Boost Customer Flexibility with Custom Invoice Terms & Credit Limits
Every rental industry is different. In some, customer payment with credit card is the norm, where companies give their customers the ability to utilize p-cards, debit cards, or credit cards for payment.
In other industries, particularly for B2B transactions, suppliers allow rent now, pay later flexibility, where customers can pick up their equipment for use, and payment is later remitted to the supplier after an agreed upon number of days (payment terms) has passed.
Also known as pay by invoice, this payment method continues to grow in popularity for both rentals and purchases, and companies like Amazon Business have even enabled these types of payments for online transactions.
Given this trend, suppliers and the online platforms they use must remain nimble and provide customers with the flexibility they desire in order to retain their business over time.
Introducing Customer Specific Invoice + Payment Terms
To answer this call, BoxedUp has launched Customer Specific Invoice and Payment Terms, the first of its kind for online rental commerce.
[WATCH] Invoice Payment + Credit Terms in Action
“For us to transition our pay by invoice customers online, we need the ability for their BoxedUp payment terms and credit limits to match what our Accounts Receivable team also provides...”
With Customer Specific Invoice and Payment Terms, suppliers have the power to extend customizable payment terms to any customer that creates an account on their storefront. In addition to setting payment terms by customers, suppliers also have the ability to limit the dollar amount of outstanding receivables for each customer, allowing adjustments based on the credit worthiness of each customer.
What’s Next?
This is only the start. Customer expectations are always a moving target, and as the world changes and adapts, so will their desire to want an improved online experience. Regardless of where their desires take them, BoxedUp will be innovating on your behalf to keep them happy.
Written by Donald Boone, CEO, BoxedUp