B2B payments platform for small businesses Melio has announced the launch of a Pay Over Time solution powered by B2B BNPL solutions provider Credit Key . The new Accounts Payable product seeks to provide small businesses with flexible terms to pay vendors.

Melio’s Pay Over Time service capabilities Based on the information detailed in the press release, the Pay Over Time product enables small businesses to pay vendors and business bills in monthly instalments, while their suppliers get paid in full and on time. The Credit Key-powered product is set to provide eligible small businesses with instant access to capital of up to USD 50,000 through their Melio account. Payment terms are traditionally set by vendors and small businesses are required to meet them.

Pay Over Time enables business owners with the option to extend the timeframe in which they must pay their bills. Whereas their business vendors receive the payment on time, business owners can pay in net 30 terms or in up to 12 equal monthly instalments. When commenting on the announcement, Matan Bar, Melio's co-founder, and CEO said that the company is looking forward to providing increased flexibility to small businesses that need to pay bills and invoices with strict terms, enabling customers to better align their spending and income.

The official added that the unique Accounts Payable service enables business bills to be paid in instalments, offering the company’s customers an additional layer of cash flow flexibility. Ilan Atias, Melio co-founder and CTO advised that Melio is continuing its scalability and looks to provide new products to address and meet the evolving needs of small business owners. Per the spokesperson’s statement, the product is believed to be a ‘game-changer’ for small businesses due to the ease of use, as with Pay Over Time, small businesses have a tool embedded into their pay flow to access financing in an expedited manner.

The press release further highlights that Pay Over Time marks the latest innovative product offering from Melio, a payments company with the mission to ‘Keep Small Businesses in Business’, and follows the company’s recent launch of its mobile app, as well as a collaboration with Shopify which provided US-based merchants with the ability to pay and manage their bills from their Shopify admin. Melio’s strategy and offering A 2018-founded, US-based B2B payments technology company, Melio enables small and medium-sized businesses to transfer and receive payments in a quick and simplified way, aiming to help them better their cash flow and workflow alike. The company provides Accounts Payable and Receivable as a service through financial institutions, software providers, and marketplaces, looking to transform money movement between businesses.

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