BNPL for Businesses
The Potential for Better Access to Business Payment Financing
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Consumers no longer view digital payment as one option among others, but as the expected default.
This expectation has carried over to “buy now, pay later” (BNPL) financing that has become commonplace over the past five years, and consumers have come to view the ability for seamless digital financing, order tracking, and interactions via mobile-friendly channels as a given.
For business-to-business commerce, however, the innovation has not been so swift. The cumbersome, paper-intensive payment process that consumers have all but forgotten still persists in the B2B commerce world. Financing is laborious and underwriting models poor.
The high friction associated with the use of checks and ACH that still dominate B2B payment methods – unstructured communication channels, high operational toil across multiple systems, and manual reconciliation – have left businesses eager for modern tools.