Why B2B Sellers Should Offer Financing to Customers

Customers demand flexibility, including business customers. Many have become used to the additional options they’ve encountered as consumers, that there is an expectation for a comparable experience when making business purchases. Offering financing options for customers simultaneously allows you to stand out from your competitors that do not offer it, while also providing additional flexibility to your customers.

Providing a B2B BNPL financing option for customers reflects the evolution of B2B payments. Moreover, with Millennials and Gen Z now comprising the majority of purchasers, digitalization and convenience have shifted from being mere preferences to essential requirements.

The Advantages of B2B BNPL Solutions: Understanding Financing for Business Customers and How It Works

Customer financing allows businesses to offer their customers the option to make purchases without paying the full value upfront. For instance, if a customer needs to buy twenty computers for their small business but doesn't have the full amount on hand or wants to avoid maxing out their credit, financing provides a solution. By offering financing, customers can make essential purchases immediately and pay back the cost over time, while the seller still receives payment upfront.

Traditional methods of offering net terms for business purchases are outdated and time-consuming, involving processes like paper invoicing and manual review of each request. Tabit's online B2B Buy Now, Pay Later financing streamlines this process, automating it and eliminating risk for the seller. This modern solution provides the convenience that business buyers expect, allowing sellers to provide financing to customers in a seamless and automated manner.

With Tabit, business buyers can navigate the online shopping process as usual but select Tabit at checkout. After providing basic business information, buyers receive instant qualification and can choose from available terms to finalize the purchase. Sellers still receive immediate payment while customers pay for their transaction over time.

Why Should You Offer Your Customer Financing: Exploring the Benefits

Without financing options, a business's purchasing power might be limited by available funds, impacting their ability to undertake significant or critical purchases. By providing financing for business customers, you can help alleviate this issue, allowing for larger or more frequent purchases without immediate financial strain. It also reduces cart abandonment by offering payment alternatives at the critical moment of the buying process.

By offering financing, sellers can expand their customer base and distinguish themselves from competitors. It adds a layer of service that enhances the customer experience significantly.

Additionally, businesses may be under the impression that B2B BNPL simply doesn’t “work” for their type of business, or business category. It’s crucial to note that B2B BNPL is not restricted to traditional retail businesses, but has been gaining traction across a wide range of industries, from technology, automotive, industrial, manufacturing, healthcare, travel, insurance, and more. If you are a business that sells to other businesses, your customers can benefit from a B2B BNPL solution.

How to Offer Financing to my Customers in Canada

Now that you’re more familiar with the ins and outs of offering financing to your customer, the last question is “How”. When it comes to how to offer in house financing with Tabit, if you’ve made it this far, you’re well on your way.

Integrating a financing solution like Tabit into your checkout process is straightforward. Publicize that you offer your customers financing prominently on your website and during checkout. Utilize marketing tools like emails or social media to inform both existing and potential clients about your customer finance options.

Tabit is compatible with various e-commerce platforms like Shopify, WooCommerce, and BigCommerce. We also offer API documentation for custom integrations, or our team can assist in tailoring the integration to your needs.

Getting Started with Tabit

Offering financing is a strategic move that can enhance your business relationships and operational flexibility. With Tabit, the process is simplified, enabling you to quickly begin offering financing to your business customers. Start today and see the benefits for yourself and your customers.

If you’re ready to offer financing for your customers, we invite you to get started today with Tabit!