Financial Services & eCommerce Platform Boosts B2B Capabilities
The financial services industry is undergoing a momentous transformation, largely due to ever-evolving technologies pervading the industry. If there's any certainty in the financial technology (FinTech) line of business, it's that change is pervasive and being quick to adapt is critical.
OroCommerce, a B2B eCommerce software provider did just that. On June 11th 2018, OroCommerce announced their partnership with Limonetik, a major financial technology firm who specializes in international payment services, marketplace solutions and partners with leading European acquirers and payment service providers.
Christophe Bourbier, Limonetik Chairman and Co-founder said the partnership will bring both companies together to integrate payment acceptance, fund collection, account reconciliation and compliance services into the OroCommerce platform used by online suppliers.
"Our partnership with OroCommerce is strategic; it is a real asset for B2B customers because they benefit from a unique global solution integrating a wealth of payment features"
Motti Danino, OroCommerce COO also commented on the news to say “The Oro team is thrilled to welcome Limonetik as our new technology partner. We believe that Limonetik’s global reach and experience in aggregating payments and marketplace solutions makes them an ideal technology partner for OroCommerce.”
Since these two firms are new to our CMS-Connected radar, I decided to share some background information on both of these vendors below (in no particular order):
International Payments Made Easy with Limonetik
Founded in 2007 by CEO Christophe Bourbier and CTO Olivier Berthelier, Limonetik is a Paris-based financial technology firm who specializes in global digital payments and marketplace payment solutions in the B2B & B2C industry by providing payment services to gateways, acquirers, and Tier 1 international merchants.
Limonetik has seen over a 120% increase in payment transactions and volumes processed on its technology platform in S1 2017 and was also named the prestigious title for “Cool Vendor in Digital Commerce” by Gartner in the international financial technology sector for their ’one-stop’ innovative SaaS solution.
Here is the platform’s key features at a glance:
The Limonetik payment platform provides you with an easy connection to payment methods worldwide and handles the processing of your payments.
Connect to a wide range of international payment methods
Minimize the burden of their integration
Process split-tender transactions: pay a single transaction with multiple payment methods
The Limonetik payment platform really helps you enhance your productivity by reducing the complexity of payment flows management.
Open different accounts and collect funds worldwide
Reconcile all funds simultaneously (make sure that what you get paid is what you’re owed)
Get detailed reports for all your transactions
The Limonetik marketplace payment platform automates the settlement split between sellers, performs commission calculation and the currency conversion while guaranteeing compliance with relevant regulation.
Handle the marketplace business model & remittances to unlimited number of sellers
Comply with regulation and AML requirements
Convert payments in local currency
A ‘360-degree View’ of Oro, Inc
Oro, Inc, founded in 2012 by former CTO Yoav Kutner is the main company behind OroCRM, OroCommerce, and OroPlatform and headquartered in Los Angeles, CA. The OroPlatform is an open-source platform made for rapid application development (RAD) which is built using PHP.
Here are OroPlatform’s major key features at a glance:
Corporate Account Management
Access Controls, Roles, & Permissions
Multiple Organizations, Websites & Stores
SEO-friendly Content Management System
Personalized B2B Catalog Management
Multiple Price and Shopping Lists
Segmentation & Custom Reports
Flexible Workflow Engine
Built-in native CRM
OroCRM, which was then launched in 2014, has rapidly established itself as a disruptive force in the CRM market. OroCRM is delivered as SaaS or better known as on-premise, and offers robust customer management tools, detailed analytics and a broad spectrum of third party software integrations for all types of businesses, from retail conglomerates to marketing and customer service organizations.
OroCommerce, is a B2B-focused eCommerce software platform and redefines the benchmarks for best-in-class customer experience practices. OroCommerce provides a diverse range of capabilities, from personalization, localization and intelligent marketing tools to powerful reporting and ground breaking segmentation
Here is a list of its major key features:
Back in May of 2017, OroCommerce also announced a collaboration partnership with PayPal. The initiative led to the development of a B2B payments solution integrated into Oro’s eMarketplace. The tool enables OroCommerce to offer a more holistic experience for its corporate users to purchase, pay for and track the shipment of goods and services.
OroCommerce also cited data from Forrester that estimates B2B buyers made at least half of their purchases online last year, up from 32 percent of purchases made online in 2014. The company said “This growth emphasizes the importance for suppliers selling to businesses online to manage the entire customer lifecycle, including payments, particularly when reaching international buyers.”
It’s no surprise that B2B Commerce is booming. There was an interesting statistic that was included in the press release that caught my attention stating “Last year, Forrester anticipated that B2B eCommerce would reach $889 billion by the end of 2017, making up 11% of the total of B2B sales in the US alone. The research firm also calculated the number of B2B buyers who would make at least half their purchases online in 2017 at 53%, up from 32% in 2014. Frost & Sullivan, on the other hand, predicts that B2B eCommerce will reach $12 billion in 2020 as compared to $3.9 billion for B2C. This staggering rise proves that, on average, much more is spent in a B2B shopping cart than in a B2C one.”
In one of my previous articles a couple months ago, I covered the B2B eCommerce industry but particularly the effects it’s having on mobile eCommerce. The ability to be present to a consumer at all times, through any device, platform or channel, is one thing that B2B retailers are going to dive deep into in 2018. B2B sellers are upping their presence, on all devices – phone, web, mobile and catalog, just like B2C sellers. It is just as paramount for B2B sellers to fulfill customer expectations and provide them with effective functionality, customer reviews, feedback and tools.