According to Zip, cash flow concerns are no longer a barrier for small businesses, with many taking advantage of EOFY tax deductions with buy now, pay later (BNPL) services.
SYDNEY, AUSTRALIA, May 24, 2021 /24-7PressRelease/ — In Australia, BNPL services for consumers changed the retail environment dramatically, with many shoppers no longer using credit cards to make purchases. Now the industry has expanded to include options for small businesses.
Industry giant, Zip, are anticipating a huge lift in the use of their BNPL business services before the end of the financial year, as it is a great time for small businesses to take advantage of maximising tax deductions and investing in things they need, like stocking up on inventory.
There are over two million small businesses in Australia and 70 per cent of those businesses flag cash flow as a major pain point. That’s where BNPL services for businesses, like Zip Business Trade, step in.
Zip Business Trade is an innovative solution that allows small businesses to manage expenses with transparent fees and flexible repayment options. The buy now pay later service is BPAY friendly, meaning businesses can use Zip Business Trade to pay invoices too.
To be eligible for a BNPL account, businesses need to have an active ABN or CAN, have been in business for more than six months and have more than $5,000 in monthly sales.
After a business applies for a Zip Business Trade account, approval takes just 24 hours, but is often processed in as little as 30 minutes. Providing quick funding for businesses, Zip Business Trade currently offers credit limits of $3,000, while Zip Business Trade Plus offers credit limits between $3,000 and $150,000.
As one of the original buy now pay later service providers in Australia, Zip continues to launch new products, driving innovation in the space. As the BNPL sector evolves, the shift into the B2B space was the natural next step and now small businesses have extra support to boost their revenue in the long term.
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