Easy integration of Kriya Payments with P4D for B2B Buy Now Pay Later
P4D is a UK-based digital freight forwarder, offering instant access to road, sea and air freight services. Once a customer provides their shipping requirements, P4D will intelligently display a set of services that best suits their needs. Enabling tracking of goods from collection through to delivery. P4D has partnered with Kriya to integrate their Kriya Payments embedded finance platform, offering B2B Buy Now Pay Later (B2B BNPL) to their customers.
This integration has been successful in enhancing the buying experience for P4D's customers, with benefits such as increased conversion rates, higher customer loyalty, and better cash flow.
Benefits of B2B BNPL for marketplaces
Providig B2B BNPL to customers can be a game-changer, especially in the competitive e-commerce landscape. It can help to reduce the financial burden on customers by offering them flexible payment options. This, in turn, increases the likelihood of completing a sale and encourages repeat business. Additionally, B2B BNPL can help to improve cash flow for both the marketplace and its customers.
Kriya Payments integration with P4D
Kriya Payments integrated with P4D to offer B2B BNPL to their customers through multiple sales channels, including online, telephone, and monthly invoicing. The integration process was completed in 4-6 weeks by 1-2 developers, which included all their sales channels. P4D's sites are bespoke to their business needs, therefore requiring a direct API integration with Kriya Payments enabling full flexibility to tailor the Kriya’s offering to their customers.
Online sales
For online sales, Kriya Payments offered a standard Payments Journey at the guest checkout. P4D’s buyers do not have to be pre-registered with Kriya and can be assessed for a limit instantly. This makes the buying process simple and seamless, with customers having the flexibility to choose B2B BNPL at the checkout.
Telephone sales
For telephone sales, an inbound call is made for a quote, and if agreed upon, an invoice is sent with a Payments Journey link. Once completed, the sale is confirmed. This process offers the convenience of B2B BNPL while still allowing for personal communication between the seller and buyer.
Monthly invoicing
For monthly invoicing, P4D utilises Kriya's API to log invoice amounts against buyer limits. There is no Payments Journey, and no interaction from the customer with Kriya. This offers customers the flexibility to pay on a monthly basis while still keeping the buying process simple and straightforward.
"Kriya's integration team were brilliant, making the process of integrating their B2B Buy Now Pay Later platform with our bespoke sites simple and effortless. Our customers now have access to flexible payment options across multiple sales channels, which has undoubtedly helped to boost our sales. We couldn't be happier with the results!" - Tom Smith, CTO
P4D's Dashboard and Autoflow feature
To make it easy for their customers, P4D have included functionality to log quotes and generate Payment Journey links for invoices. This feature helps to streamline the buying process and offers a better customer experience. Additionally, P4D is using Kriya's autoflow feature to offer credit to their customers via telephone consultations. This allows for the seamless integration of B2B BNPL into the sales process.
In summary
The integration of Kriya Payments embedded finance platform with P4D has been successful in providing B2B BNPL to their customers through multiple sales channels. The ease, simplicity, and flexibility of the integration process have allowed P4D to enhance their buying experience while still offering customers the convenience of B2B BNPL. With the added benefit of improved cash flow and increased customer loyalty, the easy integration has been a valuable addition to P4D's e-commerce offering.
“Kriya's integration team were brilliant, making the process of integrating their B2B Buy Now Pay Later platform with our bespoke sites simple and effortless”
“We expect our B2B revenues to double as a result of providing Kriya’s flexible payment terms to our trade and business buyers.”
Stuart Zissman, Head of Financial Services
Halfords is the UK’s leading provider of motoring and cycling services and products. Its customers shop across over 1,750 fixed and mobile locations including, Halfords stores and garages, as well as its website, halfords.com.
Today, around a quarter of Halfords turnover is business-to-business. They sell to organisations of all sizes including SME businesses, garages, and workshops, offering discounts on automotive parts and tools with their Trade Card, as well as directly to larger commercial and government customers that buy in bulk.
However, like many well-established enterprises, Halfords found its future growth was challenged by the legacy processes of its past. Find out how they’ve teamed up with Kriya to remove the friction from their B2B commerce.
Halford's challenges
“The exam question” says Halfords’ Head of Financial Services, Stuart Zissman, “was how do we make selling to business and trade buyers less labour-intensive?” Having already overseen a successful consumer finance proposition at Halfords, it was clear to Zissman that their B2B offering had potential to grow by introducing a simple and effective credit solution.
