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Buy Now Pay Later for Dealers

The supply chain network is vast and connects entities, such as producers and consumers. Though these two entities are the primary players in the supply chain business, its operation cannot run without other important entities, such as dealers, distributors and retailers. The presence of intermediaries, such as dealers (who resale a specific product to consumers) ensures a smooth supply chain operation.

To ensure the supply chain operation functions well, dealers must keep their stock high. However, situations can arise where dealers may have to face cash crunch while purchasing and reselling particular products. In such cases, Buy Now Pay Later for dealers can greatly help these entities.

Dealers – An Overview

Dealers refer to an entity or individual buying goods from a producer or distributor for wholesaling and/or retail reselling.

Dealers usually buy goods for their accounts and trade them from their own stock.

Challenges Dealers Face In A Business

Here are some challenges that dealers face in their day-to-day business-

  • Manual Handling of AP and AR
  • Dealers usually face process related challenges, resulting in a delayed payment cycle. These challenges hit both suppliers and buyers, depending on a manual process for managing accounts receivables and account payables.

    There can be times when dealers fail to receive an invoice, or it may simply sit in the spam folder, and dealers continue to wait for its arrival and pay accordingly. In such cases, dealers must start introducing automated services in their businesses to avoid such issues.

  • Delayed Payments
  • Data inaccuracy in cheques or other reasons can delay cheque clearance or payment. Depending on the manual process, i.e., manual data entry can be erroneous. Thus, if dealers send an inaccurate cheque to the consumer while reselling products, that cheque is bound to return to the dealer, repeating the process. This undoubtedly takes up more time to clear the payments. Since dealers purchase products in bulk, late payments can be serious issues.

  • Increased Competition
  • Dealers focus on particular products and buy and sell the same to consumers. Therefore, it is a two-fold process where dealers act as a middleman. To make their businesses profitable, dealers not only have to purchase goods from producers at a reasonable rate but also ensure they are reselling the same to consumers at the market-best rate.

    Higher demand for products has increased the number of dealers in the market. Therefore, dealers must run their businesses strategically to retain more customers and give them goods at affordable prices. They have to find producers that sell goods at a standard price to sell to consumers at fair value.

    The challenges related to payment and high competition can easily be resolved if dealers opt for the Buy Now Pay Later option and integrate the same at their payment gateways.

Buy Now Pay Later For Dealers – A Smart Solution

The Buy Now Pay Later option is usually available at the check-out stage, where shoppers can choose this innovative payment option and purchase goods and products without paying anything upfront. Consumers have to pay for the goods at a later date.

Dealers can also benefit by integrating the BNPL business module. When shoppers purchase goods from dealers without any payment, dealers still get the full payment immediately after the purchase. The BNPL providers or financiers pay dealers and allow consumers to get their products.

Individuals looking for a reliable BNPL provider can trust KredX Buy Now Pay Later solutions. Read the following section to learn how KredX benefits dealers.

Benefits Of Integrating KredX Dealer Pay Later

Dealers can enjoy the following benefits from KredX-

  • Increased Sales Up To 40%
  • By availing BNPL services, dealers can extend the credit period for consumers. When consumers get the facility of extended credit period, they can purchase products without any stress.

    Thus, they can increase sales by up to 40%. In addition, this feature also helps attract more customers and leads the dealer's market.

  • Increased Cart Conversion Rate By Up To 30%
  • Most dealers operating in the e-commerce sector maintain a website. Dealers stock particular products and list the same on their websites.

    If consumers purchase from dealers' selected set of products and see the option of BNPL at the payment gateway, they will purchase not only the selected items but also goods that they have added to the cart. Thus, Buy Now Pay Later will help increase the cart conversion rate by up to 30%.

Further, KredX offers the below-mentioned benefits:

  • Quick API integration in less than 24 hours for dealers,
  • Entirely digital processing for dealers,
  • Guaranteed payment (for the dealer) in less than 2 minutes after a purchase,
  • Seamless purchase experience for consumers without the need to enter credit and debit card details,
  • Hassle-free revolving credit option for consumers.

Dealers are an important component of the trade cycle, fixing the deal of specific goods, products, and services. Companies or manufacturers usually prefer to sell products or services to dealers to avoid competition. Therefore, the dealers’ primary responsibility is to sell products or resell them after a certain time interval. Hence, to make sure dealers have the necessary money to complete the purchase from the company, sell or resell to a consumer, and continue the cycle, they need cash which can be easily managed by opting for Buy Now Pay Later for dealers.

How To Integrate KredX SME BNPL Solutions to Your Small Business?

Small businesses can integrate KredX BNPL in the following manner:

Step 1 - Fill out the application form and sign up an agreement.

Step 2 - Provide required details and complete API integration quickly.

Step 3 - After a successful integration, BNPL will appear at the payment gateway.

Step 4 - Once business consumers purchase products, sellers will get outstanding payment within 2 minutes

BNPL services integration process with KredX is quick and hassle-free.

As small businesses are shifting towards digital models of transactions and integrating innovative payment models like Buy Now Pay Later, the need is to find the right BNPL supplier.

SMEs are likewise following the latest trends such as managing finances, logistics, sourcing digitally and introducing effective payment models like SME BNPL. Thus, when SMEs can increase sales and cart conversion rates; the biggest challenge, i.e., managing working capital requirements becomes easy, accelerating the growth of the Indian economy as a whole.

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Yes, dealers get several benefits from suppliers. They can secure special aid in managing the advertising part of their businesses. In addition, they can arrange incentive programs and product training.

Yes, Buy Now Pay Later for dealers increases customer lifetime value. It is because when customers get the best purchase experience from dealers, they will return to the dealer again. Thus, the customer's lifetime value increases.

No, dealers only deal with a single product line.

Dealers serve a limited but authorised area.