How Processing Credit Applications Online for B2B E-commerce Transactions Can Automatically Increase Cash Flow

You understand that every business can use time to pay on their accounts, but extending credit isn't always an option for your B2B e-commerce transactions. You may have tried it in the past, but it interrupted your cash flow and disrupted your business. Using online processing for credit applications can provide your business with the cash it needs and provide your customer's business with the time they need to pay. See how you can save your cash flow and even increase it with online credit applications.

The B2B Environment

Business buyers want and need the same quality customer experience they offer their own customers. Two of the four key areas for B2B success are customer experience and personalization. When you're able to provide your customers with these elements, relationships flourish. But in the B2B environment, payment for products are often made on net-30 terms in order to extend payment options to the customer at the expense of decreasing your own available cash flow.

Paper Is a Problem

Half of businesses still rely on paper invoices and paper check payments. This means making a trip to the bank, depositing the check and waiting for it to clear before you have access to your money. The whole process can take weeks and even months for you to see your cash.

Credit Management

American Banker looked at the future of B2B e-commerce transactions and concluded that "shorter clearing windows provide businesses with greater control over cash flow." Unlike the lengthy process of paper checks, extending credit is a viable option for keeping cash flowing. But implementing credit management can be time- and resource-intensive. You need credit applications, approval processes, finance teams and other staff to ensure payments are made on time. Extra capital and the potential for loss make it an expensive and risky game. Financing your customers shouldn't be your responsibility.

Online Credit Processing Is the Solution

Processing credit applications online can get rid of all of these financing headaches while still providing your customers with the benefit of paying over a longer term. In addition, when you automate credit processing, you immediately increase your cash flow because you've cut down the amount of time it takes to actually get paid. Take a look at some of the benefits to you and your customers:

• Online applications are available to customers when and where they need them -- no more traveling to obtain paper forms.

• Completing the credit application online can be done at the customer's convenience and at the time of purchase.

• Digitally processing the credit application is quick and easy for the seller.

• Processing times go much faster than paper applications, which have to be processed manually.

• Online processing costs less and saves money.

• Your customers will have the ability to make quicker repeat purchases due to faster processing times.

Credit management becomes a breeze with online credit processing. By reducing the amount of time from purchase to payment, you automatically increase your cash flow. No more playing banker or loan officer to your customers; they get what they need, and you get paid. Apruve offers multiple plans to help you start increasing your cash flow and get back to doing what you do best -- serving other businesses. See how you can reduce the time you wait for payment of open invoices from months down to 24 hours max. Approve your increased cash flow today.

Michael Noble serves as Apruves’ CEO and member of the Board of Directors and is responsible for leadership and strategic direction of the company.

An Effective Way to Manage an “Airball Workout”

An Effective Way to Manage an “Airball Workout”

When most people hear the words “air ball,” they probably think about when a basketball player shoots and the ball doesn’t touch the rim or the net — only air. Those of us in the commercial lending field have a different and less amusing interpretation.

An air ball in the context of commercial lending is the difference between a loan and the value of hard assets supporting that loan.

How asset-based loans can turn the non-bankable to bankable

How asset-based loans can turn the non-bankable to bankable

A bank is usually the first place business owners go when they need to borrow money, but not all businesses will qualify for a bank loan or line of credit. In particular, banks are hesitant to lend to new start-up companies that don’t have a history of profitability, to companies that are experiencing rapid growth, and to companies that may have experienced a loss in the recent past.

Where can businesses like these turn to get the financing they need?