Business Payment Solutions: Credit Card vs. BNPL

When it comes to offering your clients payment options, some businesses may think that a credit card option is enough. With a credit card, they can pay you now and pay it off later, right? But there are a few flaws in this argument.

A credit card payment option might get you the money upfront, but at what cost? When we increase credit card debt, the only winners are the banks. Helping your clients into more debt won’t help you grow your business, and it certainly won’t help them grow theirs.

On the other hand, a payment option that supports cash flow on both sides of the equation is a true win-win for you and your clients. With Selectpay’s business-to-business ‘buy now, pay later’ (BNPL) solution, you get paid upfront, and your client can spread their payment over monthly instalments with a transparent, fixed fee rather than skyrocketing interest.

In addition, with Selectpay there is no monthly credit limit. Unlike a credit card, your clients can use Selectpay to manage larger invoices or during those months when everything comes in at once, without worrying about exceeding limits, incurring additional interest, or paying fees for being overdrawn.

You’ll also be introducing them to a business tool that supports them to grow in a challenging time. Many Selectpay users first use the platform with their recruiter and go on to use it for their other business expenses because it gives them cash flow certainty at a time that is anything but certain.

The other great thing about a BNPL solution is that there are no lengthy application processes, just a quick credit check, so your clients don’t have to sweat on getting all the paperwork in order just to carry on business as usual.

Unlike a credit card, a solid business-to-business BNPL solution will actually support you and your clients to grow. We’ve even seen it open up new markets for our corporate partners, as potential clients who may have been put off by the upfront fee can access your services today and pay when it suits them.

It’s an area where I have first-hand experience. The first iteration of Selectpay was started inside my own business. I saw the need for a payment solution that enabled my clients to use my services now but spread payment of the upfront fee, and it worked. Its success led me to see the potential for all businesses, and Selectpay was born.

Your clients will value a payment option that helps them manage cash flow, not dive deeper into debt, and that’s what Selectpay is all about. So, if you want a better way to get paid upfront and support your clients, drop me a line to find out more.

Are you ready for The Great Resignation?

With news that the Great Resignation is set to hit Australian shores in 2022, business owners, recruiters, and HR teams all over the country are gearing up for peak volume. Here are four tips from the Selectpay team to kickstart your planning.

1. Review your tech stack

Rec tech is an innovative and ever-evolving space, so if you haven’t revisited your tech stack for a while, now might be the time. There are some great ATS solutions out there, like RDBNow, that maximise productivity – perfect for an influx of clients and talent. Also worth a look are tools that speed up your recruitment process. One we love at Selectpay is Referoo – a leading Australian online reference checking platform that takes the hassles out of references and improves turnaround time.

Whatever your needs, there’s likely a tech solution out there, so it’s a good time to review your stack.

2. Build your network

Whether you are a recruiter or someone looking to hire for your own business, your network will be key in a busy market. With everyone keen to get back to socialising and face-to-face events, it’s the perfect time to be connecting with people and a great way to find your next hire.

There are some fantastic networks out there that can help you find candidates, opportunities, partners and just generally build out a killer professional network. If you are in Sydney, check out Club United Business, who offer a range of membership benefits and fantastic networking opportunities.

3. Make sure you have the right partners

From your software to your payment solutions and everything in between, your partners should understand and support your business goals. Many agencies will be preparing to meet ambitious growth targets in 2022, and at Selectpay, we believe it takes a village.

We have a fantastic, supportive business community right here in Australia, so look for local partners that understand your market and your goals, and provide the support you need. And if a partner is not making the grade, it may be time to move on and find someone who will step up.

4. Support your business and your clients to thrive

The Great Resignation will be a double-edged sword for business owners and recruiters alike, presenting both challenges and opportunities. While there will be opportunities for businesses to pick up some great talent, chances are, they’ll lose some too. And this can get costly.

In business, we are all too aware that hiring is expensive. The upfront costs of recruitment and onboarding can be expensive, even though finding the right candidate is a worthwhile investment.  Whether you are a recruiter or a business owner, a partnership with Selectpay can offer you and your clients a flexible payment solution.

Selectpay’s buy now pay later solution is designed specifically for your industry. It enables clients to select the candidate they want now and pay later to better manage cash flow – all while you get paid upfront. Check it out at