Today’s e-commerce merchants have a wealth of platforms to choose from when building and operating their online stores. Even those of us who are less technically-inclined can create beautiful e-commerce websites without too much trouble, thanks to all the online tools we have available. Zoey is one such platform that makes creating a professional and easy-to-use e-commerce store simple.
We’re happy to announce a powerful new Fundbox integration with Zoey to enhance your checkout experience. When you add Fundbox to your Zoey checkout flow, you can offer your business to business (B2B) customers net terms (and extended financing, if you so choose) while you still get paid right away.
Zoey Sellers: Register for a Fundbox Merchant Account
What’s important about net terms?
If you’ve never offered extended payment terms (also known as “net terms”) before, now’s the time to consider it.
First of all, let’s define it: “Net terms” simply refers to the number of days you allow a customer to pay for goods or services. Common net payment terms are net-30 or net-60, meaning 30 days or 60 days to pay, respectively. This practice of offering extended time to pay is also known as “trade credit” since you as the seller are extending credit to your buyers.
Since so many businesses suffer from uneven cash flow or similar challenges, B2B merchants often decide to offer credit as a way of helping their customers purchase more. Under a typical trade credit or net-30 terms agreement, for example, a retail buyer gets to place their orders of goods or supplies today, receive those orders, and get a 30-day head start on selling or producing items all before having to pay their invoice.
This extra cushion of time and flexibility can make a huge difference for cash-strapped B2B buyers. Having extra time to pay can allow them to order with confidence, knowing they have longer to recoup their investment. As a related benefit for merchants, offering more time to pay can encourage buyers to make bigger or more frequent orders. Finally, offering more generous payment terms can set you apart from other vendors. If net-30 is typical in your industry, you can endear yourself to customers and win their loyalty simply by offering net-60 or better!
The main problem with offering net terms is the risk. By offering trade credit to buyers, you as the merchant must hold open accounts receivables for longer than you might like. According to research by Fundbox, 48 percent of net-30 invoices get paid late. That means, even if you’re generous with your payment terms, your customers may stretch your boundaries, leaving you with cash flow challenges of your own.
Why offer net terms with Fundbox?
By using the new Fundbox integration for Zoey, you can avoid the risk of acting like a bank for your customers.
With Fundbox in your cart, customers will have the option to sign up for Fundbox Credit. With just a few clicks, buyers can register for Fundbox and get a credit decision right at the time of purchase. If approved, they’ll have 60 days to pay for all future purchases with you, while you get paid right away. Fundbox handles everything behind the scenes: the credit decision, the approval, and collecting payments later.
Merchants who offer Fundbox at checkout can reap the benefits of increased average order volume (AOV) for online customers through terms, while removing the administrative tasks of having to underwrite your customers on your own, and stop taking on the risk of holding onto the open A/R.
Get flexible and reliable payments
When a customer transacts with you using Fundbox, you receive your payment as soon as the next business day, every time. Fundbox also works if you transact through invoicing. If your customer is approved for Fundbox Credit, they can use it to pay you however you choose to transact.
If you’re ready to offer faster, more reliable payment options to your Zoey e-commerce store and start growing your sales, register for a Fundbox Merchant Account today.
Not a Zoey seller? Start here and get the scoop on setting up your B2B e-commerce shop.
More details: The median decision time for Fundbox customers is 3 minutes. Many customers receive a credit decision even sooner.