TreviPay has announced new advanced purchase control features to help businesses automate and enforce customized purchasing policies.
The functionality is now available to TreviPay clients. It aims at addressing common inefficiencies in the B2B procurement process by reducing payment delays, minimizing manual reconciliation efforts, and improving compliance.
The controls allow companies to build and manage their own purchase policy frameworks tailored to procurement requirements, TreviPay says. The solution helps ensure that purchases are processed only when they meet specific conditions the buyer sets, according to TreviPay. That reduces the administrative burden associated with payment discrepancies.
“Creating frictionless B2B commerce experiences is critical for driving long-term buyer loyalty for our clients,” said Dan Zimmerman, chief product and technology officer. “TreviPay’s advanced purchase controls provide businesses with the flexibility to customize guardrails ahead of the ordering process so they can optimize access to spending and help maintain accurate records.”
TreviPay is a global B2B payments and invoicing network. It says it supports over $8 billion in global trade annually. Recently, it announced a partnership with HSBC to enhance digital purchasing options.
TreviPay purchase control features
The purchase controls include a range of configurable options.
- Purchase Order (PO) Number Requirement: Blocks transactions unless a valid PO number is provided.
- Amount-Based PO Threshold: Enforces PO submission only for purchases exceeding a buyer-defined threshold.
- Unique PO Number Validation: Prevents duplicate PO entries, supporting accurate recordkeeping and reducing reconciliation errors.
- Custom PO Number Format: Ensures all PO numbers conform to the format required by the buyer’s internal systems.
TreviPay has designed these features to function across all purchasing channels, including online, in-store, and direct sales, ensuring consistent purchasing experience. By flagging and blocking non-compliant transactions at the point of sale, TreviPay says businesses can avoid the delays and added communication typically required to resolve invoice or purchase order errors.
A recent study conducted with Murphy Research found that 78% of B2B buyers require some level of customization in their purchasing experience, highlighting the importance of flexible and precise purchasing controls. Furthermore, a recent TreviPay report found that 74% of B2B buyers are willing to switch suppliers for a better purchasing experience.
In addition to the new controls, TreviPay has introduced other product enhancements in recent months. Those include:
- Risk-based pricing models.
- Shared buyer codes in its mobile app for temporary purchasing access.
- Improved visibility into upcoming disbursements.
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