In the current economic climate, businesses face an increased urgency to accelerate business-to-business (B2B) invoice collections to improve cash flow. Finance teams are also under resourcing pressure meaning that automation and process improvement have become even more important. 

Research conducted by TreviPay and Murphy Research¹ in May-June 2023 of 300 global business buyers found that buyers identified three areas where sellers fall short today: inefficient processes, inaccurate invoices, and slow onboarding. Other key takeaways from this research included: 

• 80% of respondents stated the ability to pay using their preferred payment method was very important or extremely important.  
• 85% of respondents want to pay with trade credit and 45% would buy more if offered trade credit. 
• 80% of respondents stated integration with ERP Platforms was very important or extremely important. 

Juniper Research estimates the 2027 global transaction value of the B2B payments market to grow to US$111 trillion2, so this is a significant market segment. 

TreviPay has been addressing this segment by providing solutions that improve the purchase experience for buyers and streamline the order-to-cash process for sellers. 

Mangala Martinus, Managing Director for Payments Consulting Network and Merchant Advisory, had the opportunity to sit down with TreviPay’s Managing Director for the APAC region, Piers Gorman to talk about TreviPay’s B2B solutions, the industry verticals that it addresses, its key strengths, and some of the considerations for evaluating potential solution partners.

MM: Please provide a brief high-level overview of your business 

PG: At TreviPay, we believe loyalty begins at the payment. Thousands of sellers use our global B2B payments and invoicing network to provide choice and convenience to buyers, open new markets and automate accounts receivables. With integrations to top eCommerce and ERP solutions and flexible trade credit options, TreviPay brings 40 years of experience serving leaders in manufacturing, retail, and transportation.    

MM: What payments services do you offer merchants and not-for-profit organisations in Australia? 

PG: Our commitment is to offer unparalleled choice and convenience, with world-class automation capabilities that foster loyalty and efficiency in every interaction. We provide white-labelled B2B trade credit solutions to support omni or single-channel merchants, that embodies the nature of an in-house trade credit program and automates accounts receivables. 

MM: Are there any industry sectors or client types that you focus on? 

PG: Our comprehensive range of solutions is designed to meet the distinct requirements of various segments with a specialised focus on: 

• Retail. 
• Industrial/manufacturing. 
• Transport/logistics. 
• Corporate travel. 

MM: What do you see as your key strengths?

PG: We empower our merchants and help them meet the purchasing processes of their business buyers to reduce friction, increase stickiness and ultimately grow share of wallet. We also specialise in implementing robust strategies to identify, assess, and mitigate potential risks conducting comprehensive checks across multiple data sources to authenticate the identity of individuals seeking to engage in business with you.

Within our platform, you have the flexibility to choose from various financing options, whether you want to leverage capital from us, or use self-financing, or collaborating with a third-party bank partner³.

MM: What do you see as your key differentiators with respect to merchant services? 

PG: We provide our merchants with top-notch services allowing that unlock different benefits that include:  

• Global coverage. 
• Experience and sustainable business. 
• Best-in-class technology.  
• Funding capacity.

MM: What innovations do you have on your product/service roadmap for the next 12 months?

PG: We are aiming for global expansion for cross-currency transactions with the additional countries in LATAM, Europe and APAC and focus on Buyer and Customer Portal enhancements to adapt to our client needs.  

MM: What industry changes or trends to do you see occurring over the next 2-3 years that will have a major impact on your business and/or your clients? 

PG: Remaining attuned to the ever-evolving landscape of payments and fintech, we’re aware of different trends like leveraging AI as a powerful tech tool to complement and enhance human skills. We also believe in the impact of sustainability, as well as fostering choice in payments as the foundation for building long-lasting loyalty. 

MM: What were your key achievements over the last 12 months? 

PG: Our notable accomplishments over the past year showcase our commitment to innovation and growth: 

• Acquiring Apruve to complement and expand on TreviPay’s fintech offering, merchant invoicing solutions and extend geographical reach for global expansion. 
• Establishing key partnerships with leaders like Spryker and Mirakl to provide invoicing and payment solutions for marketplaces. 
• Implementing AI-powered support documentation. 
• Welcoming clients like Samsung Australia, Tools.com, Toyota Material Handling into our portfolio demonstrates the trust our clients place in our services.  

MM: What key criteria or features should a business consider when evaluating potential solution partners? 

PG: Clients should prioritise several key considerations to ensure a successful partnership. First and foremost is the assessment of product fit, ensuring that the solutions offered align seamlessly with the unique needs and requirements of the client’s business. Vertical fit is equally crucial, as clients should inquire about the partner’s expertise within their specific industry, ensuring a deep understanding of the market.

Additionally, clients should assess whether it will be able to support their requirements over the next 3 years; they should gauge the partner’s capacity to facilitate growth, and lastly, determine whether the PSP’s ethos aligns with the values of a true partnership, ensuring that the PSP not only ‘talks the talk’ but consistently ‘walks the walk’ in fostering a collaborative and supportive relationship. 

Author: Mangala Martinus, Managing Director, Payments Consulting Network

Mangala has over 30 years experience in the financial services and payments industries. He focuses on supporting clients with business strategy, payments optimisation, market expansion, and industry round tables. His clients include major financial institutions, retailers, e-commerce marketplaces, not-for-profits, ATM deployers, card schemes, and payment processors.

TreviPay is a member of our B2B Payments Panel.

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SOURCES:
 
1. https://www.trevipay.com/resource-center/news-insights/new-survey-from-msts-shows-how-sellers-can-win-loyalty-through-payments/  
2. https://www.juniperresearch.com/press/b2b-payments-to-exceed-111tn-transactions/
3. https://www.trevipay.com/resource-center/blog/leading-with-technology-the-trevipay-tech-stack-brings-payment-innovation-to-b2b/