Galileo augments BNPL services for SMEs through Mastercard network

Financing choices for small businesses are complex, with slow application processes and insufficient funding levels. According to Mastercard's research, 47% of small business owners are primarily worried about managing increasing costs. Moreover, more than 80% of them are seeking quicker and simpler access to capital in response to changing business landscapes.

Transparent and flexible B2B Buy Now, Pay Later solutions

Banks can enhance trust by leveraging existing data to offer responsible Buy Now, Pay Later (BNPL) options for small businesses. With Galileo BNPL for B2B, the lending partner likely considers the small business’ financial health and ability for repayment and can customise instalment plans for purchase-based financing. Galileo’s loan management platform enables clients to oversee the repayment schedule, disbursement to the virtual cards running on the Mastercard Instalments programme, assessment of interest and fees, payment processing, charge offs, and optional credit reporting.

Officials from Galileo acknowledged the demand for transparency in payment solutions for B2B lenders after the successful launch of Galileo Buy Now, Pay Later. They aimed to provide similar flexibility and transparency for small businesses seeking enhanced credit access. By harnessing the Mastercard Instalments programme, they expanded their platform, equipping small business owners with greater financial opportunities and access to funds.

Streamlining small business purchases and investments

Mastercard Instalments brings immediate acceptance so that small businesses can access their instalment loan through a digital virtual card for critical purchases and investments–both in store and online–such as capital improvements, repairs, or inventory. Millions of Mastercard merchants of all sizes accept these payments today to offer more options. They are paid in full and can benefit from faster receivables and higher ticket sales. These transactions are all backed by the security and transparency of the Mastercard network, including dispute resolution and Zero Liability protection.

Representatives from Mastercard said their goal is to provide small business owners with solutions and resources to help their businesses grow and thrive. They are happy to expand their partnership with Galileo to now support this critical segment with credit options and payment flexibility through qualified lenders. It offers them peace of mind to pay back their loans over time, freeing them up to focus on what matters: scaling and optimising their operations.