Flexbase Adds B2B BNPL Option for Merchants

Finance tremendous app for companies Flexbase is now providing B2B retailers a purchase now, pay later (BNPL) answer known as Flexbase Pay.

With this product, retailers can receives a commission instantly whereas additionally giving their enterprise clients the choice to get 60 days of interest-free financing, based on a Monday (Sept. 19) press launch.

“We enable B2B merchants to experience all the benefits of BNPL, including increasing their revenues significantly and increasing business customer loyalty, while taking the task of underwriting and credit collections off their plates,” Flexbase CEO Zaid Rahman mentioned within the launch.

In observe, retailers want solely add a “Pay in 60 days with Flexbase” button to their checkout to allow the Flexbase Pay choice, after which Flexbase handles the underwriting course of and affords the retailers’ clients financing inside 5 minutes, based on the discharge.

Online tools rental market DOZR has signed on to turn out to be the primary service provider providing the brand new Flexbase Pay product, per the discharge.

“We’re really excited that these are really extended terms from anywhere close to the norm, and the terms then [enable buyers] to access thousands of suppliers, rather than one or two,” DOZR

CEO and Co-Founder Kevin Forestell advised PYMNTS’ Karen Webster in an interview.

Read extra: DOZR CEO Says BNPL Doubles Net Terms for Construction Rental Marketplace Buyers

Credit has all the time been arduous to come back by within the development business, so there’s a transparent alternative for FinTechs like Flexbase, which affords enterprise credit score, Rahman advised PYMNTS in an interview posted in November.

See extra: Better Funding Access Gives Small Construction Firms an Easier Path to Growth

“Growing up, I would hear my family talk a lot about the problems in the construction industry,” Rahman mentioned on the time. “I would hear them complain a lot about cash flow as their biggest concern.”

New PYMNTS Study: How Consumers Use Digital Banks

A PYMNTS survey of two,124 US customers reveals that whereas two-thirds of customers have used FinTechs for some facet of banking companies, simply 9.3% name them their main financial institution.