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.