TreviPay has unveiled a groundbreaking feature designed to revolutionise global B2B transactions – a cross-currency transaction processing tool. This innovation empowers merchants to seamlessly conduct transactions in different currencies, catering to the diverse needs of their B2B clientele. The prominent B2B payments and invoicing network announced this enhancement with the intention of catalysing international business expansion and bolstering customer allegiance, as stated in a press release on Tuesday, August 22nd 2023.
Innovative Cross Country Solutions
Operating across 32 countries and accommodating 20 distinct currencies, TreviPay’s cross-currency solution empowers transactions where the buyer’s invoicing and payment currency differ from the merchant’s disbursement currency. This innovation proves particularly valuable for businesses lacking accounts in all the preferred currencies of their patrons.
The unveiling of this cross-currency feature emerges from TreviPay’s findings. It identifies that simplicity in the initial payment and ensuring a consistent purchasing journey rank among the top three factors for B2B buyers. Impressively, 72% of global B2B buyers display higher loyalty toward businesses offering their favoured payment method.
What’s the Significance?
Notably, the advantages of cross-currency functionality span beyond industries like manufacturing and online retail. The travel sector, for instance, stands to benefit immensely. Imagine a major hotel chain with American-based franchisees. Though most corporate travellers might originate from the U.S., there’s a need to accommodate foreign customers who wish to settle their invoices in currencies like Canadian dollars (CAD). TreviPay’s solution deftly resolves this by enabling foreign exchange capabilities, allowing all Canadian travellers to transact in CAD, negating the necessity for separate CAD business accounts.
Aside from introducing cross-currency capabilities, TreviPay has enriched its offerings with portal enhancements to elevate user experience. These upgrades encompass the flexibility to modify primary customer contacts, enhance secure device logins, and expanded options for company buyer hierarchy management.
As the digital shift in B2B commerce gathers momentum, suppliers aspire to cater to the broadest customer base possible. TreviPay CEO Brandon Spear underscored this ethos, emphasising how diversified payment options enrich the customer experience and streamline the purchasing process for buyers.
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