Apruve, the premier B2B credit network, today announced new functionality to their product that would increase the amount of smaller business buyers approved for a line of credit with their favorite manufacturers, wholesalers, and distributors.
Many small businesses find it difficult to get a line of credit with suppliers for a variety of reasons; they have limited credit history, have been in business under three years, or have witnessed previous financial problems.These characteristics are typically red flags for suppliers extending credit due to the increased risk of late or default payments for goods sold. Because of this, younger, smaller companies are often declined for credit until their rating improves.
Apruve’s new AutoPay feature enables these buyers to pay on terms. The program uses bank account information to automatically debit funds when an invoice becomes due. The additional functionality gives small businesses the opportunity to build up purchase and repayment history with their supplier. In doing so, the payment risk is mitigated for the supplier, and small business buyers can build their credit rating while receiving net terms for each purchase.
With this new release, suppliers will be able to drive sales by extending payment terms to more of their business buyers without the slow cash flow and financial risk associated with traditional B2B credit practices.
To learn more about this feature, visit: https://apruve.com/autopay/
Apruve is a B2B credit network that allows suppliers to extend revolving lines of credit to their customers without any overhead or financial risk. The automated platform integrates directly into online stores or ERPs to manage credit programs for suppliers with and without eCommerce. To learn more about how Apruve can grow your business, visit www.apruve.com.