Introducing tabit: The Benefits of Buy Now, Pay Later for B2B Buyers and Sellers

The consumer Buy Now, Pay Later offering has experienced tremendous growth and proven itself as a viable and sought after payment option. This has paved the way for new technology for B2B. Introducing “tabit”, Canada’s first Buy Now, Pay Later solution for business-to-business transactions at point-of-sale.

A Proven Concept

While Buy Now, Pay Later appears to be a novel new trend, the base concept of buying, and then paying off a purchase over time has been a common practice in both the B2C and B2B. However, in both instances the responsibility of vetting buyers and collecting payment falls on the seller or a third-party that the seller hires. Sellers are faced with payment risk & cash flow challenges as they wait for gradual repayment from the buyer.

Accordingly the benefits of tabit’s B2B Buy Now, Pay Later financing solution is about streamlining payments and eliminating risk. It ensures sellers receive their money in full within one business day and provides the flexibility of payment over time to buyers, all while offering an optimized experience for both parties.

The appeal of BNPL in the B2B space mirrors its consumer counterpart. Younger consumers are increasingly turned off by the complexity of accessing traditional credit as they look for a streamlined and efficient experience. Accordingly there is a similar expectation when it comes to business purchases: a simple, straightforward process, that still provides the desired financial flexibility.

Focus on Selling and Leave Credit Management To Us

Traditionally, sellers will incur costs to offer credit terms to buyers which includes underwriting, administration and monitoring of buyer limits. From the buyer perspective, it is a cumbersome process of manual applications and sharing of financial information with their suppliers. Tabit digitizes this process by qualifying buyers at the point of sale, providing instantaneous approvals up to $15,000, and up to $500,000 within one business day.

By definition, underwriting small business risk is much more complex than consumer risk. Small businesses have been forced to accumulate more debt due to the on-going uncertainty of the pandemic.  They have continuously faced a variety of challenges including government restrictions, reductions in capacity, and supply chain delays. As a result, suppliers have tightened their credit practices to limit their exposure to payment risk.

Tabit (a Merchant Growth Company) leverages its industry leading underwriting capability built with over 12 years of experience to power instantaneous decisioning and sustainable credit offerings.

Get Your Money Fast

While buyers expect extended payment terms, sellers are exposed to a drawn out collection process. With BNPL, sellers benefit from Sell Now, Paid Now (SNPN). This improves the buyers’ cash flow by deferring payment over time, while the seller receives payment within one business day.

Offering the flexibility of deferred payment plans (credit terms) to your customers is more important now than ever before. Do this with the confidence of guaranteed payment with tabit.

Benefits of Offering a Seamless Buying Experience

Buyers have demonstrated their willingness to make larger purchases, as well as more frequent purchases when they have access to flexible financing terms. Tabit’s unique process allows us to offer a seamless purchasing experience for your buyers.

An application can take as little as 5 minutes, with decisions provided within 30 seconds. Returning customers will have an expedited path to make additional purchases without re-applying.

Easy One-time Integration

Integrating tabit into your check out process is simple. There are two ways to integrate:

Third-Party Commerce Platform

We have built plug-ins to multiple commerce platforms such as WooCommere & Shopify Plus among others. We are continuously adding more plug-ins allowing sellers using these platforms to simply activate tabit as a payment option.

API Documentation for Your In-House Platform

Custom API documentation will be provided for easy implementation into your existing commerce platform. This will be a one-time integration.

Tabit Delivers Value

Tabit’s mission is to equip B2B sellers with the right payment solution to meet their buyers' changing demands. Tabit provides a streamlined solution that benefits both the buyer and seller. Buyers benefit from real-time approvals and improved cash flow. Sellers benefit from increased order values and frequency of purchase without credit risk.

Offering credit terms is crucial to winning business and meeting customer expectations. Doing so at the point of sale without the need for manual application is a key differentiator. It’s time to look towards what’s next in B2B financing, tabit is here to be that solution for Canadian businesses.