The provision of making deferred payments while enjoying consumption in the present is driving sales for the producers and helping customers to incur benefits of the product without paying on the spot.
Considering its popularity in recent years, the USA fintech startup – Ramp – has come up with new flex services, especially for businesses, where they can purchase from the vendors instantly and choose to pay them later within a period of 30,60 or 90 days.
The company will charge the businesses one to two percent of the product price as their fees for a 30-day period, which is based on the creditworthiness of the customer. The company can offset this if the transaction happens on the spot.
These services are built on Ramp’s Bill Pay system, which is its fastest-growing offering yet, that utilizes the benefits of Artificial intelligence and processes email invoices which then approve payments to the vendors via cards or checks.
The company recognizes the vast opportunity in the buy now pay later services in the business-to-business market and looks optimistically to expand its services and chart its growth upwards.