Melio payments platform announced today the launch of Pay Over Time, a new product allowing small businesses to pay vendors and bills in monthly installments.
Credit Key powers the product and provides eligible small businesses instant access to capital of up to $50,000 through their Melio account.
Pay Over Time allows business owners to extend the time they have to pay their bills while still ensuring that their vendors get paid on time. This can be a lifeline for those struggling to manage their cash flow, especially during economic uncertainty.
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“We’re proud to provide more flexibility to companies that need to pay bills and invoices with strict terms,” said Melio co-founder and CEO Matan Bar. “This unique Accounts Payable service enables business bills to be paid in installments, providing our customers an additional layer of cash flow flexibility.”
Pay Over Time is available now to all Melio customers in the United States.
How Pay Over Time Works
Small businesses must add their bills to their Melio account to use Pay Over Time. Once the bills are counted, Melio will assess the business’s creditworthiness and determine if they are eligible for Pay Over Time. If the business is approved, they can choose to pay their bills in monthly installments.
The interest rate for Pay Over Time is based on the business’s credit score and the capital they borrow. The repayment period is up to 12 months.
Pay Over Time offers several benefits for small businesses, including:
- Increased cash flow flexibility: Pay Over Time can help accessible up cash flow that they can use for other purposes, such as investing in their business or hiring new employees.
- Improved credit score: Making timely payments on Pay Over Time can help small businesses improve their credit score, making it easier for them to get loans or other forms of financing in the future.
- Peace of mind: Knowing that they have the option to pay their bills in installments can give them peace of mind, knowing that they will not have to default on their payments if they experience a temporary cash flow crunch.
