TreviPay's research has underscored the significance of a seamless initial payment experience and a consistent purchasing journey, ranking among the top three pivotal considerations for business buyers. The findings also revealed that "72% of global business buyers are more loyal to a company that offers their preferred payment method," as detailed in the press release.
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GLOTreviPay has introduced a novel feature that empowers merchants to facilitate cross-currency transactions for their B2B customers, aiming to streamline global business expansion and bolster buyer loyalty, according to a press release issued on Tuesday, August 22.
Covering operations in 32 countries and providing support across 20 currencies, TreviPay’s cross-currency solution permits transactions where the buyer opts to receive invoices and make payments in a currency that differs from the one used for merchant disbursement. This trade credit innovation proves especially advantageous for merchants who lack bank accounts denominated in all the preferred currencies of their customers, as per the press release.
TreviPay’s research has underscored the significance of a seamless initial payment experience and a consistent purchasing journey, ranking among the top three pivotal considerations for business buyers. The findings also revealed that “72% of global business buyers are more loyal to a company that offers their preferred payment method,” as detailed in the press release.
The importance of cross-currency capabilities extends beyond specific industries such as manufacturing and online retail, as highlighted in the press release. For instance, the travel sector stands to benefit from this novel feature. Consider the scenario of a large-scale hotel chain with U.S.-based hotel franchisees. While most corporate travelers may be U.S.-based buyers, there will be instances where international customers prefer to settle invoices in a different currency, such as Canadian dollars (CAD). TreviPay’s solution enables American franchisees to facilitate foreign exchange (FX), enabling Canadian travelers to make purchases in CAD without necessitating separate business accounts denominated in CAD for payouts.
In addition to introducing cross-currency capabilities, TreviPay has also implemented a range of enhancements to its portal, aimed at augmenting convenience and efficiency for customers, the press release stated. These improvements encompass the ability to modify primary customer contacts, update trusted device sign-ins, and offer expanded options for company buyer hierarchy capabilities.
In an interview with PYMNTS’ Karen Webster in August 2022, TreviPay CEO Brandon Spear emphasized the growing importance of accommodating a diverse array of payment options as more B2B commerce transitions online. He stated, “If you’re a supplier, dropping a broader range of options into your payment offerings delivers a more turnkey customer experience for the buyer.”
Source: PYMNTS
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