Compaynet teams up with TreviPay for B2B trade credit solutions
With major supply chain disruptions and rising inflation, small and medium enterprises are facing growing working capital challenges.
In such, US-based B2B payments company TreviPay has announced that it has partnered with UK based payments processor, Compaynet. Under this partnership, TreviPay’s payments solutions will be integrated with Compaynet’s European platform to offer instant credit terms for B2B merchants.
Citing a study by TreviPay in the announcement, it was noted that 82% of B2B buyers would switch vendors if another vendor offered invoicing at checkout with 30 to 180-day terms.
With the induction of TreviPay as its partner, the company will provide an embedded trade solution while also ‘alleviating cash flow constraints and streamlining the legacy accounts receivable and payable processes’. This for the B2B seller would mean an offloading of Accounts Receivable administrative functions, funding, and credit risk.
In related news, Scanco and CoreChain announced integrated B2B payments and supply chain finance solutions while Monite raised $5 million for a finance management platform.
Barry King, Director, Compaynet noted that “Providing more flexible trade terms and streamlining the payments process” is an important innovation.
TreviPay is a US-based B2B payments company that provides payment solutions to other companies via multiple rails. It has processed payments of more than $6 billion each day in over 27 nations globally while Compaynet is a payment processor that integrates merchants with its single-point technical platform and institutional acquirer and underwriter partners. The company provides bank transfers, B2B trade credit, instant instalment finance, equipment finance, and fraud prevention systems.