Australia’s humm Debuts BNPL Solution For SMBs Down Under

hummgroup has rolled out its new Buy Now, Pay Later (BNPL) solution, tailored for small to mid-sized businesses (SMBs), a press release says.

The program is referred to as a “Business Now, Pay Later” solution titled hummpro, and it purports to be accepted anywhere Mastercard is accepted, either online or in person. The release says it will behave like a universal trade account.

The release says Business Now, Pay Later was designed with SMBs in Australia and New Zealand in mind, as they work to get out of the economic strife brought on by the pandemic.

The release says hummpro will work with business owners looking to track their cash flow, including incidental spending and larger costs all in the same place. Customers can be approved quickly, the release says, and spending just moments later.

According to the release, hummpro is meant “to disrupt the $30 billion business credit card and line of credit market by providing frictionless access to funds up to $30,000, and reducing the cost of finance for Australian and New Zealand SMEs.”

CEO Rebecca James said the hummpro solution would be able to help the millions of small businesses which “contribute substantially to GDP across Australia and New Zealand” to recover their revenues and keep the economy going.

“Our research shows that SMEs across Australia and New Zealand are dissatisfied with their traditional credit card and overdraft solutions, so we’ve built a product that removes the hoops they normally have to jump through to access finance,” she said, according to the release. “With our quick approval and spend process, and our pay, pause and plan features, we’re providing small business owners with the ultimate control to manage their cashflow.”

BNPL solutions found welcome audience in consumers’ purchasing habits, but B2B purchasing has usually relied on settling invoices in lump sums.

Playter Pay Founder Jamie Beaumont may have found one way to help, though, as his company has a “Hire Now Pay Later” formula, where businesses can invite their SMB customers to upload invoices and submit payment details. From there, the payments can be stretched into installments while the recruiter gets paid right away.