B2B Organisation Credit Terms and Limits
In most B2B commerce transactions, Vendors offer Buyers Credit Terms, allowing them to pay for products or services after a certain amount of time. In marketplaces, this capability enables Marketplace Owners or B2B commerce organisations the ability to offer sophisticated credit terms for each and every Vendor on their marketplace.
Suitable for:
- B2B and Wholesale marketplaces requiring the ability for customers to negotiate specific Buyer Terms and Credit Limits with Vendors
Use Cases:
- B2B Marketplaces
- Procurement Marketplaces
- Wholesale Marketplaces
Details
Modern businesses require the ability to establish credit terms for purchases. Marketplaces can now leverage Omnyfy’s Buyer Terms and Credit Limits module to allow Buyers and Sellers on their marketplace to establish their own terms and pay using delayed payment methods directly on the marketplace.
Retain complex B2B transactions and take the payments directly on your marketplace with this powerful module.
- Customers can request Credit Terms from Vendors
- Vendors can review Credit Term requests and agree to terms with buyers
- The application is currently compatible with BACS Direct Debit via Stripe. Omnyfy will be releasing support for BECS in Australia, ACH in the U.S. and Sepa Direct Debit in EU, in 2022. Please contact us if you are interested in launching a B2B marketplace in these regions as we may be able to expedite development to support your marketplace needs.
- Any buyer within the organisation can place orders under the provider Credit Terms.
- Buyer Terms and Credit Limits is part of Omnyfy’s B2B Marketplace Suite along with Buyer Organisations.
For Marketplace Owners
- Configure specific terms that Vendors can set (e.g. 7 day, 14 day, 30 day terms etc)
- Monitor and manage the level of credit offered on the marketplace
- Support complex B2B transactions
- Support Banking Direct Debit payments on the marketplace
- Generate high volume sales on marketplaces by offering customers preferential credit terms
- Payment is guaranteed as the module integrates with direct debit solutions such as BACS from Stripe, ensuring that payment mandates are taken prior to placing the order on the marketplace
- Payments are automatically deducted from the Buyer’s bank account on the set credit period
For Vendors
- Offer customers Credit Terms by reviewing the Customer Organisation Information and assessing credit worthiness
- Manage payment terms on the platform Per Buyer Organisation
- Set Credit Limits for all buyers within the Organisation
- Monitor Buyer Credit Limits with every purchase
- Automatically restrict credit limits when credit reaches threshold, Buyers can still make purchase using non-credit payment methods such as credit cards.
For Customers
- Customers can request special credit and payment terms from Vendors
- Monitor and manage orders placed by multiple buyers within the Organisation
- Manage credit limits Per Vendor
- Create preferred suppliers lists on the marketplace from whom to receive special credit terms
