Playter Expands BNPL Offerings Enabling Businesses to Use ‘Clever Credit’ – PYMNTS.com

Playter now enables businesses to both offer and use buy now, pay later (BNPL).
The company has launched its new Paid product that enables its small and medium-sized business (SMB) clients to offer their own customers extended payment terms. This joins the BNPL provider’s Pay product that allows SMBs to receive such terms from their suppliers, Playter said in a Thursday (Jan. 19) press release.
“The introduction of Playter Paid gives [SMBs] the option to not only split any bill they owe, but also to offer flexible payment terms alongside any invoice they issue,” Playter CEO Jamie Beaumont said in the release.
As PYMNTS reported in December, BNPL can be an attractive option for customers who want to spread the cost of a purchase over a longer period of time or who may not have the credit or financial resources to qualify for traditional financing options such as credit cards or loans.
Online retailers or other merchants typically offer this option to make their products more accessible to consumers who may not have the funds available to pay for them upfront.
During the most recent Black Friday weekend, 10% of online shoppers and 8% of in-store shoppers used BNPL to make their purchases, according to the PYMNTS report “Black Friday 2022: High Prices Reshape Holiday Shopping Habits.”
Those figures were up from the 8% and 6%, respectively, that were recorded one year earlier, the report found.
Playter’s new Paid product enables SMBs to offer their customers terms of three, six, nine or 12 months. At the same time, the SMB gets paid the full amount of the invoice immediately, according to the press release.
This offering enables SMBs to more easily close deals, improve liquidity and reduce the time spent collecting on invoices, the release said.
“By combining this with our Pay product, we can now offer a 360-degree funding service which means that [SMBs] can use clever credit to both increase revenues through customer acquisitions whilst decreasing cash outflow by never having to pay an invoice up front ever again, removing many cashflow worries for business owners in a tough economic market,” Beaumont said in the release.
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