Boxed.com Implements Apruve’s Credit Network To Grow eCommerce Initiative
Boxed.com, the big box eCommerce retailer, is targeting the fast growing B2B eCommerce space by implementing Apruve’s B2B credit network to extend payment terms to their business customers.
A recent Forrester Research report found that B2B eCommerce is on track to reach over $1.1 trillion in online sales by 2021. As of now, less than 50% of B2B companies have an eCommerce site--leaving plenty of opportunity for a proven online retailer like Boxed to take a commanding market share of this fast pace eCommerce sector.
To meet the needs of the majority of companies that prefer to buy on terms, Boxed has chosen Apruve to manage their business buyers’ corporate accounts. In doing so, buyers have the ability to check out on terms (Net 30) or have their invoices consolidated for a single end of month payment. Apruve’s Credit Management as a Service (CMaaS) model automates the entire credit management process, completely eliminating the back office expenses and overhead that Boxed would typically need.
“By partnering with Apruve, Boxed is able to quickly extend a dedicated corporate account to our buyers who wanted to pay on terms or use a PO’s,” said Madison O’Connor, Revenue Manager for B2B at Boxed. “Our customers benefit from the A/R experience and expertise a company like Apruve has to offer. It’s a win-win.”
By automating and outsourcing their credit process through Apruve. Boxed is able to rapidly reinvest their B2B sales revenue back into working capital and maintain the low bulk pricing they are known for.
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