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Hi everybody I'm

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Hal Levey with PYMNTS.com
and we are here with Jeff Coppola

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who is chief revenue officer at TreviPay
and we'll be talking about B2B payment but

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specifically how to build relationships
and stickiness with B2B buyers.

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A timely subject.

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And Jeff, thank you for being with it.

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Good to be here.

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Thank youm Hal.

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So let's start with the idea of the way

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B2B e-commerce is actually changing,

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just like any other type
of digital channel.

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Our interaction
between buyers and sellers.

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We're seeing a bit of a shift in the way
B2B might be taking a cue from B2C

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or any other types of great digital shifts
that we're seeing.

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Tell me a little bit
about how B2B companies are starting

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to change
how they view commerce in general,

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and specifically how they view e-commerce

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as an opportunity and as a challenge.

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Yeah, so it's a great question.

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And I think you're right on.

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So I think there's three
major shifts happening in B2B e-commerce.

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I think the first one is around
the customer experience.

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The second one is around going global.

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And thirdly,

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there is traditional distribution
and go to market models that are changing.

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So maybe to start
with the customer experience,

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I think what's happening is our B2C
payments in our experience around

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B2C payments has really fueled much higher
expectations around B2B payments.

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So a lot of work has been done
in the last ten, 15 years around

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optimizing those interactions between
consumers and merchants in the BTC world.

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And I think that that's all beginning
to move into the B2B world.

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B2B payments are far more
complex than B2C payments.

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There's a lot of issues around

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underwriting backend
reconciliation payment methods themselves.

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There are traditional processes
within the B2B payments

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world and transaction world that all need
to be sort of automated and digitized.

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And that's all happening now.

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There are many companies
moving into the space

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every day, included trying to solve
for all that complexity

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but expectations are really high.

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People expect when we go online or we are
in and out and we're making a purchase,

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those things tend to go
pretty seamlessly in the BTC world.

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In the B2B world.

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We're still stuck in that sort of old age
where there's

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still a lot of manual processes
that need to be smoothed out

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and so I think the expectations
are really high.

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I also think that

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in the last couple of years with COVID,
just as it really accelerated

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in the B2C world, that digitization
and that e-commerce

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experience, it's also making it happen
much faster in B2B.

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So I think there's an element of the BBC
world in payments

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being a little bit played out.

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Of course, there's always growth in these

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new things to do, but within the B2B
world, it's fresh territory.

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The numbers are really big.

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The growth opportunity is huge.

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And I mentioned global.

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It's not just domestic,
whatever home country you're coming from.

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E-commerce and digital digitization
is truly cross-border.

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And global.

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So it's one thing to create great

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B2B payment experiences
in your home country.

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You also need to be able to do this thing
on a global scale.

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You're going to find buyers
coming from other countries looking for

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that same frictionless payment experience.

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And then I think the third one
is really around the distribution channels

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that are changing.

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Sellers are trying to get closer
and closer to their buyers,

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their end customer.

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So going through dealers,

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going through traditional distribution
channels a lot of that is changing.

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There's an opportunity to increase margin.

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So many of these sellers are now

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developing marketplaces to get closer to

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and digitize that whole buying experience
for their buyers.

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They're also creating e-commerce websites

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and ways
to sell direct to the end consumer.

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And all of that brings
in all the traditional

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things that go with e-commerce
and all those challenges.

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So I think those are kind
of the primary shifts.

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But there's no question the

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the expectation of the buyer
is just like that of a consumer there.

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They're sky high
and we've got to produce a

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a payment system and a payment experience
that's very Uber.

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Like in the B2B world.

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If get to

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that aspirational goal
of giving that Uber like experience?

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Right.

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And you meet those expectations
that you're just speaking about there.

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What would be strategic advantages?

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What are the advantages
going to accrue to a forward thinking

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firm that might be operating
in a B2B channel that really doesn't have

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that mindset fully in place yet?

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What happens competitively?

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Well, I think what happens is
there's there's sort of an opportunity

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for a a payment experience over price.

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So if you do this well,
there's an opportunity

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to to add customers you.

