TreviPay, the global B2B payments and invoicing network, released a new capability to support cross-currency sales between businesses, showcasing its commitment in orchestrating choice, convenience and efficiency in B2B payments to merchants around the world. TreviPay, which operates in 32 countries and in 20 currencies, can now facilitate transactions when the buyer seeks to be invoiced and pay in a currency different than the currency disbursed to the merchant. This enhanced trade credit capability will bolster buyer loyalty, which begins at the payment.
“While global commerce capabilities are increasingly important, not all merchants are able to establish a bank account in every preferred currency of their customers,” said Brandon Spear, CEO of TreviPay. “TreviPay’s enhanced technology and cross-currency solution empowers geographical expansion and makes global trade more accessible to merchants across all sales channels.”
Conducting business in today’s expanding global markets can be difficult when dealing with multiple currencies. Recent research1 by TreviPay revealed that having an easy first payment and a consistent purchasing experience were within the top 3 important factors for business buyers. As part of its strategic focus in offering loyalty-building payments experiences, TreviPay’s cross-currency transactions update will enable more buyers to select their preferred payment method and currency at checkout. The same research highlighted that 72% of global business buyers are more loyal to a company that offers their preferred payment method.
While cross-currency capabilities are becoming essential in industries such as manufacturing and online retail, a notable use case is found in the travel sector, for merchants such as a large-scale hotel chain with many US-based hotel franchisees. In this instance, most corporate travelers would likely be US-based buyers, however others might be looking to book from outside of the United States and pay their invoice with a different currency. For example, some Canadian-based travelers prefer to pay their invoices in Canadian Dollars CAD. TreviPay’s solution allows American franchisees to enable foreign exchange so that all Canadian travelers can purchase from them in CAD, instead of setting up a separate business account in CAD for payout.
In addition to TreviPay’s cross-currency updates, the company has also rolled out numerous portal improvements to improve ease and efficiency for customers, including being able to change primary customer contacts quickly and easily, update trusted device sign-ins and expanded options for company buyer hierarchy capabilities.
The study was conducted by Murphy Research on behalf of TreviPay from May 17th to June 2nd, 2023. The results are based on a comprehensive review of 300 global B2B buyers.
SOURCE : BusinessWire