Tabit & Lenovo Partnership: Payment Flexibility and Growth With B2B BNPL
There are many obstacles to running a small business, including a variety of financial challenges. Cash flow management is top of mind for most businesses, regardless of their size. Available cash flow is not only about purchasing inventory and day-to-day operational costs but is also vital to reinvesting in the business for continued growth. This is where B2B suppliers like Lenovo can help small businesses out by offering them the flexibility of a Buy Now, Pay Later solution at the point of sale.
In this case, the ability for small businesses to be able to invest in technology can mean improvement in processes, improvement to the overall organization of the business, and also meet the needs of expanding teams that require additional resources.
A Background in Small Business
Both Tabit and Lenovo have an intimate understanding of the importance of small business to our economy as well as the unique challenges that they face. As Tabit is powered by Merchant Growth, small businesses will benefit from over 13 years of underwriting and funding experience to increase their chances of approval. Lenovo is continually adding features and benefits to their small business buyer which is otherwise underserved with most retailers.
Additionally, having the right technology is vital to the functionality of a small business. Access to such technology should not be taken for granted and is an essential part of continued growth for a business of any size. Business customers are just as crucial of a sector and consumer, but the key is understanding the particularities when it comes to their specific needs.
The Current Climate Has Highlighted the Need for New Solutions
Small businesses have faced many unforeseen challenges over the past few years, including the pandemic, unpredictability of supply-chain and turbulent financial markets. Amidst outside factors and those uncertainties, small businesses need reliability when it comes to the financing options available to them for their business purchases. These difficult times highlighted a gap in the financing options available to them. While flexible solutions have gained popularity and shown success for consumers, it has remained limited for business financing.
“With the world’s widest portfolio of technology products, Lenovo can provide solutions, software, and services that small businesses can leverage to fulfill their potential - now with flexible payment options that allow businesses to invest in technology while managing their cash flow”
-Carlo Savino, Lenovo Vice President eCommerce - North and Latin America.
Growth Opportunities for B2B Sellers and Buyers
Another major benefit is the improvement of cash flow for buyers and sellers alike. B2B sellers benefit from next day payment settlement, while eliminating any credit or fraud risk.
Buyers benefit from an optimized and streamlined process that enables them to make larger purchases that may otherwise have been out of reach due to upfront costs.
How it Works
At point of sale business buyers have the option to choose Tabit as a payment method. Through a simple and optimized checkout process customers input their information and receive an underwriting decision within a couple of minutes. Lenovo will offer terms of up to 12 months to their business buyers, including a 30-day option at 0% interest.
The Future of Small Business
Improved and streamlined processes such as B2B BNPL solutions are about reducing time lost on unnecessary financing applications, improving cash flow to promote growth, and ultimately facilitating small business owner’s ability to focus on running their business.