Good relationship
The fact that the contractor from the above example may pay by invoice is often the result of the good relationship between buyer and seller. Often his supplier is in the same region, has been coming to that store for years and they know each other personally. This mutual trust is the basis for paying by invoice. The seller trusts the buyer, so he knows that his invoice sent afterwards will be paid.
That good relationship is the biggest difference between a business and a personal transaction. As consumers, we are used to having to checkout directly in a store. It is no surprise that we are not allowed to pay on credit.
When online shopping became the norm, this difference disappeared. For both business order takers and consumers, it became common to checkout immediately. This is notable because, as the above example shows, business buyers are not comfortable having to pay immediately. It is by far time this will be changed.
Huge potential
Now that business buyers are also doing the vast majority of their dealings online, direct payment can no longer be the only option. Businesses need a payment solution that allows them to pay after the fact while still enjoying the conveniences of online shopping. In fact, the potential is enormous. The business payments market is worth $127 trillion and that number is expected to rise to $200 trillion by 2028. That is as much as 5 times the value of consumer transactions.
First online purchase
Most consumers made their first online purchase about 20 years ago. Usually it was something for personal use, such as a book, a DVD or a piece of clothing. Around the year 2000, however, handling online purchases was still in its early stages. You had to stay home for a day to accept a package that in practice didn't come at all. During clearance sales, your patience was tested as websites became overloaded due to too much demand.
A similar experience
Today, things are different. Webshops over the years have made every effort to make online shopping an extremely smooth experience for consumers. The better the experience, the faster and easier a consumer can order and the higher the sales volumes. That's why websites can now handle thousands of transactions simultaneously, and parcel delivery is one of the fastest growing sectors. Online payment is also very easy. Therefore, consumers know how easy online shopping can be. Because of their experience as consumers, business buyers expect a similar experience online.
Many advantages
A webshop offers business sellers many advantages. For example, you link a webshop to the inventory system, so it is always clear what the stock is. You get instant insight into the popularity of certain products, purchasing becomes easier and you can see how external influences affect sales. In addition, you need far fewer salespeople, which is a major expense for many companies. A sales team on the phone, responsible for orders, is no longer needed. You can now spend the time saved here on improving the sales experience. And that, in turn, benefits the customer.
For business buyers, it is faster and easier to order goods and services online. As a customer, you immediately see what products you can choose from, whether they are in stock and what the delivery time is. Comparison becomes easier and you are not bound by store opening hours. So far, the business buyer gets a similar experience online. That makes it all the crazier that this is not always the case for the payment flow.
No personal relationship
When setting up B2B webshops, owners initially selected the system that were known and intended for consumer purchases. This made it easier for entrepreneurs to quickly set up an e-commerce platform and use it for business orders as well. Unfortunately, this did not include the common practice in B2B dealings for paying by invoice.
The biggest problem is that as an online seller, you don't know who the buyer is. There is no personal relationship. In fact, you usually don't know anything about the buyer. But he/she still wants to pay by invoice, and pay later. And if you refuse him/her, chances are they will go to your competitor. When the accepted buyer turns into a risk after all, you are likely left empty-handed. How do you verify that a buyer is trustworthy and you will actually get paid?
Reduced user experience
The most obvious way is a credit check. However, such a check creates friction in your customer's buying experience. While precisely that is very important in e-commerce. A traditional credit check quickly takes several days. So ordering directly is out of the question. Moreover, you have to ask annoying questions, which your customer may find very unpleasant and could cause drop-off.
Clearly, a solution is needed. Business buyers should be able to place and receive orders as they are used to as consumers, and pay in a way they would want to do as a business. This while guaranteeing the seller gets paid on time in the meantime.
The solution is NOTYD, pronounced "noted," and referring to an invoice that is "noted'' as a deferred payment via an online payment button.
The best payment experience
NOTYD is designed to serve you and your customer. To provide the best business payment experience for both buyer and seller, with the convenience of a consumer payment. The buyer pays by invoice just as they are used to, with an ease of use which is similar to a known payment method. As a seller, you get paid within 7 days, while the buyer chooses a term of his own. Standard is 30 days, but longer is also possible.
As long as you are registered with the Chamber of Commerce, you can use NOTYD. Since we handle the payments, you can focus entirely on growing your business. Chasing invoices? Answering questions? Solving problems? Complicated financial administration? It's all in the past. You can do what you do best while being guaranteed the payment. This gives you peace of mind.
A smarter credit check based on advanced technology
Speed and convenience is everything in online payments. The faster and easier ordering and payment becomes, the lower the barriers are for customers. With smart technology, we are taking credit checks to the next level. Instead of hours or days, NOTYD checks your buyer's creditworthiness within seconds. To do this, we do not only analyze payment behavior, but also look at other online behavior of your customer.
Higher acceptance rate
Our philosophy is: what we don't know, we investigate. This enables a higher acceptance rate. That means we can approve more customers. Unlike traditional credit bureaus, we don't reject customers because we don't know enough about them. Our goal is to find out more in less time. Moreover, traditionally, sole proprietors and freelancers are often rejected in these checks because it is too difficult to guarantee their creditworthiness. Not with NOTYD. This means a much larger group of potential customers can order from you.
Banking Circle Group
NOTYD is part of the Banking Circle Group, which serves more than 200 payment companies, banks and marketplaces through a rich set of complementary e-commerce and banking solutions. As a customer of NOTYD, you benefit from the innovation of a startup combined with the reliability and experience of an industry leader. NOTYD has ambitious plans, to offer business buyers and sellers in the Netherlands and Belgium the optimal online payments, and to be the payment method of choice for both parties.
NOTYD in practice: simple does it
To sign up with NOTYD as a business seller you let us know that you are a registered company, for example through your registration with the Chamber of Commerce.
We have developed plugins for all well-known e-commerce platforms, such as Magento, Lightspeed and WooCommerce. And are also available through the PAY.nl payment platform. Connecting NOTYD to your shop is therefore very easy.
If your customer wants to checkout with NOTYD, he/she enters the company details and these are verified. The buyer then chooses to pay the credit to NOTYD within 30, 60 or 90 days. If 30 days are chosen, there are no additional costs. For you as a seller, this choice has no consequences, because you yourself will be paid within 7 days. Our system then performs a lightning-fast credit check, while at the same time runs a check against fraud. Once this check has been completed, the purchase is confirmed and finalized.
NOTYD. The best payment experience for you and your customer.
