Biller Accelerates B2B Lending from 4 Days to 10 Seconds With an 87% Drop in Fraud Rates
The BNPL company is quickly transforming the world of B2B payments. SEON provides invaluable extra data at the underwriting stage.
Biller is on a mission to modernize the world of B2B payments. First by offering a BNPL (Buy Now Pay Later) option in a world still largely dominated by traditional billing solutions – but also by delivering a seamless, fast, and risk-free option to its customers.
Coert Snyman, Senior Analyst at Biller, explains:
“Soon, 85% of all ecommerce B2B transactions will be online. There’s a huge shift in how payments are made – but until Biller was started, it seemed like nobody had managed to bring B2B payments into the 21st century.”
This is precisely where Biller shines. Thanks to its BNPL model, it allows companies to get paid sooner, accelerate the supply chain, and optimize cashflows. But of course, providing what are essentially small business loans isn’t without challenges.
“As a BNPL company, we’re the ones eating up the risk, so we have to be smart about how we mitigate fraud and manage credit lending. That used to mean a lengthy assessment that could take up to 4 days.”
Accelerating the credit scoring process became a priority for Coert and his team, who soon discovered SEON’s data enrichment capabilities. Not only was the integration fast and painless, but they also started seeing results in record time.
“We were looking at another provider, but they came back to us with a 4-6 months integration window. With SEON, it was literally a phone call, sandbox tests on Monday and by the end of the week, it was done. One other thing I’d like to comment on is the pricing model. It’s really 2022, like for scaling together. The SEON model, it’s now one we actively look for with our other partners. Clearly an organization that approaches work and its customers in a different way.”
So how does Coert and his team leverage SEON’s features? First, during a customer identification process, where they can immediately filter out obvious fraudsters with no social profiles or suspicious configurations.
Then, the data science team leverages alternative data based on an email, phone, IP, or device to augment its credit scoring system.
“The email analysis tool is fantastic in B2B because we work with a lot of custom emails. What we then do is create custom SEON rules, test them, and combine them with credit bureau data to build our own fuzzy logic. It accelerates credit scoring down to under a minute, with zero added friction.”
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The result of this clever deployment is that Biller can now instantly filter out potential fraud, and then ensure their good users will be financially viable with a frictionless credit check. This resulted in:
- 87% drop in fraudulent transactions
- 93% drop in manual queries
- A 70% quicker implementation than with similar projects
And Biller is just getting started with what it can do with SEON. Coert and his team are now exploring how to play with custom rules and combining them with more data sources.
“Our next step is to start looking at what we can do with open banking data, credit data, and SEON. It’s really exciting to see how we can grow together to offer the B2B world an unparalleled payment experience.”
<span style="color: #253654;"><b>Decrease in manual review time</b></span>
<span style="color: #253654;"><b>Drop in fraudulent transactions</b></span>