Order.co Launches Net Terms as a Service (NTaaS) to Help Vendors Offer Net Terms to Customers Without Risk
News provided byOrder.co
Nov 20, 2023, 2:15 PM ET
NEW YORK, Nov. 20, 2023 (GLOBE NEWSWIRE) -- Order.co, a leading B2B procurement and payments software, today announced the launch of Net Terms as a Service (NTaaS), a new embedded finance solution that enables vendors to offer net terms to their customers without sacrificing cash flow or taking on risk.
In the wake of the economic shifts of 2023, many vendors are struggling to offer net terms to their customers. Traditional net terms arrangements can tie up vendors' cash flow for weeks or months, which can significantly burden small and medium-sized businesses.
Order.co's NTaaS solution solves this problem by acting as an intermediary between the vendor and the customer. Order.co pays the vendor upfront for their services, and then extends either standard net terms (net 30 or net 45) or pay later options on all purchases. This allows vendors to offer their customers net terms and pay later plans without worrying about the risk.
"Our mission is to make it faster and more efficient for buyers and vendors to grow their businesses - freeing up working capital for vendors helps them grow and helps their customers buy more of what they need," said Warren Brown, VP of Product at Order.co.
"With net terms as a service, Order.co acts as a net terms enabled eCommerce platform for vendors and then gives their customers a powerful spend management solution to simplify their end-to-end procurement process."
Here are some of the key benefits of Order.co's NTaaS solution:
- Improved cash flow: Vendors receive payment upfront for their services, regardless of when their customers pay. Increased sales: Vendors can offer their customers extended net terms or pay later plans, making it easier for customers to place larger orders
- Reduced risk of late payments: Order.co assumes the risk of late payments from buyers. Vendors save time on collections and don't have to worry about incurring bad debt.
Order.co's NTaaS solution is already being used by several businesses, including LuvBuds, a distributor of wholesale dispensary supplies and smoke shop supplies.
To learn more about Order.co's NTaaS solution, please visit https://www.order.co/net-terms-as-a-service/
Order.co is a Spend Efficiency Platform that helps businesses save time, save money, and gain clarity into their spend. Order.co eliminates manual purchasing and payment tasks and gives your team one place to purchase, approve, track, and pay for all the physical goods your business needs. To learn more, please visit https://www.order.co
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