Embedded finance company Lendica has debuted an instant-approval payments plan to offer B2B BNPL options with Altametrics, which provides software for restaurants, a press release said.
Altametrics provides enterprise labor and inventory management software. It will team with Lendica to offer the newest line of Altametrics’ PlumPOS equipment, which simplifies operations and adds integration options.
Lendica touts that embedded finance can help out with ways to add better financial tools, which, according to Lendica co-founder and CTO Jerry Shu, can help small businesses get more accessible data.
“The trove of intel that lives in the small business’s digital headquarters – our term for SaaS providers like Point of Sale, Enterprise Resource Planning, or eCommerce platforms – can be used by lenders to quickly build an extensive risk profile, or Lendica ID, and power robust analysis for instant credit decisions. Better data means better prices for small businesses across all regions and industries,” he said.
The first company to use the Lendica and Altametrics’ solution is Cici’s Pizza, with over 30% of its franchises now getting the option to spread their $5,000 to $10,000 purchases across several months of upfront.
Lendica co-founder and CEO Jared Shulman said the services were helping Cici’s “promote instant, risk-based decisioning.”
PYMNTS wrote recently about the way B2B payments are evolving, with a quote from consulting firm Bain & Company estimating that embedded finance could be worth $7 trillion by 2026.
Read more: Why Embedded Finance Has the Potential to Reshape B2B Payments
The figure is quite a ways above the $2.6 trillion done currently through embedded finance. Bain noted that there’s a trend with embedded finance, with the transactions able to be embedded into software and eCommerce, among other things, being enough to motivate companies to come onboard with the technology.
And Bain said there was potential for many things including eWallets, BNPL and other lending options through embedded finance.
Financial institutions have been upgrading numerous aspects of payments, including processing and offering cash flow and other such services — with B2B changes possibly coming to reverse some of the old pain points.
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