For companies that have Payment on Account enabled and have company credit available, they can make purchases on their account up to the credit limit that is granted. With this feature, customers can check the status of their company credit from their account dashboard.
You can set the following credit-related parameters for each company profile:
Credit Currency
Credit Limit
Allow to Exceed Credit Limit
Reason for Change
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Today, we’ll be walking through company credit functionality that allows B2B buyers the ability to purchase by paying on account B2B merchants commonly extend credit to attract new business and encourage increased spending, and build customer loyalty. Similar to how bars or restaurants allow you to put purchases on a tab, merchants often allow buyers to make purchases against credit. Adobe Commerce includes support for payments on account so that B2B merchants can extend credit to their buyers online, in addition to supporting traditional B2C payment methods, like credit cards and PayPal. So now from the persona of Dale Doback, I’ll walk you through what this looks like in the storefront. As I proceed to check out, I’m going to be able to see my shipping options. And then, in terms of choosing my payment methods, I can choose payments on account. I can view my available credit, put in a reference number, and place my order. I can also see my company credit. By going to my company credit page, here in the storefront, I can see my outstanding balance, available credit, as well as the purchases that have taken place against this credit. So now I’ll show you how this is enabled in the admin interface. So, as an administrator with a merchant, I’m going to go to stores and configuration here. The Magento admin panel includes high level settings that allow B2B companies to enable or disable payment on account, under payment methods here. When I go to payments on account, I’m given a variety of options, including the ability to enable or disable payments on account at a website level and at a country level. I can also do this per company, which I’ll show you in just a second. I can choose how the payment method is named on the storefront, so I can choose the language around payments on account, company credit, or whatever makes sense for my business. I can also decide the minimum and maximum order amounts for credit purchases. So now I’ll show you what this looks like at a per company level, by going into the same Dale Doback company here, within my environment, and what I can see here is, under this company credit dropdown, I can observe the credit limit and currency for each company. I can view the transactions that have taken place against this credit, the balance, the available credit. And I can also choose whether or not this company can exceed its credit limit. So in this case, if Dale has spent 55,000 US dollars, can Dale purchase further after this limit or not? I can also manually imburse my credit balance when payments are received. This is often handled by the ERP system, but it’s also possible through the admin panel, by entering the amount, the purchase order it should be applied to, and a comment about this reimbursement. So, payments on account allows B2B merchants to attract new business, encourage increased spending, and build loyalty with their customer base. To find more information about payments on account, you can go to the commerce user guide to understand more about configuration. You can also go to the B2B developer guide to understand more about what integrations look like for this functionality. -