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But going into e-commerce
comes with with a lot of challenges.

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So there's an opportunity
to develop and engender loyalty.

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There is an opportunity
to create stickiness.

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I think the way that we're doing it,
it is mainly about around building

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trusted networks
between sellers and buyers.

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So what's the way you might think about,

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you know, in the in the B2C
consumer payments

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world, you've got Visa and MasterCard
have built trusted networks where

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where the sellers know they're going
to get paid in a couple of days.

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The buyer knows that they're protected
from fraud instantly.

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They recognize the trust
within that network.

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And the relationship
between the buyers and sellers.

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Creating those same kind of networks
between buyers and sellers in a B2B

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space is a way for for businesses
to sell more, create loyalty

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and create that stickiness that they need,
and a competitive advantage over

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other businesses.

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Who maybe are doing these
things are aren't as forward thinking

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around the B2B payment experiences.

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You mentioned the global scope
of all of this,

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which I think is important because
we both know that any number of companies,

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especially from coming in the supply
chain, might look like

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the interactions are international

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between buyers and suppliers.

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And that leads me to wonder
about invoicing and some other discrete

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components of actually what it looks like

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to get there's to be to see

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experience.

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So, you know, it may seem a little bit

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odd to think that invoicing
in some of these backend

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functions can do it to actually have
an intuitive, user friendly existence.

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What does that look like.

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Yeah, it's a really good question.

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So within B2B payments,

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I've mentioned
that it's a lot more complex than B2C.

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A couple of require mints within the B2B
space is number one.

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Credit cards are not appropriate
for all transactions, maybe for low

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average order value transactions or less
frequent purchases of corporate cards.

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PPI cards are perfectly fine,
but for larger AOB transactions

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and for more repeat purchases
between a buyer and a seller.

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Trade credit as a payment method is a far
more desirable payment method.

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Businesses like to pay with net terms
so they can have 45, 60 day

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net terms to pay.

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They're likely to increase their order values and they're likely to buy more often

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separately.

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Businesses want to pay with purchase
orders and they want to be invoiced.

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So it's not enough to use a credit card
and capture

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whatever information is in that soft

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descriptor
or shows up on a credit card statement.

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They need the rich data
that comes with an invoice

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so that the finance departments
that these buyers

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can easily reconcile with their backend
ERP and accounting systems.

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So being able to offer trade credit
as a payment method

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and also to initiate an invoice
that reconciles with backend systems

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are critical pieces
within the B2B payment space,

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but also to do that on a global scale.

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So again, being able to create

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issue and manage
those receivables and invoices

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cross-border in multi-country
is a really important part of this whole.

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When I talk about a trusted network
between buyers and sellers,

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if you've got a buyer coming from France
or from Germany and you're a U.S.

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business, you still need to be able
to create an invoice in their language,

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in their currency

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that that meets their requirements.

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You brought a key
concept of a trusted network.

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None of this works without trust,
and trust can be hard

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to come by in a purely digital world.

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So what do you say to the idea of the fact

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that then I'll say
we have some great assurance

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that roughly half of businesses
don't end with at least some clients

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or would be clients because of pure fraud
and it becomes hard

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to detect or anticipate
until it might be too late.

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What are some of the trends
and maybe even technologies

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that we might be seeing
in the entire fraud part of all this

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that are making that trusted
network effect really take shape?

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Yeah, yeah.

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Good point.

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So it's obviously
a pretty big undertaking.

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Any time you're moving

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into a digital world and as we acquire
more customers digitally.

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Fraud is a much bigger issue.

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Lots has been written and experienced
within the B2C world around fraud.

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You've got transaction
fraud, account takeover over fraud,

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business identity
fraud, we've seen the same thing.

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There are studies out there
that that businesses are turning away

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as many as many as 50% of buyers
that they're that want to on board

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want trade
credit want to become a customer

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because they're afraid they could

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be impersonating another business
or it could be some type of fraud.

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So I think the answer to
that is having the rich and robust

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fraud, anti-fraud tools to help combat
that.

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It's a pretty big undertaking
for a business to do this themselves.

