BNPL or Buy Now Pay Later schemes have stormed their way onto the global online shopping scene since the pandemic stated Bahaa Abdul Hussein. Currently, a quarter of all purchases made online come from BNPL payment methods. This trend is only expected to increase in the next decade. Pay Later schemes have benefited a huge chunk of the population who wishes to buy things immediately in a convenient way with no interest and no hassles.

The most popular BNPL companies include Klarna, Sezzle, Latitude, Tabby, Sunbit, Scalapay, Laybuy and so on. All major retailers like Target, Walmart and e-commerce sites like Amazon accept BNPL payment methods. Following suit, many small-scale and medium-sized businesses are also making the switch to offering and also using it.

Examples

Everything from healthcare to vacation companies are now offering BNPL payment schemes. It is particularly booming in the B2B sector. So if you’re a small-scale enterprise looking to acquire equipment instantly, you no longer need to worry about budgeting. Here are some BNPL companies that are targeting small businesses in 2023.

Plastiq

Excelling in streamlining payment processing and automation of payables, Plastiq has years of expertise in assisting small-scale organizations.

Mondu

By providing flexible payment solutions to B2B clients around the world, Mondu has become a pioneer in changing the online shopping ecosystem.

Billie

Empowering small companies to achieve high conversion rates is the motto of Billie whose BNPL schemes have been a hit with millions of consumers.

Why should small businesses use BNPL methods?

Convenience

You might have financial limitations if you’re a startup or small company, but with BNPL schemes you can conquer these obstacles. Digitally and instantaneously paying for the raw materials and infrastructure you need even if you don’t have enough cash on hand has never been easier.

Less strain on essential expenditure

Your monthly expenses may not allow space for a substantial amount but you can surely allot a little extra for things you need. With BNPL schemes, this goes a long way in obtaining things as and when you want without taking loans.

Alternative financial vehicle

If you primarily use credit cards for purchase, you might end up maxing it out. In this case, BNPL is your friend. This also applies if you want to leave your bank balance untouched at the moment. Using Amazon’s Pay Later schemes for instance helps keep you buy everything you want to keep your business up and running. So go ahead and check out the BNPL methods that are the perfect solutions for your small business.

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