“Rewarding your clients will result in more revenue and more positive association with their buying experience.”
-Boost Your Sales with a B2B Loyalty Program by Teresa Cain
TreviPay uses a variety of methods when partnering with companies across the commercial equipment space to implement business programs that are designed to grow sales volume. The potential for growth is maximized by incentivizing customers to return to our merchants again and again.
We do this by offering a core set of features with a proven ability to motivate repeat business. In the last year, TreviPay has also created a Spend Tracking and Credit feature to specifically benefit our commercial equipment clients with premium experience.
Here’s how it works:
Core B2B Loyalty Features
Contract Price Verification
The primary way B2B businesses create loyalty is through contract pricing segmented by customer. Providing and enforcing customer-specific pricing all but guarantees repeat business from that customer. Most medium and enterprise businesses don’t want to hassle with points programs. Enterprise businesses want a simple discount based on their committed spending. For sellers with a distributor network this can be difficult to enforce. TreviPay’s Contract Price Verification Service enables clients to define customer pricing tiers with specific pricing down to the SKU level. Client-defined price files are uploaded into the TreviPay platform and TreviPay automatically verifies that the distributor sent in the correct price for that specific customer, on the specific date, for the specific SKUs. If the price is incorrect, TreviPay automatically notifies the distributor who corrects and resubmits. This ensures customers always receive their contracted price and avoids disputes and customer frustration. We have 20 years of experience with this feature.
Invoicing Requirements
Customers are more likely to return to the same seller if they are getting high-quality invoices containing all the information needed to confidently pay their bill. TreviPay works with the client to determine the needs of each individual buyer account. The system is then configured to use these rules to enforce data requirements such as purchase order number formatting, VIN and odometer requirements and minimum transaction amount. These requirements can also be configured to apply to parts invoices, labor invoices or both. If the invoice does not contain the required data, TreviPay automatically notifies the seller to correct and resubmit. Buyers are happier because they do not need to spend time chasing down invoice information.
Payment Terms
Servicing tiers is another capability available for clients to offer their best customers. The number one way to create loyalty is to make the buyer feel special. Servicing tiers also encourage customers to spend more so that they can hit the next tier. TreviPay offers clients the ability to define customer tiers and then associate A/P benefits to them. Examples of features that can be configured include:
- Extended terms. (e.g. Level 1 = 30-day terms, Level 2 = 45-day terms, Level 3 = 60-day terms)
- Late fees can be waived in higher tiers
- Customized dunning cadence in higher tiers
- Dedicated A/R specialist
Spend Tracking and Credit Creation
- For clients who wish to take a more direct route to incentivize customer spending, TreviPay offers a feature that allows clients to configure spending tiers and associate those tiers with sliding scale percentage-based payouts. When the customer meets their spend goal within the configured time frame, a credit is automatically created and applied to the customer’s account. With TreviPay’s consolidated billing, this lowers their next payment. This feature is highly customizable, ensuring the program fits the financial structure of the client’s business, while also ensuring customers receive a consistent experience.
- Customers enrolled in a spend tracking program have access to screens that show their spending status, as well as any past credits. The progress tracker encourages them to spend more, while showing past payouts emphasizes the value of the program.
- Reports sent to the client help with advanced planning for funding the credits. This helps to plan future financials and not be caught off guard when a customer is issued a rebate. Traditional tracking programs may offer too much flexibility with customer redemption options leading to surprises for the client.
- This feature allows more opportunities for the client to engage with the customer and keep them coming back.
TreviPay’s broad array of key loyalty features are diverse enough to offer something for every type of client. Used singularly or in combination, these loyalty features have a proven record of increasing the lifetime value of a customer.
