This cutting-edge loan product enables SMEs to procure industrial products using a pre-defined credit line that gets reset upon repayment.
“Working capital management is a problem faced by most SMEs. Along with solving this problem for existing businesses, the availability of hassle-free loans can help numerous entrepreneurs to lead the establishment of various SMEs and SMBs in Tier II and Tier III cities of India wherein the real bulk of India’s bustling industrial sector lies,” said Co-founder and CEO Industrybuying, Swati Gupta.
“We are seeing more and more businesses buying online for their procurement and other business purposes. This is a huge step in that direction and we are delighted to extend this option to our customers,” added Swati.
‘Pay Later’ product comes as a convenient feature for SMEs and SMBs looking to procure industrial products as it allows them to avail online credit of up to 25 lakh almost instantaneously without paperwork and hassles associated with getting a loan from elsewhere.
“The market opportunity is sizeable and encouraging. Our collaboration with IndustryBuying will incorporate the strengths of two growing businesses, taking finance to tier II and tier III markets, which were previously ignored due to inadequate financial infrastructure. We intend to make convenient finance accessible to SMEs at a granular level,” said Co-founder Capital Float, Gaurav Hinduja.
To avail the Pay Later option, companies need to register themselves on the Industrybuying website and Industrybuying will share customer details with Capital float for processing. Post verification done by Capital Float, the credit line will be setup on IndustryBuying and ready for use within 72 hours.
Payment through Pay Later is available for a purchase amount of Rs. 25,000 or higher. Industrybuying is revolutionizing B2B E-commerce with the introduction of innovative and Business-friendly payment mechanisms on its platform.
Earlier, Industrybuying had also partnered with Innoviti and integrated EMI features for its customers who were transacting through debit/credit card and looking to avail EMI features at a flexible interest rate.
Source: Financial Express