1. B2B buyers expect payments terms
“All successful B2B propositions have some sort of financial support” Zissman explains. Whether large or small, Halfords’ business buyers want to be invoiced on payment terms. This is especially beneficial for garages and workshops, which thrive on efficient working capital cycles, allowing them to source parts upfront and defer payment until they have received compensation for their services.
Halfords recognised the opportunity to enhance their offerings by providing scalable trade credit, which was previously untapped. As Zissman says, "offering payments completes the circle."
2. Manual, unscalable processes were holding back growth
Halfords' hands-on approach to B2B processes presented an opportunity for greater scalability and growth. Wholesale orders, managed via account managers, involved manual quotes and purchase orders, which added complexity.
“We’d like to say yes to every single customer that wants to order from us,” says Head of Trade Card, Chris Millan. However, processing these detailed orders for existing buyers took time, limiting the retailer's ability to proactively attract new business and expand their account base.
What Halfords sought was a way to make their B2B offering more accessible and achieve a better economy of scale.
“We work with sole traders, business customers and government entities. Kriya is the only supplier that could support all three.”
Chris Millan, Head of Trade Card
The search for a solution
Recognising the need for change, Halfords set out to find a way to modernise its B2B offering. With Kriya's 12-year track record and willingness to collaborate on a solution for their unique requirements struck a chord with Halfords.
A solution for all B2B buyers
Halfords has a diverse buyer base and needed B2B payment terms that could be offered to limited companies, government entities and sole traders.
Multichannel
With trade customers already purchasing online and in-store, Halfords needed a solution to offer payment terms holistically across their sales channels.
Risk expertise
With their focus on Motoring and Cycling, Halfords sought a partner with strong expertise in finance and payments, including robust credit and fraud detection capabilities, to help onboard their buyers.
“We are experts in motoring and cycling, and to ensure exceptional service for our customers, we decided to partner with Kriya, specialists in B2B payments and lending decisions.” Stuart Zissman, Head of Financial Services
The B2B vision
Halfords partnered with Kriya to transform their B2B offering. By integrating Kriya PayLater with their Trade Card, the retailer is combining trade discounts for B2B buyers with the ability to pay on account for online and in-store orders.
Adopting an eCommerce-first model has a number of advantages. Firstly, providing online buyers with highly-demanded payment terms expands the businesses they can sell to. Secondly, much of their offline business can be shifted to a self-serve, online checkout. Not only does this provide a smoother buyer experience, it also frees up the Halfords team to focus on the customers where their expertise has the most impact.
The near-infinite scalability of the Kriya solution means Halfords can not only improve their overall B2B customer proposition and experience, but they can also see financial benefits through the partnership too.
“Offering trade credit through payments makes it much slicker. It’s something buyers are familiar with from the consumer world.”Chris Millan, Head of Trade Card
Wholesale change
Halfords have kicked off their payments transformation with their wholesale offering.
Business buyers come to the Halfords wholesale team to place bulk orders and request custom details, such as branded bikes and accessories. Before Kriya, this fully offline sales channel required multiple teams and processes to transact each order. This process led to delays and hampered conversion, such as inventory becoming unavailable during the order, or customers purchasing elsewhere.
By streamlining the entire wholesale workflow into Kriya Merchant Portal, Halfords now have a single, automated flow for processing orders.
Wholesale buyers are first onboarded into Merchant Portal. This screens for credit and fraud risk, directly providing their sales team an instant spending limit decision for the buyer. Orders can then be placed on payment terms and invoices are automatically generated for the buyer. Additionally, Kriya assists with credit control by managing payment collections too.
“We needed a way forward that was less hands-on because the whole process was very, very manual.” Chris Millan, Head of Trade Card
How it works
The buyer places a wholesale order with Halfords
Halfords onboard the buyer into Kriya’s Merchant Portal
Payment terms selected and purchase complete. The buyer pays at the end of the following month.
Partnering for growth
Reflecting on the journey so far with Kriya, Zissman says “It’s that personal touch and relationship that makes the difference to the product we’re building together.” For Zissman, it's not simply outsourcing the expertise to a third party. “It’s more like we’re onboarding Kriya into Halfords and by extension they’ve become part of our team”.
There’s a busy roadmap ahead for Halfords and Kriya, with plans to bring the whole multichannel offering to market by the autumn of 2024.
We're very excited about this development,” says Millan. “Introducing payment terms to our Trade offering eliminates barriers that previously slowed us down and unlocks opportunities with a vast number of businesses we haven't historically engaged with.”
