Apruve Allies with Matrix to Reduce B2B Credit Risk
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Apruve last week announced a strategic alliance with Matrix Payment Systems to create a turnkey solution to mitigate the risk of advancing a revolving line of credit to business customers.
Under the agreement, the companies will help businesses streamline the extension of credit with less financial risk and fewer back office overhead expenses.
“Apruve and Matrix have partnered to expand the reach of B2B payment solutions for distributors, wholesalers and manufacturers,” said Apruve CEO Michael Noble.
In the B2B space, most companies pay on terms — by using purchase orders or a standing line of credit, he told the E-Commerce Times. Some simply pay with credit cards.
Many companies have an accounts receivable department, and the process of accepting payments involves credit approval, invoicing, collections, cash applications and payment application.
The new relationship is the first Apruve has entered with an independent sales organization like Matrix, said Noble.
Both companies have dozens of customers that range from small firms up to the Fortune 500.
“Every touch reduces the profit margin of the order being managed,” Noble said.
Matrix will incorporate the Apruve product into its existing telemarketing process to existing and prospective clients, said CEO Glenn Hughes.
“Matrix provides electronic credit card and ACH processing services to the B2B industry via online payment gateways, e-commerce and standalone credit card terminals,” he told the E-Commerce Times. “This will be our first endeavor offering risk-free, revolving lines of credit, and we feel this product will help strengthen our overall product offering to the B2B industry.”
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