- TreviPay, a B2B payments and invoicing network, announced support for cross-currency sales between businesses.
- The new capability will serve as an “enhanced trade credit” and will help businesses increase buyer loyalty.
- Headquartered in Kansas, TreviPay made its Finovate debut last September at FinovateFall.
B2B payments and invoicing network TreviPay announced support for cross-currency sales between businesses. The new capability will enable TreviPay to facilitate transactions in which buyers want to be invoiced in and to pay with a currency that is different from the currency disbursed to the merchant. Referring to the capability as an “enhanced trade credit,” TreviPay believes it will help businesses boost buyer loyalty.
Brandon Spear, TreviPay CEO, pointed out that merchants operating on a global scale have unique challenges when it comes to their more diverse customer base. “Not all merchants are able to establish a bank account in every preferred currency of their customers,” Spear said. “TreviPay’s enhanced technology and cross-currency solution empowers geographical expansion and makes global trade more accessible to merchants across all sales channels.”
Founded in 1980 and headquartered in Overland Park, Kansas, TreviPay made its Finovate debut last year at FinovateFall. At the conference, the company showed how its Small Business Supplier Payments Network enables banks tap into the small business B2B trade credit market and expand their small business product offerings. In her presentation, TreviPay SVP and Head of Small Business Markets Rissi Lovern explained the financial burdens placed on small business suppliers as an opportunity for banks.
“Every day our small business suppliers act as a bank for their business customers,” Lovern said to the FinovateFall audience last September. “Oftentimes these business customers are much larger than they are. In fact, in the U.S., they extend five trillion dollars in trade credit annually, financing less than 15% of those extensions, and waiting an average of 51 days to get paid.”
Small business suppliers want real-time, risk-free, debt free payments, Lovern said. Business buyers, at the same time, demand trade credit because it is a key component of their working capital stack. TreviPay’s Small Business Supplier Payments Network responds to both needs.
In the year since its Finovate debut, TreviPay has teamed up with payments orchestration technology provider BlueSnap and acquired payments platform Apruve, and forged partnerships with SME cashflow specialist Cloudfloat and SaaS-based marketplace management solution Mirakl. More recently, the company announced a partnership with Samsung Electronics Australia. The deal will enable Samsung’s direct-to-consumer business to extend payment terms and invoice-based purchasing to B2B buyers.
“In today’s world, enabling merchants to extend credit to their buyers in a streamlined and convenient embedded payment experience is essential to compete globally and drive customer loyalty,” Spear said.
Operating in 32 countries and in 20 currencies, TreviPay processes more than $6 billion in transaction volume annually.