TreviPay has added advanced purchase controls to its B2B payments and invoicing network.
This new functionality allows TreviPay clients to configure, automate and enforce customized B2B purchase policy structures that align with their procurement requirements, the company said in a Wednesday (March 26) press release.
B2B buyers can use these controls to ensure that charges cannot be processed without a valid purchase order (PO) number, enforce PO requirements only for transactions that exceed a specified threshold, prevent duplicate PO numbers and ensure all PO numbers follow the format required by the buyer’s systems, according to the release.
These controls work across all channels, including online, in-store and through the sales team, the release said.
“Creating frictionless B2B commerce experiences is critical for driving long-term buyer loyalty for our clients,” TreviPay Chief Product and Technology Officer Dan Zimmerman said in the release. “TreviPay’s advanced purchase controls provide businesses with the flexibility to customize guardrails ahead of the ordering process so they can optimize access to spending and help maintain accurate records.”
These advanced purchase controls join some other features announced by TreviPay over the past year.
The company added automated buyer onboarding to its order-to-cash offering in November, saying that this allows business buyers using TreviPay’s Risk Management Platform to apply for trade credit through a dynamic self-serve application.
This automation technology reduces manual reviews, speeds up credit decisioning to near real time, reduces online cart abandonment and helps buyers with time-sensitive orders.
“Offering frictionless buyer experiences that bolster loyalty is a major component to optimizing the order-to-cash process for B2B sellers,” Zimmerman said at the time.
In March 2024, TreviPay added a self-financing option and enhanced payment application features to its B2B payments and invoicing network, giving sellers more control over their trade credit portfolio while using the company’s platform.
The self-financing option lets enterprises use their own capital to fund and support their net terms program while using TreviPay’s order-to-cash capabilities and partnerships.
“TreviPay’s flexible net terms programs allow our clients to leverage our technology and automated decisioning engine for managing [accounts receivable] while configuring a funding option that works for them,” Zimmerman said at the time.
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