How Buy Now Pay Later B2B works

Buy Now Pay Later offers great growth opportunities for B2B companies, which have ever-increasing expectations in terms of payment speed and flexibility. Opyn Pay Later goes beyond the very concept of traditional installment, representing a comprehensive solution for payment management, orders, and collections for all businesses looking to grow their operations. Let's find out how.

According to Wunderman Thompson data, 90% of companies expect a B2C-like experience when making business-to-business purchases. In this context, the payment experience is a fundamental part of the customer's overall perception of their purchasing journey.

Despite this, many B2B companies still do not adopt any innovative payment solution, thus missing a significant growth opportunity. The trend is reversed when we look abroad, where many entities have already understood how much they can strengthen the relationship with their customers by granting different payment terms.

It's clear that the world of purchasing is becoming increasingly digital, and not only in B2C. Business-to-business entities increasingly need to buy and sell quickly and smartly, adapting payment methods to their needs.

And this is precisely the goal of Buy Now Pay Later B2B (BNPL), which, in its most common meaning, is a type of short-term financing that allows companies to purchase a good or service, both online and offline, paying an initial installment at the time of order and the rest later, usually spaced 30 days apart.

This installment system is now adopted by numerous e-commerce sites and physical stores aiming to increase purchases and the average receipt. It's also sought after by client companies wanting to pay in a flexible and affordable way.

On the other hand, sellers that offer this payment method meet their clients' needs, increasing the chances of closing the sale and enhancing loyalty.

In exchange for this service, the seller is charged a small fee, while usually, the buyer isn't charged interest. However, fees might be applied in case of late payment of installments.

Opyn Pay Later: Beyond the Classic Buy Now Pay Later

At Opyn, we've been working closely with companies for over 10 years and understand how difficult it is to manage accounting while also focusing on business growth. That's why we created Opyn Pay Later, which is much more than just a BNPL service for businesses; it's a high-tech all-in-one platform.

Opyn Pay Later can be used to offer clients installment payments securely and flexibly. For every sale, it's possible to structure 100% personalized installment plans, setting the number, date, and amount of installments freely.

Opyn Pay Later is also an end-to-end service as it takes care of everything: from credit analysis to debt recovery.

This way, it allows merchants to maximize and simplify sales, improve cash flow, reduce administrative costs and default risks, while at the same time offering buyers an innovative and 100% digital payment service.

But there's more: beyond installment payments, Opyn Pay Later offers a way to manage orders and collections, to which commercial, marketing, and administrative consultancy can be added, totally customized to your needs.

How Opyn Pay Later Works

The operation of Opyn Pay Later can be summarized in the following steps:

1. The business customer makes a regular purchase in the merchant's online or physical shop.
2. At the payment stage, the customer requests to spread the amount through Opyn Pay Later.
3. If on the first purchase, the customer will need to register on Opyn Pay Later and select the preferred payment method, onto which subsequent installments will be debited through secure and protected circuits.
4. In a few seconds, credit risk and fraud checks on the customer are carried out, providing the merchant with real-time feedback.
5. If the outcome is positive, the most suitable installment plan is agreed upon based on both parties' needs. For remote or offline sales, the merchant will then send a 48-hour valid payment link to the customer via their preferred channel (email, WhatsApp, or others). For e-commerce, the online purchasing experience continues to check-out.
6. The first installment will be paid immediately by the customer, who can then receive the goods or service purchased. Subsequent installments will be spaced based on the chosen plan or built in a 100% personalized manner.
7. Subsequent debits will be timely and automatic, facilitating the accounting management of both the buyer and the merchant.

The benefits of Opyn Pay Later

It's clear that Opyn Pay Later represents a breakthrough for payments in the B2B world. Indeed, besides being a gateway for companies into the world of Buy Now Pay Later, previously only available for end consumers, Opyn Pay Later goes beyond the very concept of installment service, becoming a true 360-degree solution for payment management, orders, and collections for all companies looking to grow their business.

But the advantages of Opyn Pay Later for B2B companies don't end there. Here they all are:

• A 100% digital experience: with Opyn Pay Later, you can offer installment payments both on your e-commerce and offline, getting paid in just a few clicks. The client only needs to enter a debit (ATM) or credit card: subsequent installment debits are automatic.
• Greater security: Opyn Pay Later is a safe service where you can receive and monitor payments from clients without issues, accessing a single platform. This is also confirmed by our client Gianmaria Romano, CEO at I-Tech, a high-quality tech-refurbished product company, who says: 

"With Opyn Pay Later, I lower the risk; I feel more at ease when offering flexible payments, especially to new clients. I feel safer, and clients pay comfortably."

• Fewer defaults: with our platform, you get timely collections and improve treasury flows, reducing the risk of defaults thanks to Opyn's credit experience.
• Zero fixed costs: you have no subscription or activation costs; you only pay fees if your clients make transactions.
• Greater flexibility: for each sale, you can choose the installment method you desire and offer your clients 100% personalized plans.

The benefits of this type of service are therefore many for every kind of company that has understood its potential.

If you're a merchant and you too want to approach the world of payment innovation, an end-to-end solution like Opyn Pay Later adds value by accompanying you throughout the entire process, reducing administrative times and costs, which you can then invest in your business's growth.

Start increasing your B2B sales and grow your business by offering better payment terms and flexible installments to your clients online and offline. Discover Opyn Pay Later!