The new Accounts Payable product seeks to provide small businesses with flexible terms to pay vendors.
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.
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