Episode Six (E6), global provider of enterprise-grade payment processing and ledger infrastructure, has launched a Business Now, Pay Later offering. E6 says that the launch represents a first-of-its-kind solution. Specifically, E6 will enable commercial banks to capture new revenue streams by meeting the working capital needs of SMEs.
E6 references Capgemini’s 2022 World Payments Report. This revealed that 89% of SMEs feel underserved by their primary banks and are considering a shift to a new provider. E6 says that there is an increased demand from SMEs for more flexible working capital solutions. Economic headwinds that have led to rising rates are only strengthening the need.
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Business Now, Pay Later directly addresses this need by industrialising the conventional buy now, pay later (BNPL) model. It strengthens it and makes it fit-for-purpose for commercial banks and their customers. This solution enables financial institutions to tap into an underserved market and solidify business relationships. It will do this by providing SMEs the products to better manage their cash flow with increased flexibility and control.
Episode Six: empowering commercial banks to grow their balance sheet
Furthermore, E6 says it provides banks with the ability to tailor loan products based on client need and risk profile. And will empower commercial banks to strengthen and grow their balance sheet.
Business Now, Pay Later enables banks to offer installment loans to businesses at any point in their buying journey. This includes before, during and after payment. Payments can be made through any method, whether real-time payments, ACH, wires, or cards. From there, repayment options vary based on customer need and risk profile, all set and managed by the bank through simple configurations.
“SMEs are the lifeblood of economies, and working capital is their oxygen,” said John Mitchell, CEO and Co-Founder of E6. “SMEs need flexible credit solutions and repayment options to thrive. Banks are best positioned to meet this need. We are helping banks do so by providing a turnkey solution to offer tailored installment products directly in their business banking channel. With the power of modern payments technology, banks can delight their SME customers while simultaneously strengthening their balance sheet and creating new revenue streams, creating a win-win situation for all.”
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