Debt Recovery using B2B Cards


The B2B Card is a closed-circuit corporate credit card. We may issue one for each of your customers. It can only be used for your customers’ transactions with your business based on the credit policy you have agreed on. Piraeus Bank’s advanced payment system supports these transactions. It checks and executes your bilateral transactions online. It allows you to collect your receivables based on the timeline you have agreed with your customers, even starting from the very next working day after your transactions have been settled.

How your business benefits

B2B Cards allow you to collect your receivables without delays and the amount is instantly credited to your account. On the other hand, it offers your customers significant assistance when settling their orders based on the credit policy you have agreed with them: debit after a specific period of time, interest-free instalments, partial repayment, etc. Piraeus Bank’s winbank advanced online payment system securely manages the transactions. This alternative way of doing business has a positive impact on some major aspects of your business:



Sales

The B2B Card assists your customers to increase their liquidity and enhance their purchasing power against your business. This may also be reflected in both the volume and the value of the orders they place with you. Moreover, the favourable B2B Card terms may also attract new customers, as your agreement will be more flexible and they will now be able to transact with your company. .



Debt recovery

Debt recovery is entirely performed online. One working day after Piraeus Bank has settled your transactions, the net amount of your receivables is credited to your bank account. You may also opt to receive the total amount due for your customers’ orders in advance if they make partial repayments or pay in instalments, depending on the credit policy upon which you have agreed. This enhances your company’s liquidity, while you avoid all the disadvantages of the traditional ways of transacting in cash or with cheques, such as delays in repayment, post-dating, collection fees, etc.



Operating costs

Collect your receivables via B2B Cards and eliminate cash collection or cheque cashing processes. This relieves you from the respective operating costs.  



Customer loyalty development

When you monitor each customer’s transactions individually, you can design and apply loyalty schemes with benefits and reward discounts. This business strategy may also boost your company’s sales. In any case, it allows you to provide better service to your customers and enhance their loyalty to your company.

How your customers benefit

A B2B Card may be issued for each of your customers. It may only be used for your customers’ transactions with your company, offering significant facilities and benefits that have been mutually agreed in advance:



Debt settlement

The B2B Card allows your customers to pay off their orders based on the mutually agreed credit policy:

  • After a specific credit time period

  • With full or partial repayment of the amount due

  • In interest-free instalments



Completion of orders

The B2B Card works like a credit card. It is easy, safe and fast to complete an order using it. The order is directly sent to your company. Your customers may repay their B2B Card at ATMs. If they hold an account with Piraeus Bank, they can also make payments at our branches, through winbank or through the call centre.



Transaction monitoring

Your customers can check their B2B Card transactions at any time and manage them online via winbank. They can also monitor the statement of the bank account linked to the card online. This allows them to monitor and limit their costs.



Liquidity

The B2B Card offers your customers debt settlement facilities that enhance their business’ liquidity. The mutually agreed credit policy enhances their cash flow and increases their purchasing power for products they buy from your company.

How is the transaction carried out

Piraeus Bank’s online payment system supports and checks all B2B Cards transactions every step of the way, from placing an order to collecting the amount due:
 


 1.   Your customers place an order directly with your company through debiting their B2B Card.


 2.   Your company receives and processes the customer order (product, quantity, etc.). You send the transaction to Piraeus Bank via the online payment system for approval.


 3.   Piraeus Bank processes the transaction details. It approves or rejects the transaction depending on each customer's available balance. If the transaction is approved, you may proceed with the order. The electronic system automatically updates the transaction status.


 4.   In the order is approved, your company executes it. At the end of the day, it sends the transaction file to Piraeus Bank to settle it.


 5.   Piraeus Bank debits your customers’ B2B Card based on your mutually agreed credit policy, e.g. after a specific time period or in interest-free instalments.


 6.   Piraeus Bank settles your transactions. If you have opted for up-front payment of your receivables, Piraeus Bank will credit your company account with the total net amount due on the next working day. If not, Piraeus Bank will credit your account based on the payment date you have agreed with your customers.


 7.   Your customers can pay their B2B Card bill at ATMs. If they hold an account with Piraeus Bank, they may also repay their card at our branches, through winbank or through the call centre.