 seconds and payment choices with options that address their needs, whereas merchants require high approval rates to increase transaction volume, and they also want to be paid in an immediate manner. Andy Barker, Executive Vice President of Financial Services at Mirakl stated that successful B2B marketplaces provide a payment and invoicing experience that matches how buyers and sellers operate their businesses. The official said that through the TreviPay collaboration, Mirakl is expanding its partners’ ecosystem to continue meeting enterprises’ needs across industries, so that Mirakl-powered marketplaces address the expectations of digital-first B2B buyers.

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