Company Credit B2B

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B2B Company Credit extension for Magento 2 helps encourage sales by offering credit as a payment method to the customers you trust. With the present extension you are able to enable paying on credit to selected customers and groups of customers, stipulating essential credit controls: maximum and minimum order total,  and credit limit. Furthermore, the extension allows tracking the history of credit transactions and managing credit balance of customers. Thus you get able to account for paybacks, amends and reimbursements.

B2B Company Credit enables multi-currency operation and automatic currency conversion within multi-store views. Finally, Company Credit supports automatic email notifications on various operations with a credit balance.

Business Value

Magento B2B Company Credit brings about three major benefits to your online business:

• Enhanced conversion rates,
• Consolidated consumer-centered strategy,
• Fostered judgement on potential risks on the use of the credit payment method.

Enhanced Conversion Rates

Offering credit and enabling paying on account encourages customers to speed up and increase the amount of their spending. On the meta-level allowing delayed payments, that is selling on credit, states the stability of your business, fosters customer loyalty and, thereby helps stand up against competition.

Consolidate Consumer-centered Strategy

Aheadworks B2B Company Credit for Magento 2 facilitates customer-centered approach to eCommerce by specifying credit limits both to groups of customers and for individual customers (either within the specified groups or even beyond them). 

Fostered Risk Judgement

By far, offering purchase on credit presumes potential risks, which the present module prompts to track and tackle by analysing accurate records of customers’ history of credit transactions and by updating credit limits and balances when need be. 

What Is Purchasing On Credit?

When a customer or business makes a purchase on credit, a general ledger account known as accounts payable is created or increased. Accounts payable refers to the short-term debt that a company owes another entity during the course of conducting business operations. As the company purchases more goods on credit, this account will increase. The account will decrease as the company pays off its outstanding bills.

How Company Credit Works?

1) Enable Payment on Credit in Payment Methods (see Magento 2 official user guide), specify credit limits (in the currency of the base store-view) for customer groups and indicate the boundaries of the order total price for customers to be eligible for the payment method at checkout.

Saving the configuration creates credit limits for the customers within the specified groups, charges the amounts of the credit limits (converted into the currency of the customer store-view) to the credits available to customers, nullifies the credit balance, makes appropriate entries to the credit history grid and notifies the customers on the above.

2) Should a customer meet the requirements for eligibility for the Credit Limit payment, he or she will see it on the list at checkout alongside the available sum of the credit. Selecting the Credit Limit payment method and proceeding along the checkout steps, customers finalize the order.

It is also possible to create orders with the Credit Limit payment from the backend. 

3) Manage orders with payment on credit on the backend in the same fashion as regular orders. Issue the invoice, ship the goods and wait for the payment to arrive via bank transfer or other means. 

4) Update the balance of credit and clear the accounts payable as the payment arrives. Do that in a designated tab within the customer profile.

When clearing the account payable admins will be able to choose the currency of the received payment and convert the sum automatically into the base store-view currency without any manual recalculations.

It is not always necessary that the credit balance is a negative sum, as the difference between the available credit and credit limit. You may charge amends or reimbursements to your customers credit accounts too.

5) Browse credit transactions history as a summary of thereof or by customers.

Analysing the history of transactions made to a customer’s credit account may help track outstanding balance, understand customer’s paying capacity, credibility and responsibility towards the agreed terms of payment. Thus you will be able to make deliberate decisions on decreasing or increasing the credit limit of the customer. 

6) Notify customers on any changes to their credit accounts with automatic emails 

Feature Highlights

• Credit As Payment Method

Configure the Credit Limit to feature as a payment method available both on the front and backend.

• Selected Customers Only

Select customer groups and/or individual customers to be eligible for the Credit Limit payment.

• Country Restriction

Restrict Credit Limit to customers from selected countries.

• Credit Limit

Specify the limit of credit per customer group, per individual customer or partner company (when the present module is enhanced with Company Accounts).

• Exceeding the Limit

Allow customers to use more credit, that was assigned to them on the backend. Store admin can select particular customers or companies (when Company Accounts is installed), who can exceed the credit limit. 

• Credit History Grid

Browse the history of all credit transactions of individual accounts keeping track of overdue credit balance.

• Overall Credit Balance Grid

Browse current credit balance of all customers eligible for the Credit Limit payment in a unified summary grid.

• Updating Credit Balance

Make relevant alterations to the credit balance of individual accounts on receipt of debt payment, amend or reimbursement. 

• Comments To Credit Balance Updates

Comment on the amendments to a credit balance noting the particulars of the payment received/made. The two types of comments make messages visible either only on the backend or on the frontend too.

• Email Reminders

Keep customers updated on changes to their credit balance with the help of customizable automatic email notifications.

• Credit Payment At Checkout

Let customers experience the familiar checkout experience with the Credit Limit payment. Allow notification on the available credit for the transaction.

• Purchase Order At Checkout

Let customers indicate a purchase order when Credit Limit is selected as a payment method at checkout, so that the order ir matches their internal practices and regulations. 

• Credit Limit Tab In My Account

Let customers browse the history of transactions within their credit account from a designed grid on the frontend.

• Currency Сonversion

Make use of automatic currency conversion per store-view, and employ the Currency Selector when updating a credit balance for hassle-free experience.

Enhance This Extension

Payment on credit is common in the business-to-business sector, though not rare in the business-to-customer too. You may leverage representation of B2B customers in your store with the native Magento 2 CE functionality of customer groups. At the same time, such an approach does not allow for centered management and operation of a company account. Aheadworks Company Accounts for Magento 2 solves the issue, and enhances the present module with the following functionality:

• Assign credit limits to company accounts;
• Browse and manage company history of credit transactions.

Demo

To experience the extension firsthand follow the links below: 

Backend:  

• Extension Configuration 
• Enable Credit 
•  Credit Balance 

Frontend 

Support Policy:

• Lifetime access to the original codebase 
• 1-year access to all updates 
• 1-year support period
• Cancel your subscription anytime 
• 25-day Marketplace Return Policy