Albertsons partnered with TreviPay on a pay-by-invoice program featuring a self-serve portal to assign spending limits to approved purchasers and real-time tracking of invoices, payments and credit lines for easier financial management.
Albertsons Cos. Inc. has teamed up with B2B payments and invoicing network TreviPay to offer a pay-by-invoice program to the grocer’s corporate shoppers. Business buyers such as small offices, K-12 schools, local government and community organizations, and residential programs can now receive a dedicated line of credit for online grocery purchases with 30-day net terms. The pay-by-invoice program features a convenient self-serve portal to assign spending limits to approved purchasers and real-time tracking of invoices, payments and credit lines for easier financial management. Albertsons’ partnership with TreviPay enables corporate shoppers to access their line of credit across the food retailer’s banners.
Business buyers want the flexibility of paying with trade credit, or net terms, to better manage working capital and form trusted relationships with retailers, according to TreviPay, which commissioned a Murphy Research study that found 72% of business buyers are more loyal to a business that offers their preferred payment methods, and more than half would switch to another retailer if it offers net terms.
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“Retailers are well versed in loyalty best practices for consumers, but to reach and retain business buyers, invoicing and payment terms are critical,” explained Brandon Spear, CEO of Orchard Park, Kan.-based TreviPay. “Enabling Albertsons Cos.’ business customers to pay by invoice allows their corporate buyers to make large, repeat orders using their preferred payment method, while retailers eliminate the complexities of accounts receivables and fuel growth.”