Buy now pay later (BNPL) for business is becoming increasingly popular nowadays. This is because companies of all shapes and sizes are looking to gain greater financial insight and control of their cash flow processes. It enables merchants to get their cash sooner and customers to receive their goods and services without having to worry about their cash flow.
Merchants don’t have to wait for invoices to be processed by their clients. As soon as the client provides the invoice to a BNPL provider like Selectpay, the merchant gets the cash upfront. On the other hand, the customer gets the flexibility to pay for the invoice over a few instalments.
What Exactly is BNPL for Merchants?
The main takeaway when it comes to BNPL for business is that it gives your client the opportunity to pay your invoice over instalments while, you get paid upfront by a third-party provider like Selectpay.
In turn, it gets you the cash you need, without any fees or charges to your business.
This can have a host of benefits for B2B companies including:
Increased Cash Flow & Flexibility:
When utilising BNPL options for your B2B company’s transactions, you can increase your daily cash flow, making it easier to pay your bills, make payroll payments, and more. It also gives you more flexibility as a business should you choose to scale or begin investing in new products or services.
Streamlined Payment Processing:
By enlisting the services of a BNPL company for your B2B transactions, you’ll improve both your payment processing solutions but also reduce administrative burdens for both you and your clients.
Risk Management Solutions:
Tracking down late payments can be costly and time-consuming, especially if customers refuse to pay for one reason or another. However, rather than your B2B company taking the risk upon its shoulders so to speak, your BNPL company assumes this risk.
Improved Supplier Relationships:
As a supplier, you can improve your relationships with your customers by providing them goods or services ASAP while giving them the option to pay in instalments. As a customer ensuring that your vendors are paid on time by your BNPL provider, you can avoid costly late fees.
Contact us today for BNPL for business