Buy Now, Pay Later is the future of business. The trend has been growing in popularity for a few years now, and it is only going to continue to grow. The biggest online retailers including Amazon, and payment processors like PayPal have been implementing BNPL solutions for a while now.
But B2B buy now, pay later is taking this trend to another level altogether by taking over B2B business!
What is Buy Now, Pay Later for B2B Business?
When a business needs to pay suppliers for goods and services, well-managed cash flow is critical. Large one-time payments for large purchases can be difficult to come up with, and small payments for smaller orders can take up a lot of time to come by.
Buy now, pay later (BNPL) allows businesses to pay for goods and services over time. Customers can choose to pay for products and services in installments. This way, businesses can get the money they need to purchase goods and services without having to worry about large one-time payments.
How it Works
Basically, B2B BNPL is when a customer (who is also a business) buys something like office supplies or needs marketing or legal advice, or any other products or services then pays for the purchase later by spreading the payments out over time.
At the time of the purchase, the customer can choose BNPL as their payment method, and they can get the product or service without paying the full amount upfront.
On the other end, B2B buy now, pay later providers like Selectpay will pay your business the total amount upfront on the customer’s behalf. So, basically, you wouldn’t need to wait for your customers to pay to receive your payment. The provider will then collect the payment from the buyer based on their terms.
Why Buy-Now, Pay-Later is Taking Over
There are a few reasons why BNPL is taking over the B2B sector. The most important is cash flow management. The second is Growth plans, utilising BNPL can facilitate growth by freeing up cash flow. At the same time, the service can also help you immediately collect payments for smaller orders even if the customers want to pay for their orders over time.
Get Started with B2B Buy Now, Pay Later from Selectpay
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