Splitit was created as a solution to reduece checkout friction and enable retailers to offer consumers the ability to pay for purchases in instalments. Now Splitit Business Payments have launched as a B2B solution enabling retailers to pay manufacturers and suppliers in instalments.
It effectively enables you to pay for inventory or services an interest-free, installment credit solution using your existing business credit cards. It addresses long-standing inefficiencies and friction in the way small-to-medium size buyers and sellers conduct business, enabling you to purchase goods and services with existing business credit cards for zero-interest transactions and delivers improved cash flow and guaranteed timely payments to suppliers.
For your suppliers, they can have confidence that they will get paid and for merchants it enables you to manage your cash flow and pay for annual services in instalments or to split payments for stock purchases so that you don’t have to pay the full whack up front.
Once a buyer and a supplier agree on terms for an order, the buyer can choose Splitit Business Payments instead of a purchase order, making a deposit (often up to a third of the value of a contract) or working through a factor. The seller then puts a hold for the full amount of the order on the buyer’s business credit card in lieu of a deposit. Both sides agree to the terms of a monthly installment plan.
Based on mutual agreement, the manufacturer can process an initial payment or wait until the order is shipped. Once triggered, the instalment plan is activated, and a first payment is automatically charged. At the same time, Splitit reduces the amount of hold on the credit card account by that amount. The entire process is risk-free to the supplier and continues automatically over the remaining months until the supplier is paid in full.
Buyers of goods and services are not required to submit an application, register or undergo a credit check, which translates to speedier and more efficient transactions. In addition, Splitit does not require you to sign a long-term contract.
Splitit Business Payments imposes no interest, charges no factoring fees and is more accessible than a conventional loan for B2B buyers. It also speeds and eases the reorder process.
You can find more information at splitit.com/business-payments
