Banking-as-a-Service (BaaS) provider Raisin Bank and B2B payment specialist Mondu have joined forces to offer a buy now, pay later service to B2B merchants.
“Purchasing on account is the most popular payment method in the B2B sector,” the Frankfurt, Germany-based Raisin said in a news release Wednesday (April 27).
“However, much like the rest of the B2B payments space, it has not benefited from digitalization. This presents a growing challenge for B2B customers, who are looking to reliably and conveniently purchase goods and services while reducing risks and costs for retailers.”
The company said business clients are increasingly calling for flexible payment terms with inflation and economic uncertainty on the rise. At the same time, vendors want solutions that yield better sales and conversions, leading to a growing demand for digital payments options like Berlin-based Mondu’s BNPL solution.
See also: B2B Payments Firm Mondu Names Klarna Veteran as New Legal Chief
“The partnership with Mondu strengthens our position as a Banking-as-a-Service provider for FinTechs and other financial service providers,” said Dr. Andreas Wolf, chief commercial officer at Raisin Bank. “Mondu’s business model has great potential, and we are happy to help realize it with our services. Processes around factoring and BNPL are an essential part of Raisin Bank’s service portfolio, both in the B2C and B2B sectors.”
Raisin says Mondu’s BNPL solution integrates into merchant portal checkouts, letting B2B customers choose flexible payment dates. If that customer chooses to use a payment method offered by Mondu, the company coordinates payment processing and other services.
The company says their offering will allow for installment payments in the future, with an expansion into other European Union countries on the horizon.
Read more: Payments Platform Limepay Unveils BNPL Tool
Last week, Australian payments platform Limepay launched STACK, a solution designed to give businesses new ways to pay, including BNPL. STACK lets merchants get paid up front, while businesses can use it to sell from anywhere – in person, online, over the phone – while keeping their customers inside their ecosystem.
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NEW PYMNTS DATA: THE TRUTH ABOUT BNPL AND STORE CARDS – APRIL 2022
About: Shoppers who have store cards use them for 87% of all eligible purchases — but this doesn’t mean retailers should boot buy now, pay later (BNPL) options from checkout. The Truth About BNPL And Store Cards, a PYMNTS and PayPal collaboration, surveys 2,161 consumers to find out why providing both BNPL and store cards are key to helping merchants maximize conversion.
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