TreviPay , the most trusted B2B payments and invoicing network, announced the launch of its Universal Acceptance solution , partnering with Mastercard to provide merchants with access to payment and TreviPay’s invoicing technology makes it easier and speeds up processing. Merchants that accept MasterCard can now also offer net payment terms or trade credit financing to business customers through TreviPay’s Universal Acceptance solution and issue itemized itemized invoices using MasterCard’s commercial card payment capabilities.
commissioned by TreviPay showed that the top three problems facing merchants around the world are inefficient processes, incorrect invoicing and slow onboarding. The study also revealed that trade credit is one of the preferred payment options among business customers. TreviPay’s Universal Acceptance solution allows merchants who already accept credit cards to quickly and easily offer net payment financing to their qualified buyers without taking on credit risk. TreviPay automates the process steps for buyer onboarding, financing and accounts receivable. This increases payment efficiency and streamlines time-consuming back-office processes.
“TreviPay’s technology greatly simplifies B2B purchasing and provides a level of convenience comparable to the convenience of online shopping for consumers, while meeting the needs and requirements of business customers,” said Brandon Spear, CEO of TreviPay. “The cooperation with Mastercard in introducing Universal Acceptance is an important step in expanding access to the TreviPay solution, a leading B2B payment method for retail companies and their business customers around the world. Together, we are revolutionizing the way businesses handle transactions by offering flexible, enhanced payment terms to more buyers.”
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TreviPay leverages Mastercard’s global acceptance network and card payment capabilities for commercial customers, allowing merchants to provide approved buyers with a card with net payment terms for purchases that offers the payment convenience of a credit card as well as the verifiability and controls of trade credit. TreviPay’s platform then automatically issues invoices directly to the retailer’s business customers. This eliminates the costs of tracking outstanding or late payments. In addition, all debt collection risks are assumed and the retailer is guaranteed payment in advance.
“Mastercard is committed to creating industry collaborations to help merchants better meet the purchasing needs of their B2B customers and strengthen customer loyalty,” said Rebecca Meeker, senior vice president of Global Partnerships and Segments Mastercard. “In view of the common goal of offering shopping convenience for B2B transactions that is comparable to that in private customer retail, we are pleased to intensify our cooperation with TreviPay. It enables us to offer flexible financing solutions, smooth invoice reconciliation and quick payment processing when using cards in our network.”
With the addition of the “Universal Acceptance” solution, TreviPay’s platform can now be used for merchants in two ways: via the platform’s original API integration directly into the merchant’s acceptance point or without API integration, using instead the global acceptance network of Mastercard is used.
This announcement comes shortly after the launch of TreviPay’s Financial Partner Gateway , a new API suite for financial institutions looking to expand their commercial offerings. The “Universal Acceptance” solution complements this offering and represents another opportunity for TreviPay to expand its global presence and optimize payment convenience for merchants.
SOURCE: Businesswire