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Flexbase Launches Buy Now Pay Later for Merchants and Businesses
Flexbase, a finance super app for businesses, today announced Buy Now Pay Later (BNPL) functionality which it is offering to B2B merchants across various industries. Called Flexbase Pay, this product gives merchants an opportunity to increase their revenues while granting businesses greater freedom in payment options, including 60 days of interest-free credit. DOZR, the largest online equipment rental marketplace, is the first merchant offering Flexbase Pay.
“Most merchants, such as those in construction and home improvement like DOZR, are not in the business of managing credit and customer payment collections. And yet, the businesses buying from them demand net-60 payment terms. This is where Flexbase Pay comes in,” says Zaid Rahman, CEO, Flexbase. “Merchants can get funds immediately while businesses get net-60 days of interest-free credit for payments. This ultimately helps merchants sell more products while giving businesses much needed flexibility on their cash flow.”
“We know cash flow is a challenge that contractors face. At DOZR we are obsessed with providing the best rental experience possible,” said Kevin Forestell, CoFounder and CEO, DOZR. “We are impressed with the Flexbase team and the Flexbase Pay product, and are thrilled to be the first to offer Flexbase Pay to contractors across the United States.”
BNPL lets businesses make purchases and receive them immediately but pay for them after 60 days. The concept of BNPL exploded in popularity during the pandemic as more consumers shifted to online shopping. While it has been widely available to consumers, businesses have a different and more complicated underwriting process that Flexbase handles through this offering, providing a consumer-like experience of receiving financing in less than five minutes.
“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,” continues Rahman.
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