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TreviPay added a new self-financing option and enhanced payment application features to its B2B payments and invoicing network.
The new features are designed to give sellers more control over their trade credit portfolio while using TreviPay’s platform, the company said in a Tuesday (March 26) press release.
“TreviPay’s flexible net terms programs allow our clients to leverage our technology and automated decisioning engine for managing [accounts receivable] while configuring a funding option that works for them,” Dan Zimmerman, chief technology officer at TreviPay, said in the release. “Each program helps streamline business payment processes, increase customer purchasing power and drive growth for our clients.”
With the new self-financing option, an enterprise uses its own capital to fund and support its net terms program while using TreviPay’s order-to-cash capabilities and partnerships, according to the release. This gives sellers more choice and control over funding their business growth.
Enterprises can also choose to use capital from TreviPay or from a third-party bank partner through TreviPay’s suite of APIs for financial institutions, which is called the Financial Partner Gateway, the release said.
These new options join the TreviPay platform that digitizes the AR process to automate mundane tasks, eliminate manual errors and streamline customer onboarding, per the release.
“In all cases, options are managed through a single platform, providing consistency and visibility to the process — resulting in fewer barriers in the purchasing and financing process as sellers look to gain greater share of wallet from their best customers,” the release said.
TreviPay also announced other enhancements to its platform Tuesday. These include payment history reporting, payment application optimization and a client portal upgrade that allows sellers to assign an account manager to a specific customer, per the release.
Platforms, and directories created from the data moving across those platforms, can create B2B ecosystems and cement trust between firms, TreviPay CEO Brandon Spear told PYMNTS in an interview posted in August 2022.
This enables suppliers to serve as many buyers as they can while also getting assurance that they can be paid in a timely fashion, Spear said.
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