Efficiency Now Meets With Convenience: TreviPay and Mastercard Join Forces
In an era of rapid technological advancements and changing business landscapes, the dynamics of B2B transactions are evolving. Recognising the need for efficient and streamlined payment processes, TreviPay, a trusted B2B payments and invoicing network, has joinedMastercard to introduce a game-changing Universal Acceptance solution. This groundbreaking collaboration addresses the pain points faced by global business buyers and aims to revolutionise how businesses transact.
The partnership between TreviPay and Mastercard signifies a significant step forward in B2B payments and financing. This innovative initiative seeks to extend supplier access and accelerate the implementation of TreviPay’s cutting-edge payments and invoicing technology. The key focus is to alleviate the primary concerns of business buyers: inefficient processes, incorrect invoicing, and slow onboarding, as identified in a research study commissioned by TreviPay.
Trade Credit: A Preferred Payment Option
The study conducted by Murphy Research on behalf of TreviPay unveiled that global business buyers prefer trade credit as one of their top payment methods. This revelation underscores the importance of providing flexible payment solutions that cater to the evolving needs of the B2B market. With minimal integration requirements, TreviPay’s Universal Acceptance solution enables suppliers already accepting credit cards to effortlessly offer net-terms financing to their qualified buyers while shouldering no credit risk.
Streamlining Operations for Efficiency
TreviPay’s commitment to simplifying B2B purchasing experiences is further exemplified by its dedication to automating buyer onboarding, financing, and accounts receivable processes. This automation not only drives payment efficiencies but also streamlines time-consuming back-office operations. This means suppliers can focus on what they do best while TreviPay handles the intricacies of the payment process seamlessly.
Mastercard, a global leader in payments and technology, plays a pivotal role in this partnership. Leveraging Mastercard’s commercial card payment capabilities and extensive global acceptance network, suppliers accepting Mastercard can now provide their approved buyers with a net-terms card for purchasing. This approach combines the convenience of credit card checkout with the auditability and purchase controls of trade credit.
Effortless Invoicing and Guaranteed Settlement
One of the standout features of this collaboration is the automatic delivery of invoices directly to the buyer through the TreviPay platform. This eliminates the costs of chasing outstanding or late payments, freeing up valuable resources. Additionally, TreviPay assumes all the risks associated with collection and guarantees settlement to the merchant upfront, providing peace of mind for suppliers.
Looking Ahead
TreviPayCEOBrandon Spear expressed the significance of this partnership, stating, “TreviPay’s technology was developed to eliminate the complexities of B2B purchasing and create a consumer-like purchasing experience while still catering to the needs and requirements of business buyers.”
Rebecca Meeker, Senior Vice President of Global Trade and Embedded Finance at Mastercard, emphasised their commitment to building industry partnerships to enhance supplier satisfaction and drive loyalty. She stated, “With a shared vision to bring consumer-grade convenience to B2B transactions, we are proud to deepen our collaboration with TreviPay as they facilitate variable financing options, seamless invoice reconciliation, and faster settlement when using cards on our network.”
Conclusion
The collaboration between TreviPay and Mastercard represents a significant milestone in the B2B payment landscape. By offering flexible extended payment terms to a broader audience, this partnership is poised to transform how businesses transact. With streamlined processes, automated operations, and the global reach of Mastercard, this Universal Acceptance solution aims to simplify B2B payments and invoicing, ultimately driving efficiency and convenience for businesses worldwide.
