How Apruve's credit network works The credit network was built to make sure both the buyers and sellers get what they want when purchases are being made. Buyers get real-time credit limits and payment terms allowing them to buy now and pay later on product purchases with their preferred supplier. Sellers get paid by the bank within 24 hours after shipment to any approved customer. Vendors do not need to worry about the collections process or the risk of financial burdens. Buyers pay at their convenience (on specified net terms), and sellers are paid immediately after the product ships.
Why Extend Terms on WooCommerce B2B purchasing is vastly different from its B2C counterpart. In B2C the majority of transactions are paid by using a credit card. For B2B, however, over 40% of transactions are executed through a line of credit. If this is not a payment option offered from your online store, there is a good chance that your business is seeing higher cart abandonment and fewer transactions. Customers that buy using an extended line of credit have shown to have a larger average order value (AOV) and a boost in customer lifetime value (CLV). With Apruve, your customers can quickly get approved for a line of credit and immediately start purchasing.
The Customer Experience Buying on credit has commonly been associated with fax machines, paperwork and long delays for credit approval. Apruve eliminates the wait with real-time credit approvals and the latest technology to streamline payments. When a customer goes to purchase and checkout, they will notice the option to "Pay with Apruve." Using this option will prompt a module that asks for a buyer's Apruve credentials to pay on terms. If they do not currently have an Apruve account, the buyer will be able to create one in moments through a quick online form. After completing the form, customers will be notified of their credit limit and payment terms so they can finish their purchase. Once a checkout is complete, customers will be emailed a confirmation of their purchase. They are also provided with an online portal that helps them manage their bills, view purchase history, make payments and set up their purchasing team.
Do you process offline orders? Offline orders by phone, fax or email can be manually entered through WooCommerce and financed through Apruve. When an order is made, customers will be sent a confirmation email and will need to verify the order. The same offline order process can be applied to other order management software your business may use.
How to install? All suppliers looking to install need to complete a brief financial background. Once completed and approved, our developers can help integrate the platform and create a test environment on your website. Once all tests pass, the platform can go live on your site. Your business will be provided an account manager along with a full spectrum of marketing materials to help you and your customers have a smooth onboarding process.