According to Forrester Research, business-to-business (B2B) eCommerce is poised to reach over $1.8 trillion by 2023. To help power this explosive growth, Resolve today announced that it has formally spun out of Affirm to launch an automated payments platform offering extended net terms.
Early customers using Resolve’s payment automation technology have realized significant increases in B2B sales, growth in order size, and faster sales cycles.
Traditional B2B financing is slow, inaccurate and limits a business’s potential for growth because of an over reliance on email, call centers, faxes, and manual invoicing processes. Today, many companies offer a standard net 30-day payment plan only to their best and longest tenured customers, leaving others in need of financing to rely on credit cards or installment loans.
“Much of B2B eCommerce is still managed in archaic, outdated ways – the sector needs its tech moment in order to fully reach its potential,” said Affirm CEO Max Levchin. “Resolve’s ability to power automated payment approvals and terms will help deliver on this promise of adoption and scale.”
How It Works
Resolve is an easy to deploy and completely risk-free automated platform for net 30, 60 and 90-day payment terms. Buyers complete a simple application customized for their business type and size. Resolve then analyzes applications in combination with nontraditional commercial underwriting data such as purchase history to approve extended payment windows.
Resolve assumes all repayment risk, enabling companies to offer risk-free extended payment terms without ever having to manage customer billing or collections. Buyers pay 0% interest if accounts are repaid within the agreed-upon terms. Suppliers receive full payment, minus fees, as soon as an order is placed.
LED-light manufacturer Hyperikon tapped Resolve to help modernize its B2B sales process and better serve buyers. “Resolve made it easy for us to boost conversion, revenue and loyalty by offering extended net 60 payment terms,” said Nicklas Brandrup, Founder and President at Hyperikon. “We now stand out in the marketplace because distributors know they can order more through us with fast, accurate financing decisions. Resolve is the future of B2B eCommerce.”
Resolve payment plans are offered at sub-credit card fees and can easily be integrated into both offline and online sales channels.
“With Resolve, we were able to immediately deploy a popular ‘buy now and pay later’ capability for our customers with no risk or headaches on our part,” said James Lester, Managing Director at Event Decor Direct. “Resolve is more than financing, it’s the core of our eCommerce business strategy.”
Resolve was developed by serial entrepreneurs Chris Tsai and Brian Nguyen. After selling their prior e-commerce and payments company to Indiegogo, they collaborated closely with Levchin’s Affirm and HVF teams to build an automated financing solution for B2B eCommerce that has now spun-out to become Resolve.