- Melio is launching Pay Over Time, a buy now, pay later tool for small businesses.
- Pay Over Time enables businesses to pay invoices in a single installment, or over the course of three, six, or 12 months.
- The suppliers receive the payments on time and in full and do not need to sign up or register.
Small business payments and receivables company Melio unveiled its newest tool for small businesses (SMBs) this week. The New York-based company is launching Pay Over Time, a buy now, pay later (BNPL) solution for SMB clients.
Powered by Credit Key, Pay Over Time allows Melio’s small business customers to pay invoices in monthly installments, while their suppliers get paid in full and on time. Businesses can select to repay in a single installment (net 30) or over the course of three, six, or 12 months. Melio then debits the repayments each month from the business’ preferred bank account.
“We’re proud to be providing more flexibility to small businesses that need to pay bills and invoices with strict terms, enabling our customers to better align their spend and income,” said Melio Co-founder and CEO Matan Bar.
As a result of the more flexible payments structure, Melio’s business customers are able to free up to $50,000 in cash flow when they need it. The installments come with no impact to vendors and doesn’t require them to sign up or register.
Melio was founded in 2018 to provide accounts payable and receivable as a service through banks, software providers, and marketplaces. The company’s tools allow businesses to choose how they pay and get paid, and help them stay on top of paying their bills and invoices.
“Melio is continuing to scale rapidly and offer new products to meet the evolving needs of small business owners,” said Melio co-founder and CTO Ilan Atias. “This product will be a gamechanger for small businesses because of the ease of use – with Pay Over Time small businesses have a tool embedded into their pay flow to quickly access financing.”
Source: https://finovate.com/melio-launches-bnpl-tool-for-smbs/
