On-page Purchases With Magento 2 Company Credit
On-page purchase is the traditional method of payment in wholesale. Yet, how is it applied in ecommerce, especially on a B2B website? Take a look at the new Magento 2 Company Credit feature for open-source Magento 2.
Should B2B Business Use Magento 2 Company Credit?
ALSO, CHECK OUT Magento 2 Store Credit for wholesalers!
B2B Trade Credit is not a new business strategy, often used by sizeable B2B businesses but with great effectiveness to increase sales and increase customer loyalty.
When the wholesaler wants to make a purchase but doesn’t have enough cash, the customer can request to make an On-credit purchase.
With this strategy, the store owner will make a purchase order (PO), and the customer will check out, pay part of the bill by the PO code by credit or cash to receive all products in the application in advance.
At the same time, customers agree to pay the full bill at a previously agreed time between the two parties.
After receiving the full payment, the store owner will check again and convert the balance upon receipt to available credit for the next purchase.
Similar to Letter of Credit (LC) in traditional B2B transactions, Magento 2 Company Credit is a function that helps perform B2B trade-credit quickly with functions such as:
- Make a one-time payment for multiple previous purchases.
- Buy on-credit unlimitedly within the assigned credit line.
In short, Magento 2 Company Credit helps admin websites manage trade credits, on-credit purchases and ensure the best customer experience.
Detailed Features of Magento 2 Company Credit Module
Magento 2 Company Credit module has some similarities with the Store Credit feature and Purchase Order found in Commerce Edition, but this module also has its unique capabilities. Let’s find out what they are.
1. Payment via company credits
TRY OUT the Custom Shipping Methods feature for Magento 2 B2B.
Similar to Store Credit for B2C or Purchase Order function already in Commerce Edition, Magento 2 Company Credit allows customers to use credits available in their account to:
- Make payments for orders.
- Make full payment at a specified time.
- Exceed the allowed amount of available credits.
A worthy note is that credit works with multi-currency websites.
2. Enhanced customer credits dashboard
Magento 2 Company Account has upgraded the My Account dashboard for customers to manage their accounts as conveniently as possible.
In the new interface, customers can easily see critical historical data associated with the change of account balance, such as:
- Total Credit, Used Credit & Available Credit.
- Date, Type, Note, Purchase Order number, Order ID, etc.
3. Convenient credit management for admin
RECOMMEND READ: Full list of B2B feature for Magento 2 open-source!
Similarly, the admin website’s credit management interface has also been upgraded for a better experience.
Website admin can now manage each customer’s credit limit through the credit limit tab & column. Moreover, the admin can now also apply mass action to as many customers simultaneously if desired.
4. Email notification for changes in credits
Magento 2 Company Credit allows admin to set up email notifications to customers with three organizable templates corresponding to credits changes.
If the admin assigns or changes credit limit, an email will be sent to the appropriate customer.
In case the customer exceeds the credit line, or their available credit is zero, an email will be sent to the store-owner.
If the admin updates the available credits, customers place a new order using credits, or the website admin refunds back the credits to customers, then an email will be sent to the customer.