TreviPay partners with BlueSnap

The collaboration is aimed at adding card-based payments processing for B2B ecommerce merchants and marketplaces to its platform. This will enable a fully integrated payments solution for businesses seeking trade credit and card processing within one unified checkout solution.

With the integrated offering, online merchants of all sizes will now have access to a complete, consolidated solution that offers both trade credit and card-based payments processing through a single payment vendor. Participating merchants on TreviPay’s networks will also gain access to comprehensive reporting and consolidated data to support simpler reconciliation.

Combining TreviPay’s expertise in B2B payments and invoicing with BlueSnap’s global payment card acceptance, merchants can eliminate business checkout friction and increase conversions. For infrequent buyers making smaller purchases or who do not qualify for trade credit ecommerce and marketplace merchants can now provide a payment option for all business buyers with one checkout solution. Both types of B2B payment transactions will appear in TreviPay’s consolidated report to keep accounts updated in real-time and to ensure data transfers with each transaction.

Payment card processing

There are a variety of different players involved in payment card processing. There is the payment cardholder at an issuing bank (the bank that issues the card used by the customer) to pay for goods and services, the merchant who can be any type of business that is required to be able to accept card payments, the merchant bank to manage accounts and accept deposits generated by card payments, payment processors who process the transaction and connects all the parties involved to make the payment possible, and the card networks who set the payment rails and interchange rates.

Card processing can be broken down into three distinct processes: authorisation, settlement, and funding.

It is expected that the card-based payment processing landscape to transform into an automated and optimised payments-as-a-service (PaaS) future state, in which there will be a variety of separate, assembled, and extended payment functions such as tokenization, routing, and a choice of intelligent payment service providers that offer a superior customer experience.

B2B ecommerce

While the B2B payments ecosystem may have once revolved around paper-based, manual processes, recent years have seen a shift toward cloud-based, automated payment systems. This digitisation has significantly simplified the buying and selling process, making it faster and more efficient for B2B buyers and suppliers to make business payments.

According to a 2020 Mastercard study, 68% of small businesses said they had to decrease their use of cash and paper checks ‘more than any other payment types during the pandemic’ because deposits took too long. And, shown in the graph below, an AFP 2020 Payments Survey reported that 58% of practitioners are likely to convert the majority of their B2B payments from checks to electronic.

With the rise of contactless and remote payments comes the advent of ‘smart’ payment methods, which allow for more electronic payments without the added manual work. So, as the money moves from one set of hands to another, the data moves along with it, automatically applying the money to the correct invoice.