Linked2pay adds credit-application feature to stifle late B2B payments
In using CustomerConnect on the linked2pay credit application platform, businesses can offer customers new terms and set the number of days for payments to be made. The linked2pay application will allow the business to automatically pull that payment from the customer's agreed-upon method, either card or account.
If a company, or an invoice software vendor, did not want to change an existing invoicing platform, it would have the option to include the CustomerConnect application interface.
"B2B transaction amounts are generally higher, so many payment plans are customized between the provider and the customer, so credit applications are always used to start that process," said Richard McShirley, chief marketing officer at linked2pay.
A business using CustomerConnect has the ability to control the time of payments and automate them to avoid late payments, McShirley added.
The digitized process can also eliminate inefficiencies in businesses having to send reminders to customers or letters advising of fees added to late payments. In turn, the customer avoids the extra fees as well as any black marks on their credit.
"It adds a new twist to what payments people can do in telling clients they can eliminate the paper process of credit applications and make the payment method part of that process as well," McShirley said. "The salesperson in the B2B payments space becomes a bigger problem solver than before."
In addition to linked2pay and Paya ACH gateways, Customer Connect service supports existing merchant accounts through card processing gateways like TSYS Multipass/Transit, Heartland Portico, First Data, NAB Velocity and Authorize.Net. Banks, ISOs, ISVs and developers can also white-label Customer Connect for clients.