According to a survey by Oracle, 70% of B2B e-commerce transactions involve more than 2 decision makers and 75% of the users have abandoned their shopping cart due to the cumbersome process of payment and approval. Apruve, a B2B payment tool for ecommerce, enables users to checkout and charge their purchase directly to their company, a client, or anyone with an email address without needing to use a personal or corporate credit card.
Apruve was founded in 2012 and is headquartered in Minneapolis, U.S. The management team includes Michael Noble (founder), Neal Tovsen (Co-Founder) and Cullen Murphy.
Checking out with Apruve:
How does it work?
Apruve is an online payment platform wherein the buyer selects Apruve as the option for online purchase checkout.
However to select this option, the merchant should offer Apruve as a checkout option.
After the selection, the buyer can log into their Apruve account and select the payer for the transaction from the list of pre- added payers.
An email is sent to the payer who can then approve the transaction.
On approval, the transaction is processed by Apruve utilizing the card details of the payer.
Apruve is a payment method designed specifically for the way businesses buy things. We allow a user to purchase a good or service online and charge it directly to their business or a client at checkout. In essence, you just bought something with their money. The result? No expense reports to file, no requisition forms, no reimbursement and reduced credit card security issues, states the company.
According to Andrew Benson, CEO of Straight Line Theory, using Apruve would save him around 1 hour every month of processing expenses. It would save each employee about 30 minutes per month x 6 employees. This means that the company would save on a total of 3-4 hours a month at $200 per hour.
Across all market segments, cart abandonment averages around 68%. For B2B shopping, this is almost always attributed to the fact that the person shopping isn’t allowed to buy what they are shopping for. Instead, they will take a screenshot of the product or jot down an item number into a requisition form. The cart gets abandoned and the merchant has a greater potential of losing that sale and adding a new customer to its ranks, stated CEO Michael Noble. Merchants also see Apruve as a way to set up virtual corporate accounts (without the hassles of a credit check and monthly invoicing) and as a new marketing tool geared directly to the needs of the business shopper.
Apruve recently partnered with Webtex Software to produce and support their official Apruve extension for Magento Commerce stores. Webtex, a Magento Industry Partner, specializes in building high-quality extensions. These have all been well reviewed and are in use by thousands of merchants.