Shopify is one of the most widely used eCommerce platforms. Its ease of use in creating online stores, installing Shopify apps, custom prices, and adding a product have made it an all-star for small businesses targeting consumers. Apruve’s integration allows this easy-to-use consumer-focused platform to cater more toward the B2B (business to business) audience by creating a payment portal that accepts and automates a line of credit perfect for a manufacturing, distribution or wholesale store.
How Apruve’s credit network works
Typically when a consumer buys online they use their credit card, but businesses are not like consumers. Their preferred payment method is paying on credit, essentially buy now and pay later. This has commonly been offered by organizations through manual processes, forms filled out by hand, faxing or emailing POs. These manual processes take a lot of labor and time that takes away from your profit margins and decreases your conversion rate.
Apruve’s Credit Network bypasses this sales friction with an automated credit solution. Apruve integrates with your Shopify payment portal to tie together third-party banks and your customers. When your customer buys from you using their Apruve account, the bank pays you the purchase amount within 24 hours of a shipment notification.
After shipment, the seller does not need to worry about collecting payment. Apruve will handle all the invoicing and payment collection.
Apruve revolutionizes the way businesses buy from each other, making the process of extending a revolving line of credit as easy and risk-free as accepting a credit card.
Why Extend Terms on Shopify with Apruve
Offering your customers the ability to pay on credit increases their loyalty, as well as, their frequency of purchases. Think about it as letting your customers open up a tab. Your customers are not continually worried about payment as they know they can buy now and pay later. They also know that this credit can not be applied towards buying from your competitors which keeps them on your site.
Sadly, extending credit to your customers has commonly lead to a lot of negatives as well. These negatives are slow cash flow. Waiting 30-60 days for payment really hurts your net working capital and can make it tough at times to have enough cash on hand to pay your current liabilities. The other large negative, your customers may not always be able to pay. On average in the United States, 4% of all credit sales are written off as bad debt.
With Apruve, we offer you the positives without any of the negatives. Giving you the power to give the payment method your customers prefer without needing to add labor or financial risk.
The Customer Experience
Paying with Apruve is similar to many other common payment gateways, such as PayPal or using a credit card. When the customer is ready to check out they will be offered the method of “Pay with Apruve” for those customers that have already previously paid with Apruve, their purchase is finished within a matter of clicks. For new Apruve customers, they will need to fill out a quick credit app. This application is approved in real-time giving them their credit limit and terms.
Once they have paid, they will receive a confirmation email from us and a link to the Apruve statement to help them keep track of due dates, purchases, and an electronic portal to help them pay their invoice (commonly with ACH).
With Apruve, the customer does not need to print out a form, fax, or email information to pay with credit. It is all done efficiently and quickly through your Shopify integration.
Do you take Offline Orders?
The Apruve Shopify wholesale app can take offline orders too. Using Shopify’s admin panel, your employees can enter in order details from the phone or email. Once the cart is filled with the customer’s requests along with shipping, push pay with Apruve. Submitting this purchase will launch an email to your customer allowing them to verify the order and initiate payment through Apruve.
Have you not implemented yet?
That is fine. With B2B eCommerce growing twice as fast as B2C now is the time to get your catalog online to increase sales and boost profit margins.
While your main way of accepting orders may be offline ordering, millennial buyers are starting to shift the market. 75% of customers prefer online buying, while only 25% of B2B companies offer online payment as their preferred choice (Forrester). (include a link?)
Apruve has partnered with many different online platforms and eCommerce agencies to help you launch an online store that is customized to meet your customer and internal needs. To get your ecommerce site up and running in the most efficient and successful way write to us.
How to install?
Once you have a Shopify store. You can find our application through the Shopify App Store (include link). Once downloaded, you will need to go through our KYC (Know Your Customer) process to get your financial funding. After you have been approved, our development team will verify that everything is working on your site. We will also supply marketing materials to better address the questions your customers may have and offer you an account manager to better support your new credit process.