Four ways BNPL is different from other business financial products

Businesses today have options when it comes to their financing, but they are not all designed to support business growth. In a time when healthy cash flow is going to prove more important than ever for Australian businesses, a true solution should support cash flow on both sides of the equation.

This is where a Buy Now Pay Later (BNPL) solution comes into its own. There are numerous factors that make it stand out for both business partners and their clients.

Here are just some of the ways a BNPL is different:

#1 Faster approvals keep businesses moving

As a Selectpay supplier, there are no financials required and for your clients, it’s a quick credit check process with instant online approval. This process means an invoice gets paid quickly, and the payee doesn’t have to stress about getting mountains of paperwork in order while trying to focus on business as usual.

#2 Transparent fees, not mounting interest

Unlike interest-based finance products, Selectpay users pay a transparent fixed fee, not rising interest that can contribute to business debt. This approach makes it a great solution for our end users, and it also ensures that our business partners are offering a straightforward and transparent payment option to their clients.

#3 Greater flexibility

With our BNPL solution, end users can spread their payment over four easy instalments. In addition, we also work with businesses to customise payment terms, which can really help with those larger invoices, or in industries with lumpy cash flow.

#4 Empowering businesses to grow

A BNPL option allows business owners to access the services they need to propel the business forward today and pay in a way that suits their cash flow. Pre-COVID, this was a nice-to-have, but it’s almost an essential service in today’s climate.

Whether you are looking for a flexible option to manage your own cash flow or a solution to support your clients, take another look at business-to-business BNPL. It might just be the answer you’re looking for.

To find out more about how Selectpay can support your business as we all play our part in business recovery, reach out to us on LinkedIn, or contact the team here.