Lenovo will offer its business customers a BNPL payment method through their Tabit B2B integration
Lenovo partnered with Tabit to offer business-to-business (B2B) buy now, pay later (BNPL) service in Canada. With the new integration, Lenovo’s business customers can access fully automated financing at the point of sale.
Tabit is a B2B Buy Now, Pay Later solution powered by Merchant Growth. The company was founded in 2021 to introduce the consumer buying experience to B2B.
The partnership enables Lenovo to offer financing terms of up to 12 months to their business buyers in Canada, including a 30-day option at 0% interest. This will help businesses alleviate cash flow pressure on attractive payment terms, while also enjoying a seamless customer experience.
At the same time, Lenovo gets the benefit of being paid at the time of the initial transaction by embracing BNPL as a payment option for all types of customers.
Moreover, Tabit’s solution leverages data and experience to eliminate the credit risk suppliers traditionally face. At the same time, it offers business buyers a user-friendly application process, where applications can be approved in as little as 30 seconds.
Eligible business owners must reside in Canada and have a valid Canadian address, phone number, and email address. Additionally, the company that wants to access the Lenovo Financing option should be operating for over 6 months and have over $5000 in monthly sales.
Last March, Tabit conducted a survey revealing that over half (53%) of Canadian small business owners would consider a payment in instalments option if it were available at checkout.
Now, more than ever, “quick access to financing is paramount in helping small businesses navigate these rapidly changing environments,” says David Gens, CEO of Tabit.
Embracing new solutions helps Lenovo expand into new growth areas of infrastructure, mobile, solutions and services. Unlike in the individual consumer segment, B2B BNPL credit solutions are still rare on the market. Therefore, companies providing such options get an additional competitive edge.
We have recently reported that B2B BNPL startup Playter introduced a new Paid solution that allows its customers to offer end clients extended payment terms of up to 12 months.