TreviPay, the most-trusted B2B payments and invoicing network announced the launch of its Universal Acceptance solution to expand supplier access to and faster implementation of TreviPay’s payments and invoicing technology, in partnership with Mastercard. Suppliers who accept Mastercard will be able to extend net terms, or trade credit financing, and SKU-level invoicing to business buyers through TreviPay’s Universal Acceptance solution using Mastercard’s commercial card payment capabilities.
Research1 commissioned by TreviPay unveiled the top three pain points of global business buyers are inefficient processes, incorrect invoicing and slow onboarding. The same research ranked trade credit as a leading payment option preferred by business buyers. With minimal integration required, TreviPay’s Universal Acceptance solution enables suppliers who are already accepting credit cards to quickly and easily offer net-terms financing to their qualified buyers, while taking on no credit risk. TreviPay automates the buyer onboarding, financing and accounts receivable process to drive payment efficiencies and streamline time-consuming back-office operations.
“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,” said Brandon Spear, CEO of TreviPay. “Joining forces with Mastercard to launch the Universal Acceptance solution marks an industry milestone in expanding access to TreviPay’s solution, a leading B2B payment method of corporate sellers and their buyers globally. Together we are revolutionizing how businesses can transact by bringing flexible extended payment terms to more buyers.”
With TreviPay leveraging Mastercard’s global acceptance network and commercial card payment capabilities, suppliers are able to provide approved buyers with a net-terms card for purchasing, offering the checkout convenience of a credit card, as well as the auditability and purchase controls of trade credit. The TreviPay platform then automatically delivers invoices directly to the merchant’s buyer, eliminating the costs associated with chasing outstanding or late payments, assuming all risk associated with collection and guaranteeing settlement to the merchant upfront.
“Mastercard is committed to building industry partnerships that help suppliers better meet the purchasing needs of their B2B customers and drive loyalty,” said Rebecca Meeker, Senior Vice President, Global Partnerships and Segments, Mastercard. “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.”
With the addition of the Universal Acceptance solution, the TreviPay platform can now be implemented for suppliers in two ways: the original API integration of the platform directly into the seller’s point of acceptance, or without API integration, by instead leveraging Mastercard’s global acceptance network.
This announcement comes shortly after TreviPay’s launch of Financial Partner Gateway, a new suite of APIs for financial institutions looking to expand commercial offerings. The Universal Acceptance solution complements this offering as another way TreviPay is expanding its global footprint and optimizing the payment experience for suppliers.