More flexible payment options for WooCommerce B2B eCommerce stores with our Kriya plug-in
January 18, 2023
WooCommerce B2B stores can now easily add business buy now, pay later options within their eCommerce checkout thanks to the Kriya Payments plug-in
As our planet sets off on another orbit, it is natural for our minds to gravitate towards a lull of self-reflection on the year passed before we feverishly go about setting future goals. How many of us are guilty of ardently making self-promises, and enthusiastically re-starting gym memberships for the “new year, new me” metamorphosis ahead?
Just like in our personal lives, in business we have finite resources to achieve our goals and can maximise impact by pursuing low effort, high impact solutions. In the context of B2B e-commerce payments, if you are looking for a low effort, high impact solution to help meet your business goals then look no further than Kriya Payments!
What is B2B buy now, pay later?
In simple terms B2B buy now, pay later (also referred to as “BNPL”) is a form of trade credit. Essentially, customers can make a purchase instantly but don’t have to pay for it until a later date.
It is estimated that approximately 30% of B2B trade takes place on credit terms, with the US Federal Reserve System considering it “the most important form of short-term finance for firms”. B2B BNPL is a safe and simple way to use trade credit online - it enhances the offline process to create advantages for merchants and their business buyers.
Benefits of B2B BNPL to merchants
Offer more customers the option to pay later
Our merchant data shows that Average Order Value is on average 3x higher for credit customers compared to customers that pay upfront - with ~90% approval rates we can help to convert cash accounts into credit account customers.
Get paid upfront to invest in growth
Frost & Sullivan research shows B2B sellers can increase revenue by 25-35% if payment is received upfront and invested in strategic growth activities.
Outsource the credit risk
Especially in the current challenging macroeconomic climate, by outsourcing credit risk to a lending expert businesses can focus on growth rather than worrying about chasing for late payments or having to worry about unpaid invoices falling into bad debt.
Benefits of B2B BNPL to buyers
Seamless process with credit decision in seconds
BNPL for businesses is a solution that matches customer expectations. More than half of businesses surveyed by Digital 360 survey responded that slow or lengthy approval for payment terms (trade credit) would be the top reason to change to another supplier.
Increased spending power
Our merchant data shows that on average buyers receive 40% more credit through Kriya as compared against supplier provided credit lines.
More flexible payment terms
82% of B2B Buyers would choose a vendor over others if that vendor offered 30, 60, or 90 day payment terms at checkout. Buy Now Pay Later gives buyers the ability to pay on all of these or even longer terms e.g. instalments over 12 months.
Low Effort: WooCommerce Extension
Our latest Embedded Finance Index 2022 research shows that 95% of B2B e-commerce firms that have not yet adopted Embedded Finance plan to do so in just over 3 years. With our e-commerce plug-ins, businesses can be up and running within hours so there is no need to delay and instead you can reap the benefits of B2B BNPL here and now.
WooCommerce store owners who wish to add B2B buy now, pay later options for their buyers within their e-commerce checkout can login to their store, and connect the plug-in using an API key.
The implementation process is designed to be as simple and easy as possible and can all be set up in only 2 minutes – how about that for a low effort implementation? Check out the video below to see the behind the scenes!
High Impact: Meatex Case Study
Meatex is a meat wholesale B2B marketplace that has partnered with Kriya to offer their buyers B2B BNPL within their WooCommerce store using our plug-in. Their customers get 30 and 60 days to pay while they’re able to pay their suppliers upfront. “Kriya gives us an extra element of buyer power and we are able to negotiate better deals with our suppliers as Kriya allows us to pay them upfront while offering the best rates to our customers”.
Additionally, they found the plug-in to be a seamless experience for their customers – “The onboarding process has not changed, we still get our customers to fill in the same forms as we did pre-integration. [...] With Kriya, we’ve been able to onboard customers that we usually would not be able to serve as they take longer to repay us.”.
And they’re seeing the impact! Here is what Tony Vardy, Meatex Managing Director has to say:
“By working with Kriya, we are able to offer our customers 30 and 60 days credit instantly without ever leaving the Meatex site. This is completely new for the industry and has helped us better serve customers and in turn, sell more. Integrating Kriya Payments has been quick and simple, the team were supportive throughout the whole process and we are already seeing results!”
Meatex benefits of using Kriya Payments B2B embedded finance
Since integrating with the Kriya Payments B2B embedded credit platform, Meatex has:
Increased new customer acquisition by 222%
Increased average transaction value by 52%
Increased total sales by 14%
We are excited to see the long-term impact for Meatex and are confident that they will eventually see an increase to sales around 30% in line with our other partners.
Who can use the Kriya Payments WooCommerce plug-in?
Merchants (whether a B2B marketplace or B2B business) that have a business entity in the UK, Spain, Netherlands, Belgium, or Ireland who are selling goods to businesses via a WooCommerce web store.
Sounds like a great solution for your business but you don’t use WooCommerce? No need to fret, Kriya Payments adapts to your needs. Get in touch with our team to figure out what kind of integration works best for you!