Together, Tabit And Lenovo Will Offer B2B BNPL In Canada

Business-to-business (B2B) buy now, pay later (BNPL) is something that Tabit and Lenovo have joined forces to offer in Canada.

With this partnership, Tabit’s B2B BNPL payment method will be added to Lenovo’s products so that business customers of Lenovo can get fully automated financing at the point of sale, the companies said in a press release on Tuesday, March 14.

“With the world’s widest portfolio of technology products, Lenovo can provide solutions, software and services that small businesses can leverage to fulfill their potential — now with flexible payment options that allow businesses to invest in technology while managing their cash flow,” Lenovo Vice President, eCommerce North and Latin America Carlo Savino said in the release.

Bringing BNPL to B2B payments had a great year, thanks to a lot of funding rounds and partnerships.

Even though negotiating terms of 30, 60, or 90 days is as old as business itself, it is at best inefficient and at worst a huge problem for the cash flow of creditors.

For businesses that sell to businesses and accept BNPL as a payment option, getting paid at the time of the first transaction is a big plus. For buyers who choose to pay in installments, deferred payments give them a clear idea of when they will have to pay cash.

In a press release, Tabit and Lenovo said that their new B2B BNPL solution will let Lenovo’s business customers get terms of up to 12 months, with a 30-day option at 0% interest.

The release said that Tabit’s solution uses data and experience to get rid of the credit risk that suppliers usually have to deal with. It also gives buyers an easy-to-use application process that can be approved in as little as 30 seconds.

“Through our partnership with Lenovo we are proud to be offering an automated financing option for businesses at the point of sale,” Tabit CEO David Gens said in the release.

“These past few years have been incredibly volatile, whether it be the effects of the COVID-19 pandemic or turbulence in financial markets, and quick access to financing is paramount in helping small businesses navigate these rapidly changing environments.”

This partnership comes just over a year after Tabit started doing business and called itself Canada’s first point-of-sale (POS) BNPL offering for the B2B space.