MSTS, a global B2B payment and credit solutions provider, and Apruve, the premier B2B credit network, today announced a joint partnership to provide manufacturers, wholesalers, and distributors an alternative payment and credit solution that competes directly with credit cards. The solution eliminates the need for businesses to leverage their capital and resources to provide credit and payment terms to customers.
For many B2B companies, high transaction fees associated with utilizing credit cards has become a necessary evil. Companies need easy payment options, such as invoices and 30+ day payment terms for customers, but they want to receive settlements within 24 hours of a sale. The MSTS and Apruve partnership will enable businesses to create a seamless, customer-centric payment process including automated instant credit approval, buyer onboarding, billing, customer service and collections.
“The solution makes extending a credit line as easy as accepting a credit card,” said Michael Noble, CEO for Apruve. “We are excited to partner with MSTS as they bring an established business intelligence processes to drive faster credit automation, proven credit management practices and a significant track of success. With major retailers and manufacturers as customers, MSTS has enterprise-level SLA’s in place, and can also meet the needs of smaller, B2B suppliers looking to grow their business.”
Through the partnership, Apruve will leverage MSTS’s Credit as a Service offering. MSTS underwrites nearly $4B in transaction volume annually, and will greatly increase the lending capacity of Apruve’s merchants.
“Apruve is an ideal partner for us. Both companies have a strong belief that credit cards are not the smartest credit option for B2B companies,” said Brandon Spear, President of MSTS. “This partnership provides businesses, of all sizes, access to MSTS’s Credit as a Service platform.”
The two companies are currently working together to release a solution for an online retailer with an expected release in early 2018.