Fintech Hokodo has launched a new B2B buy now, pay later (BNPL) solution in collaboration with French international banking group BNP Paribas. The solution aims to enable large multinational corporates to provide payment alternatives to their business customers.
Following the significant rise of B2B digital sales, it has emerged that B2B sellers are in need of a more streamlined order-to-cash experience. There is a strong desire for prompt, on-time payment, without worries concerning credit or fraud risk. These businesses also want to offer buyers a frictionless purchasing experience and journey, alongside advantageous credit terms through any channel.
Such an offering has already proven itself to positively impact sales, by encouraging repeat business and increasing the average basket.
The new B2B buy now, pay later solution offers a fully digital experience, with easy integration into existing checkout systems via API. It also provides instant buyer approval through a real-time credit decision process and a wide acceptance rate. These capabilities are possible thanks to highly configurable underwriting models, adaptable to the activity and client typology of the B2B seller.
The full service includes proprietary credit decisioning, transaction financing, credit and fraud insurance, collections through an eMandate and dunning, as well as different financing options available to better-fit merchants’ needs.
B2B e-commerce ‘critically underserved’
Louis Carbonnier, co-founder and co-CEO of Hokodo, discussed the partnership and the new solution. Carbonnier commented: “Historically, B2B e-commerce has been critically underserved, but with our combined strengths, BNP Paribas and Hokodo are going to offer BNPL options to more business buyers than ever.”
As a rapidly scaling fintech, Hokodo brings agility and an innovative technology platform to the partnership. BNP Paribas’ broad expertise, financial strength, and unrivalled reputation also complement its skillset.
Lionel Joubaud, global head of the factoring filière at BNP Paribas, also commented on the new offering. Joubaud said: “After decades of successful development of our European factoring franchise, we are thrilled to announce a new generation solution for our customers wishing to increase their B2B digital sales.
“Together with Hokodo, BNP Paribas brings the best of its cash management and factoring expertise to offer this state-of-the-art Buy Now, Pay Later solution.”
The newest solution could prove to be extremely popular, as it comes at a crucial time for the “critically underserved” B2B e-commerce sector.
Image and article originally from thefintechtimes.com. Read the original article here.