Northern Tool + Equipment offers pay-by-invoice to business customers
A Minnesota-based specialty tool retailer is providing greater flexibility for business-to-business payments.
Northern Tool + Equipment is making the pay by-invoice program from business-to-business payments and invoicing network TreviPay available to its commercial customers. The partnership with TreviPay powers the new Northern Tool Commercial Account net terms program which provides businesses 30-day payment terms and flexible invoicing options.
Business customers of Northern Tool + Equipment will be able to complete purchases across all sales channels via the Commercial Account program. Additional functionality will allow businesses to make purchases and assign other employees to pick up products in-store.
"For over 40 years, the folks who tackle the toughest jobs have counted on us to deliver more than just tools—we deliver the kind of service that gets the job done right," said Lisa Cordes, director of finance shared services at Northern Tool + Equipment. "Teaming up with TreviPay lets us bring that same no-nonsense, get-it-done attitude to checkout."
[READ MORE: Specialty tool retailer crafts AI-based pricing strategy]
By offering net terms to its business buyers through TreviPay, Northern Tool + Equipment intends to streamline its accounts receivable processes with automated application decisioning, quick buyer onboarding and a reduction in manual, back-office work. The retailer expects to be able to focus on growth and customer care more than collections as another benefit of the program.
"Payment experiences serve as critical but often overlooked opportunities to build business-to-business customer loyalty," said Brandon Spear, CEO of TreviPay. "Without thoughtful management of payment touchpoints, including seamless payment processes and offering preferred purchase options like net terms, today’s retailers risk losing ground to those that prioritize customer experience at check-out."
The U.S. subsidiary of Swedish home furnishings giant Ikea also streamlines business-to-business payments, with Slope Tech Inc. as its third-party invoice-to-pay solution provider. Slope is available on Ikea’s U.S. website for business applications and checkout where approved.
In addition to streamlining the checkout process, this option provides Ikea business customers access to capital with 30-day net terms, enhanced budget management and instant eligibility up to $100,000.
Northern Tool + Equipment is a family-owned company based in Burnsville, Minn. operating more than 130 retail stores, online and over the phone through a fully-staffed contact center.
