Order.co's Net Terms as a Service (NTaaS) is revolutionizing B2B payments, enabling vendors to reduce risk, delight customers, and seize growth opportunities in a rapidly evolving business landscape. Explore the benefits for both vendors and buyers, hear from satisfied customers, and learn how NTaaS simplifies the payment process.
Economic Shifts in 2023: The Challenge
In 2023's volatile economy, businesses must navigate new challenges. Vendors unable to adapt to shifts risk losing valuable business opportunities. Recognizing the problem, and understanding the need for an innovative solution for vendors, Order.co developed Net Terms as a Service (NTaaS).
What is Net Terms as a Service (NTaaS)?
NTaaS is a revolutionary alternative to conventional net terms. With NTaaS, vendors can streamline their payment processes, receiving payment for their services through a third party, without interest rates or fees. This allows vendors to collect payments upfront while providing their B2B customers with net 30, 45, or flexible repayment plans for all purchases.
The Benefits for Vendors and Businesses
There are many advantages of NTaaS. Vendors benefit from a reliable source of income over an extended period, and businesses with limited cash flow gain access to the goods and services they need to foster growth. Beyond this, NTaaS opens doors to new business opportunities, accelerates the closure of large sales, ensures timely payments, and ultimately delights customers.
Nathan Todd, President of LuvBuds and an Order.co vendor, shares his perspective on the impact of Order.co's NTaaS: "If they have net 30 with us right now, and they can have net 60 with you — that’s huge. It’s beneficial to them and us." Explore this success story further and see how LuvBuds harnessed NTaaS to their advantage.
How NTaaS Works
Order.co acts as an intermediary between the vendor and the customer. The platform simplifies the order process, ensuring vendors receive prompt payment for their goods and services. Order.co also extends preferred credit to the buyer, offering uniform net terms on all purchases. This approach allows buyers to access extended net terms with more flexible credit checks, without the burden of substantial fees, interest payments, or loss of equity.
The process is simple:
- Establish a customized online product catalog.
- Allow customers to browse the catalog, add items to their cart, and check out.
- Vendors receive immediate payment from Order.co, while customers have an additional 30 or 45 days to settle their dues with Order.co.
Insights from Order.co's VP of Product
Warren Brown, VP of Product at Order.co, emphasizes the importance of platforms that understand the finance side of procurement. He states, "B2B pay your way is going to happen inside your ERP or Procurement Software, but only with platforms that understand the finance side of procurement. You need a platform that is just as adept at handling POs and invoices as it is at enabling finance and accounting functions."
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Why Vendors Love Partnering with Order.co
Offer Net Terms, Get Paid Immediately: By partnering with Order.co, vendors can offer customers flexible payment options while ensuring zero risk to their business. The result? Improved cash flow and higher sales.
Take Advantage of Net Terms as a Service: Vendors can free up working capital and cash flow without sacrificing payment flexibility. With NTaaS, they can collect their payment upfront, all while providing B2B customers with net 30, net 45, or even flexible repayment plans for all their purchases.
Why Vendors Love Partnering with Order.co: NTaaS opens up a world of opportunities for vendors. They can access new business opportunities, close significant sales faster, ensure reliable and timely payments, and, most importantly, delight their customers.
Get Order.co for success in any business climate
In the ever-changing world of B2B commerce, Order.co's Net Terms as a Service is set to redefine how vendors and customers conduct transactions. Interested in learning more about NTaaS and how to drive growth? Talk to an Order.co specialist today.
Read the press release here.
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