The Hyperikon Success Story
Started in 2010, Hyperikon has grown from humble beginnings to a provider of 250+ LED products and e-commerce brand with almost 1 million customers on Amazon and their own website.
The Challenge of Extending Terms
When the leadership team at Hyperikon set out to grow their wholesale LED lighting business, they envisioned a truly seamless B2B buying experience for their business customers with Net Payment Terms.Without Resolve, Hyperikon's business customers would be forced through a difficult and lengthy credit approval process -- long multi-page applications, paper and fax based processes, and multi-week decision timelines. Hyperikon wanted to change that and deliver a frictionless, customer-first approach.
The Hyperikon and Resolve Partnership
Hyperikon stood out from the moment it announced the Resolve Net 60 payment option to its customers. For buyers, this meant no more paper or fax applications, waiting for weeks to hear back about a credit decisions, and no more upfront deposits. Resolve returned credit decisions the same business day and worked with buyers to get them the line they needed to make bigger purchases."One huge benefit has been the speed which customers find out about whether they're approved for a Resolve credit limit" says Gil. "In the cases of our larger corporate buyers, they reduced their order placing process with Hyperikon from a month or longer to just a few days, a 90% reduction in our time to close."Hyperikon wholesale customers on Resolve's net terms also increased their orders to 3x their previous size with the extra cash to reach the bulk discount rates, a huge win for Hyperikon's growth goals. "I've been regularly seeing much larger orders with Resolve than I would have otherwise seen without net payment terms, which has been a huge win for our wholesale business," said Gil.
Resolve's B2B payment solution helped Hyperikon realize their vision and put them one step ahead of their competition."In the end, Resolve allowed us to reach our wholesale goals much faster than we expected. We could have spent years offering a suboptimal set of payment options that wouldn’t have come close to what Resolve provides," said Gil. "With Resolve, we are truly able to provide a wholesale customer a benefit when they buy from us, which encourages larger purchases and higher frequency repeat rates. Our close rate is easily 50% higher because we offer Resolve."That edge in converting orders from buyers helped power Hyperikon's rapid organic customer growth which Hyperikon's wholesale team attributes directly to Resolve. "We wouldn’t have been able to do that without Resolve," Gil says. In just about a few quarters, the company's wholesale business had rocketed from a small base of buyers to countless business customers and glowing wholesale customer feedback.