Today in B2B payments, Lightspeed debuts its own B2B platform, while Trade X is expanding its auto trading platform. Plus, Tech Data launches a B2B eCommerce platform in India, Nav and Marcus are collaborating to offer SMBs credit and businesses say real-time payments are more reliable.
Auto Trading Service Trade X Expands Platform
B2B cross-border automotive trading platform Trade X said Thursday (June 2) it was expanding its “brain” platform, which gives users insights into global vehicle availability and valuation.
The Toronto-based company said it was strengthening its data science team to accomplish this. The team will focus on applying the platform’s data and analytical capabilities to Trade X’s strategy of adding new international trading corridors.
Credit Key Brings B2B BNPL Services to eCommerce Provider Miva
B2B buy now, pay later (BNPL) solution Credit Key is working with software company Miva to bring BNPL solutions to the Miva eCommerce platform.
The partnership lets merchants using Miva’s eCommerce platform offer Credit Key’s custom financing options with no added cost.
Customers can receive immediate approval for a line of credit and choose from a variety of payment plans of up to 12 months. The process takes minutes, Credit Key said, and happens within the customer’s cart without the need to leave the vendor’s website.
14% of Businesses Cite Reliability as Top Benefit of Real-Time Payments
A notable percentage of executives from companies using real-time payments identify the reduced risk of payment failure as the most important benefit for real-time payments, according to “Real-Time Payments,” a PYMNTS and The Clearing House collaboration based on a survey of 100 executives at companies with $50 million to $1 billion in annual revenue.
Among respondents, 14% said the mitigated risk of payment failure is the most important benefit of sending real-time payments, and 7% said that is the most important benefit of receiving real-time payments.
In the case of sending payments, the share of those citing it as the most important benefit is higher than those saying the same of any other benefit. In the case of receiving payments, it’s the fifth most-cited benefit.
Transcard’s SMART Hub Payments Collabs With Sage Intacct
Payments and data technology platform Transcard is integrating its SMART Hub payment portal in collaboration with cloud-based financial management and services firm Sage Intacct.
The SMART Hub payment portal digitizes payment management for businesses and offers insights into transactions, according to a press release on Wednesday (June 1). The portal also includes a built-in onboarding module that guides Sage customers through the process of setting up the application.
Integrating SMART Hub with Sage Intacct is intended to streamline the process of making and receiving payments while eliminating complexity. SMART Hub eliminates the need for Sage Intacct customers to set up and pre-fund new bank accounts to make or receive payments, per the release.
Tech Data Debuts Indian B2B eCommerce Platform
Tech Data India has launched Peer Connexions, a B2B eCommerce platform that reflects the industry’s move toward digital commerce.
Peer Connexions offers its channel partner access to technical, commercial and product catalogs, pricing and inventory status, promotions and special offers, and the ability to register and transact on a common platform at any time.
Lightspeed Commerce Launches B2B Platform
Commerce platform Lightspeed has launched a B2B platform for North American fashion, outdoor and sports retailers that will bring together brands and retailers with a supplier network tool that integrates B2B orders directly into the point of sale (POS).
The company said the new tool is the result of integrating technology from Lightspeed’s November acquisition of NuORDER.
Lightspeed purchased the B2B eCommerce platform for $425 million. At the same time, it also purchased Ecwid, a software-as-a-service (SaaS) eCommerce company, for $500 million. The B2B platform includes several brands, such as Tom Ford, Coach, Theory, Black Diamond and Outdoor Voices. The platform will let retailers order directly from brands in the Lightspeed Commerce platform.
Nav, Marcus by Goldman Sachs Offer SMBs Credit
Intelligent financing platform Nav Technologies has partnered with Marcus by Goldman Sachs to bring lines of credit with fixed rates, no origination or maintenance fees and a fully digital experience to small business owners, according to a recent joint press release.
Nav uses a machine learning platform to offer clients financing options. Marcus by Goldman Sachs is Goldman Sachs’ digital banking platform that uses partners to offer business financing. Marcus also offers products that target customers’ spending, borrowing, saving and investing needs.
Its collaboration with Nav will allow qualified small businesses on Nav’s platform to apply for Marcus by Goldman Sachs lines of credit with fixed rates through a digital portal.
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