Fundbox unveils new payment and credit solution for small businesses

Fundbox has launched a new payment solution for small businesses that will enable buyers to use credit for making purchases.

Fundbox unveils new payment and credit solution for small businesses

Dubbed Fundbox Pay, the new solution offers buyers a credit term of 60 days, free of interest.

In addition, users will also have the option of extending their credit term for a fee.

According to Fundbox, the new solution will “unlock the trapped value” in the $4.5 trillion small business-to-business (SMB2B) transactional market in the US. Small businesses’ reliance mainly on FICO has failed to effectively predict a business’s creditworthiness, the firm said.

Fundbox COO Prashant Fuloria said: “Millions of small businesses provide free capital to other businesses on a daily basis. And yet no one has developed a credit and payment network that delivers the same radical convenience, flexibility, immediacy and overall value that consumer-facing SMBs have the benefit of using – until now.

“Our goal with Fundbox Pay is to become the point-of-sale platform for this SMB2B market and to make business transactions as simple as buying a cup of coffee.”