The European leader in B2B Buy Now, Pay Later (BNPL), Hokodo, and leading pan-European payment institution for marketplaces, Lemonway, have announced a partnership that will enable B2B marketplaces to offer buyers trade credit online.
While enabling sellers to benefit from upfront payment, risk protection and full regulatory compliance.
Throughout the past five years, there has been a 94% growth in online B2B purchases,while another study predicts that 80% of transactions between B2B buyers and suppliers could be conducted online by 2025, underscoring the need for B2C payment experiences to replicate the ease and fluidity of the existing B2C payments space. Hokodo and Lemonway are seeking to provide the solution. The success of a B2B marketplace depends on many drivers, but the payment experience remains key. The expectations of business buyers demand that payment methods and services be adapted. So, while B2B, transaction amounts may be higher, timely payment is still preferred. BNPL meets these specificities by offering all the advantages of a traditional trade loan without its inconveniences, instantly, which is critical in the context of online trading.
In order to stand out from the crowd, B2B platforms must rely on the best payment technologies. It is therefore only natural that two marketplace experts have joined forces around common values and ambitions. Both have a tailored approach. Hokodo reduces the rate of non-payments thanks to a scoring system that evaluates the buying power of businesses in real-time. Meanwhile Lemonway reconciles payments and helps the platform to comply with payment regulations.
BNPL unlocks the potential of B2B by perfectly matching the needs of business buyers. This results in higher average basket values, increased conversion rates and higher purchase frequency, as well as increased seller loyalty due to fast and guaranteed payment. This is changing the face of the B2B marketplace.
Antoine Orsini, founder of Lemonway, comments : ‘We are proud to collaborate with the European leader in BNPL. The values and ambitions that bring us together are real vectors of success for B2B marketplaces willing to stand out. Together, we have the potential to create tomorrow's European champions in a market that is expected to grow by 194% by 2025.’
’Lemonway's expertise and human approach fits perfectly with our DNA. We are passionate about the industry and want to offer B2B marketplaces the best possible way to stand out from the competition. The regulatory expertise and robustness of the Lemonway API fits perfectly with our real-time scoring system,’says Louis Carbonnier, founder of Hokodo.