Multichannel Payments: PayLater to power your offline sales and eCommerce
November 29, 2023
B2B commerce is multichannel. We're building Kriya Merchant Portal to manage payments and trade credit in one place for orders across all your sales channels.
B2B commerce is complex and multichannel
Kriya started off helping businesses with embedded payments for eCommerce. And it worked. Our merchants grew their checkout volumes by offering buyers an embedded option to purchase on credit, and pay later on terms that suit them. This is great for fully online businesses like Marketplaces. But we quickly realised that there was an even bigger problem to solve - a way to digitise payments for businesses that mostly sell offline.
Even with the rapid growth of eCommerce, 83% of business-to-business transactions still happen in offline channels.
And there’s a reason for this. Business selling is complex. Decisions involve many stakeholders and back-and-forth negotiation between buyer and seller. Higher value deals are at stake, with customised pricing and multi-step procurement. Orders are placed based on relationships, and usually happen where the conversation is - over the phone, email or messenger apps.
But offline payments and credit are broken
Buyers with credit spend more. But there’s typically a lot of friction in accessing B2B credit.
Many businesses fund trade credit off their own balance sheet, so deals stall while Finance teams approve terms. And often, because they’re investing their own capital to fund credit, spending limits are low and risk-averse.
The alternative has been to work with a bank or other institutional funding provider, and let’s just say they aren’t well known for their flexibility or speed.
Also, the process of onboarding buyers, running KYC, monitoring and credit control is so time-intensive that it becomes unscalable. As a result, only a small number of buyers that could get credit actually get offered it.
Another point of friction is that eCommerce is often an entirely separate channel, with its own buyer onboarding and credit limits. This means that buyers who purchase both online and offline have a disjointed experience.
This results in missed opportunities, frustrated buyers and merchants leaving money on the table.
Digital trade credit that helps business flow
We felt that this status quo wasn’t good enough. Yes, B2B selling is multichannel, but this doesn’t mean the offline parts can’t benefit from digitisation.
Our vision is for B2B buyers to access the same flexible credit and payments options whether they order online or offline. Read on to discover the capabilities we’re building into Kriya Merchant Portal to provide a true multichannel payments experience:
1) Get paid up front
Let your customers defer payment, while you get paid upfront. Whether eCommerce or offline, realise the full value of your order as soon as it’s been delivered (minus our transaction fees). Unlike legacy ways of offering credit, you get all the benefits (like increased average order size) and get to fast-track the revenue into your business.
Meanwhile, your customers can choose to pay back on terms that suit them, including 30, 60, 90 days and instalments.
2) One spending limit. Many ways to spend.
Provide buyers a single trade account and spending limit to use across all your sales channels.
Give buyers the same flexibility and spending limits for their offline orders as you do for eCommerce purchases.
Get real time decisions. 91% of applications are instantly approved, so when a buyer places an order there’s nothing to slow you down.
3) Bring your offline orders online
Digitise the last mile of your offline orders. Provide instant access to buyer credit and a seamless way to accept payments.
Use payment links and QR codes that route buyers into a Hosted Payments flow to place orders on trade credit. Send them to your buyers via text message, email and messaging apps like WhatsApp.
Integrate Kriya digital trade credit into trade account cards for point of sale payment in store.
Add Kriya PayLater as an embedded payment option on your digital invoices. Buyers can click to PayLater straight from your invoice.
Raise orders manually within the Merchant Portal for orders that are placed over the phone or email.
4) Less risk and hassle
Get peace of mind that you’re doing business with reputable buyers and spend your team’s time more productively.
Do KYC and background checks once with a single onboarding process for your buyers. Authenticate business buyers in 45+ countries.
Run automatic credit-scoring and anti-fraud checks at point of order. Get a decision in under 30 seconds.
Kriya assumes all the credit risk.
We handle collections and credit control, ensuring your buyers pay you back on time.
5) All your payments in one place
Take a unified view of all your trade credit customers across all your sales channels.
See all your buyers, orders and payments statuses in a single place.
Manage buyer spending limits centrally.
6) Turn invoices into instant working capital
Unlock revenue from unpaid bills with invoice finance and get paid sooner.
Great for getting paid upfront on orders from buyers that mandate lengthy payment terms.
Leverage your buyers’ spending limits to draw down advanced payment and manage your working capital.
Get up to 90% of your invoice value funded within 24 hours.
Pay-as-you-go. There’s no hidden fees or contracts. You only pay when you finance an invoice.
Want to find out more?
If you want to unify your trade credit and explore a truly multichannel approach to taking payments we'd love to hear from you. To get a demo or discuss your project with us please fill in the form below.
Winning business online is directly linked to building a high-quality buyer experience. We explore what you need to offer, what to prioritise, and whether you should build in house or buy off-the-shelf solutions.