When you’re a business struggling to keep ahead of the competition and remain profitable, your cash flow processes are likely at the forefront of your mind. Although it isn’t always easy, there are a host of solutions when suffering from cash flow issues, the leading being buy now, pay later (BNPL) services for business and merchants.
1. Incremental Sales
One of the leading advantages of using BNPL for merchants is that it can enable your business to offer incremental sales without having to suffer financially if customers fail to make their monthly payments on time. Offering sales in instalments can help attract new clients and employing third-party BNPL solutions means you receive the money upfront without having to worry about tracking down late payments.
2. Improve Your Customer Base
As mentioned above, BNPL is a great way to improve your customer base because customers concerned about product/service prices can easily convert their payments into easy monthly/weekly instalments.
3. Inventory Oversight
Maintaining a clear view of your inventory, when you need to restock, and what items are selling best is key to keeping your business successful. BNPL for business services can help provide more insight into your inventory at the granular level by providing B2B business with the opportunity to buy in larger amounts, which prevents excess stock and greater oversight.
4. Optimise Cash Flow
Cash flow is what your business relies on to pay its bills, payroll, and other unforeseen expenses each month and BNPL solutions can help optimise it. You’ll receive the cash from all orders upfront, whether it was purchased via instalments or in bulk, meaning you’ll never have to worry about not having enough in your rainy-day/payroll fund to cover expenses.
5. Build Long-Term B2B Relationships
BNPL solutions help you build long-term relationships with your customers by making the payment process easier and providing them with more payment options. It will communicate to them that their business is important to you and you’re doing everything you can to serve their best interests.
Contact us for BNPL for business and merchants today!
Selectpay will work with you to find the right BNPL solution for your business. Additionally, we also offer invoice finance solutions, so contact us online to learn more or call 1300 566 229 today!