Magento B2B Extension
How Apruve's credit network works Apruve built a credit network that connects you (the supplier) to banks and your customers. By connecting the dots between the supplier and the bank, Apruve is able to create a payment gateway that gives customers a revolving line of credit. Clients who wish to buy on terms simply use Apruve to facilitate the transaction. For Buyers, purchasing through Apruve means that they get to buy now and pay later. For suppliers, any purchase financed through Apruve gets paid within 24 hours. Apruve handles all collections and is responsible for the financial risk. As the supplier, you get to reap the benefits of being paid right away instead of using quality employees and their time to track down past due invoices that become uncollectable the longer they are unpaid.
Why Extend Terms on Magento Credit cards have typically been the primary form of payment for eCommerce. In the B2C arena, their convenience has made them a staple for any online purchase, but not for B2B. Globally, more than 40% of B2B transactions are facilitated through an extended line of credit. If your business does not offer your customers the option to buy now and pay later, you may be seeing a higher cart abandonment. Furthermore, those customers that do buy on terms have higher average order value (AOV) and purchase frequency.
The Customer Experience Apruve allows you to manage your client's credit terms without the added labor hours or tedious processes that typically take place. Customers will be able to choose the option to "pay with Apruve" at checkout. This action prompts a module asking them to fill in their credentials. For returning customers, this is just a username and password. New customers will be instructed to create a new account by filling out a simple credit online application. Once the application is complete, the new client will be notified of their credit limit and payment terms they are allowed to purchase against. Once they have this notification, they can go back to complete their order. After an order is placed, buyers will receive a confirmation email regarding their purchase and periodic reminders to pay their current debts until a payment is made. Customers can make electronic payments, view upcoming bills, see purchase history and manage their purchasing teams from their corporate online portal.
Do you process offline orders? Does your business receives purchase orders from fax, phone, or email? Apruve can help with these orders as well. Using the manual entry in Magento, customers can create an order and tie it to their customer's corporate account. Once the order is established, customers will receive a confirmation email of the purchase from Apruve to verify its accuracy. Once the order has been verified, everything else remains the same.
How to install? To install our platform to your Magento 1.x or 2.x extension, please go to the Magento Marketplace. Activation of our product will take a financial consultation to verify the creditworthiness of your business. Once approved for a financed line of credit, we will create a test environment to check the efficiency of the platform with your particular Magento setup. Once the technical and financial steps are complete, your business will be given marketing documents and customer support to help with the onboarding process of your current and prospective clients.
Magento is an eCommerce giant that typically is used for consumer online stores. When Magento integrates with the Apruve extension, it has the potential to become a B2B powerhouse that meets the needs of operational requirements such as, order complexity and payment preferences.