Alternative lender Funding Circle has launched a ‘buy now, pay later’ payments facility for small businesses, called FlexiPay.
Businesses will be able to use FlexiPay to spread any UK invoice or supplier payment over three months, with the initial payment made upfront by Funding Circle on their behalf.
The new product will allow businesses to apply “within minutes” and those that are approved will have access to between £2,000 and £30,000 “almost immediately”.
Lisa Jacobs, Europe managing director of Funding Circle, said: “We are really excited to be using our market-leading technology to launch FlexiPay, which is designed to support small businesses to manage and control their cash flow.
“The new product enables businesses to buy now and pay later on any business spend in a way that suits them.”
Up until now, FlexiPay had launched in beta to a selection of Funding Circle’s existing customers with interest-free repayments, and a 3% flat fee on each transaction.
Funding Circle said that now new customers will be able to join its waitlist to be next to access FlexiPay, as it is rolled out more widely in the coming months.
Among the customer feedback Funding Circle received for FlexiPay, Livity Shasha, director of Intrit Facilities Management, said: “FlexiPay is a brilliant idea which will help me bridge the gap between supplier payments and to negotiate better with my suppliers.
“The application was simple and easy. The repayment process and terms and conditions were very clear and I am confident with how the payments to suppliers work. I would definitely recommend the product.”