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So I think the recommendation would be
to find a partner that can do that.

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We had to pay
have a very strong risk management system.

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We're constantly keeping up with the types
of fraud and the bad actors who are

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trying to

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make this an unpleasant situation
for sellers and buyers within the space

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but I think that the answer really lies
in having the right fraud tools,

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having those tools that can enable you
to instantly and accurately onboard

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new merchants and also protect
against transaction fraud going forward.

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And then the last element of it is
who holds the risk?

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So in our situation,
we typically hold that transaction risk.

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So if we underwrite a buyer

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on behalf of a seller, so we're doing this
and sort of a white label world

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for our sellers,
we would hold that risk for them.

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So, you know, certainly having the right
fraud tools in place to head off fraud.

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And secondly, if you can find a partner
who's willing to accept that fraud,

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if it were to happen, obviously
that eliminates the risk of fraud.

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So with

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that trusted network effect,
with robust anti-fraud

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technology in place with this

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buyer centric or at least

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buyer friendly existence.

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Take me through a hypothetical,
maybe even a Real-World example.

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If I could even get an idea of what a

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an ideal situation
might be when we start to think of the way

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B2B becomes an e-commerce natural.

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What does that look like to you.

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So maybe I should talk about the way
we onboarded customers.

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So let's say TreviPay is a where

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a seller is white labeling

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the the buyer comes to the checkout page.

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They may not be a current customer
of that seller.

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Let's use Lenovo, for example.

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They go in to make a purchase.

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They're on the checkout page.

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They might be presented
with a couple of choices

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they can pay with a credit card
or they could pay with trade credit

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if they don't have trade credit,
but they want to, they can check that. But

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what they'll see is a short form
application.

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They put in a few data points
within 30 seconds.

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TreviPay will underwrite that merchant
and provide them with a line of credit.

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They can immediately go right back
to the checkout page automatically

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and make the purchase
using their new line of credit.

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In that scenario, we're providing

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instant decisioning within 30 seconds.

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We're providing them that credit line.

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They're making the purchase
just like they would with the credit card.

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It's all happening in real time,
and we're creating and pushing out

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an invoice that provides them

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with the rich data that they can easily
now reconcile on their back system.

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It's now on track,
be paid to collect on that receivable.

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So we manage the accounts
receivable for our partner seller.

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So that's now again on us.

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Let's say they were 45 day net terms.

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That buyer
now has 45 days to make the payment

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within those 45 days they pay us.

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If they don't, the risk for non payment
sits with private bank.

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So that's sort of how we handle the

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the decisioning
and the underwriting of the, of the buyer

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and that's how we handle the transaction
itself and the risk associated with it.

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So I appreciate that insight
and level of detail

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as to how it can work
in a much better way.

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Last question from me,
is there anything we've missed

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that we haven't addressed on our side
and talk to address

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or if there's anything you want to expand
upon.

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Well,
I just think that a, a trusted network

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maybe involves four
or five really key things.

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I think, number one,
it's having a very modern API forward,

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B2B trade credit payment method.

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That's really the payment
method of choice for businesses.

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You also need invoicing
at on a global scale.

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I think you need that sophisticated fraud
and risk management system

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that we just talked about the ability
to manage accounts receivable.

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There's lots of software out there
that does that one component.

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So this is more of a network
in a holistic approach to that.

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Think that that same concept

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and then, you know,

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the instant decisioning and
the underwriting and onboarding of buyers,

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all of that together creates
that really seamless,

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frictionless checkout experience
and payment experience that consumers

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have come to know and B2C world
that we all want in the B2B space.

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And you know, the,

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the numbers are in the trillions
of dollars in the growth is enormous.

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So there's a huge win for businesses

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if they can get this right and attract

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loyalty and create that stickiness
with their buyers, they can pull customers

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from other customers simply
by creating a better payment experience.

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So it may be less about price
and more about the payment experience.

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I think that's a good note
to stop on there, it's less about price,

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and about so many other things
that are important.

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Jeff, thank you for the time and for the
insight and I hope we will do it again.

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Thanks for having me.