PastPay is a regulated financial service provider offering deferred payment terms through factoring, more commonly known as ‘Buy Now Pay Later’ for B2B merchants in EU countries.
B2B Buy Now Pay Later is a form of financing used in business-to-business transactions. It allows corporate buyers to pay 15-90 days later for their purchase, while the merchant immediately receives the purchase amount at the time of the fulfillment.
During the checkout process, B2B customers have the option to pay later (within 15-90 days) through PastPay. Once the ‘Buy Now Pay Later’ (BNPL) option is selected, our proprietary algorithm analyzes the buyer within 2 seconds and provides feedback on their eligibility for using PastPay. After the fulfillment is completed, PastPay processes the payment by transferring the purchase amount to the seller, deducted by the PastPay service fee.
PastPay’s system supports businesses in all European Union countries, Switzerland and the UK, and the service is available in the EU, in Switzerland and in the UK.
Merchants that meet the following criteria will benefit the most from using PastPay BNPL, who:
– operate in B2B market;
– have business buyers requiring flexible payment terms;
– have business buyers who are frequently late with their payments;
– want to minimize administrative workload and reduce risks of non-payment;
– want to maintain or improve their financial liquidity;
– want to offer favorable payment terms for their corporate customers.
Yes, it is. Since there is no minimum amount requirement when using PastPay, B2B customers can purchase with BNPL for any amount within their allocated spending limit with PastPay.
The PastPay BNPL payment method comes with numerous benefits for B2B merchants:
– increase in the average cart value;
– improving the conversion rates;
– timely incoming revenues;
– reducing administrative tasks;
– reducing or even eliminating non-payment risk;
– enhancing liquidity;
– improving cash flow;
– automatic invoice financing;
– International expansion opportunities;
– providing outstanding customer experience and favorable payment terms for B2B buyers;
– growing customer loyalty and purchasing willingness.
By implementing PastPay BNPL, merchants can potentially outsource the risk of non-payment. In this case, once we approve the payment of a corporate buyer, all responsibility lies with PastPay. During the contract negotiation process, we discuss this aspect.
PastPay enables B2B customers to pay later for the purchased items while sellers receive immediate payment upon fulfillment. With PastPay BNPL service, merchants can offer extended payment terms from 15 to 90 days to their corporate buyers. The payment deadline will be determined in the contract between the merchant and PastPay.
There is no minimum purchase amount when using PastPay. Corporate customers can pay for purchases of any amount within their allocated spending limit with PastPay.
When paying with PastPay, our algorithm analyzes the buyer within 2 seconds. Based on this analysis, our system determines a maximum limit the buyer can use for PastPay BNPL. If the total purchase amount exceeds this limit, the BNPL payment method won’t be available to the customer.It’s also possible that the total amount of multiple purchases exceeds the maximum spending limit. In such cases, the PastPay payment method won’t be available to the customer until they settle their balance.
Once the purchase is fulfilled and the invoice is issued and submitted to PastPay, PastPay will pay the invoice to the merchant within 24 hours. Depending on the level of integration, the invoice is uploaded to the PastPay system either automatically or semi-manually.
Invoice management can be semi-manual or fully automated depending on the integration level. The integration is determined by the sales channels used and the type of webshop engine.
By implementing PastPay BNPL, merchants can potentially outsource the risk of non-payment. In this case, once we approve the payment of a corporate buyer, all responsibility lies with PastPay. During the contract negotiation process, we discuss this aspect.
The PastPay Portal is a platform where merchants can track the entire payment process, from customer analysis to invoice management. They can conveniently manage all their customers with their associated limits, invoices, and purchases in one dashboard.The PastPay Portal offers the perfect hybrid solution, allowing merchants to sell simultaneously through phone, email, in-person, or multiple channels.
The PastPay App is a platform tailored for corporate buyers. Within this platform, users can access their PastPay purchase history, available spending limits, and ongoing payments. This centralized system enables the buyers to easily monitor upcoming payment deadlines and prevent any payment delays.
How much does PastPay’s service cost for merchants?
After each PastPay transaction, we charge a certain pre-defined percentage to the merchant. This rate depends on various factors (such as B2B turnover, customer composition, assumption of non-payment risk, etc.) and it’s documented in the contract between the merchant and PastPay.
Our algorithm reviews multiple financial metrics and available company information to make the decision. If the algorithm analyzes the purchasing company positively based on the available information, we can approve PastPay BNPL as a payment option for them.
When a business customer pays with PastPay, we need the following information:
– buyer company tax ID;
– total purchase amount;
– contact details of the buyerFurthermore, during the first purchase, for customer identification purposes, the buyer has to go through a brief, automated process that can be completed independently by the company’s authorized representative or delegate.
When the B2B buyer selects the PastPay payment method at the checkout, the system automatically updates the invoice with the new payment details. After making a purchase, the customer will receive an email too with information about the payment details and further actions needed.
After the payment deadline expires, the PastPay BNPL option won’t be available to the customer until the outstanding balance is settled. Once the customer has completed the payment, the PastPay BNPL becomes available again. Payment beyond the deadline will incur statutory late fees and flat-rate collection charges.
If the customer accidentally transfers a higher amount, they should contact the seller. PastPay also connects with the merchant in such cases and refunds the difference to the buyer or the merchant, depending on the circumstances.
PastPay determines a BNPL limit that can be used for multiple purchases. Therefore, if the total amount is within the available limit, the customer can continue to use PastPay for additional purchases up to the limit.
No, it isn’t. PastPay is exclusively for B2B (business-to-business) transactions, which means it’s only applicable when transactions are conducted between two businesses.
Yes, in this case, the PastPay BNPL payment option will only be available for business customers.
Shortly: The buyer can cover the expenses from their revenue.
Using the PastPay B2B BNPL enables customers to extend the payment deadline of their purchases by up to 90 days. As a result, the Buy Now Pay Later payment method improves cash flow, boosts liquidity, and enhances operational flexibility for the company.
You can offer PastPay to your corporate clients through several integration options depending on your sales channels and the webshop engine you use.
Here are the integration alternatives at your disposal:
– We provide plug-and-play extensions for WooCommerce, Magento, Shoprenter, Unas, and PrestaShop webshop engines. (More integrations are on the way.) If your webshop runs on a different platform, please inquire about tailored solutions by completing this form.
– PastPay can be seamlessly integrated via API for bespoke/ custom webshop developments or with engines lacking plug-and-play extensions.
– Should full API integration not be possible (e.g., off-webshop invoicing) or if you sell through diverse sales channels (e.g., phone, email, in-person), you can still offer BNPL to your B2B customers using the PastPay Portal.
Thanks to PastPay’s innovative solution, you can start offering BNPL services to your business customers within just 48 hours.
Click here to reach out to our expert, and we’ll assist you in discovering the best solution for your needs.
After you register, PastPay will contact you to discuss the details and provide a personalized proposal. After accepting the offer, you can sign the contract online, and the integration process can start immediately. Opting for a non-integrated start allows your corporate clients to begin using PastPay BNPL immediately following contract signing.
With the easy-to-use PastPay Portal, you can start offering BNPL service to your customers within 48 hours of signing the contract. Integration through plug-and-play or custom development takes only a few days. Our IT team is ready to support you during the integration process.
Please contact us via info@pastpay.com to help you!
