Limepay launches new digital B2B payment system STACK
Payments platform company Limepay says its new solution, Limepay STACK, simplifies B2B payments for Australian businesses and gives a range of ways to pay, including Buy Now Pay Later.
The company says Limepay STACK is an all-in-one payments platform that allows B2B businesses and their customers an easier way of making, receiving and processing payments.
Limepay CEO Willie Pang says many B2B businesses still rely on paper for payments. While B2C has smoothly transitioned to accept multiple payments gracefully, B2Bs are lagging. In 2019, paper cheques still accounted for 42% of all B2B transactions.
"Digital payment is slow in the B2B space. There have been attempts in the past with varied and inconsistent results, but it was hard to find one solution," says Pang.
He says the perceived cost of a transition is a big reason for the lag.
"To adopt a system that automates payments takes resources, and the idea of spending money for the system plus the people to run it, is a barrier," says Pang.
"And when it's seen as a cost within a business, there's little appetite to invest and drive innovation. By offering Limepay STACK, we're helping them improve the reliability of their cash flow, increase the speed at which they do business and help deliver safe, convenient payment options for their business customers."
Things are changing, though, partly thanks to COVID-19. Limepay says the number of B2B businesses offering end-to-end customer experiences and omni-channel sales has increased over the past two years in response to the changing nature of commerce during the global pandemic.
As consumers embrace digital payments now more than ever, Limepay says there is a significant opportunity for the B2B sector to do the same.
It says all payments made through Limepay STACK come with added fraud protection, and it offers businesses greater access to analytics and insights compared to traditional payment methods.
B2B brands can also offer white-labelled Pay Now or Pay Later options to customers, including single or multiple instalments, as well as monthly, fortnightly, weekly or daily frequencies for regular payments.
Limepay says apart from flexible payment options, the benefits of STACK include merchants getting paid up-front and customisable features.
The company says with its new solution, businesses can cost-effectively sell from anywhere; in person, online, over the phone or through their website, all while keeping customers within their branded ecosystem.
It says businesses can efficiently conduct sales where and how their customers prefer with the white-labelled payment options offered by Limepay STACK.
Limepay STACK supports a range of card types, including VISA, MasterCard, Amex, Apple Pay and Google Pay, as well as eCommerce plugins for Magento 1 & 2, WooCommerce and Salesforce Commerce Cloud.