Leading global buy now pay later (BNPL), Zip Co has rolled out Zip Business ‘Tap to Pay’ to enable small business owners to BNPL anywhere that accepts Visa and shows the contactless symbol at checkout.

Zip Business Trade Plus already provides SMBs with access to a simple, interest-free and flexible line of credit of up to $150,000, which can be used to pay any bill or invoice or can be spent at its network of more than 35,000 merchants.

In an extension of the ‘Tap to Pay’ consumer feature launched in 2020, Zip Business ‘Tap to Pay’ significantly expands the number of places Trade Plus customers can use their credit.

While there has been a significant uptake of business-to-consumer (B2C) pay-by-instalment services, there continues to be a gap in the business-to-business (B2B) BNPL market. Zip Business ‘Tap to Pay’ addresses and solves this customer need for Australian SMBs. 

‘Tap to Pay’ harnesses the latest digital wallet technology for contactless payments, so Zip Business customers can pay for goods and services beyond the Zip merchant network, enabling SMBs to pay easier and use new merchants that accept Zip payments.

Zip Business general manager, Geoff Alexandar said the company is helping Australian entrepreneurs manage cash flow by supporting them with fair, transparent and flexible payment options that give them longer to pay and makes their lives easier.

“Adding another layer of functionality to our Zip Business Trade Plus product, ‘Tap to Pay’ brings award winning experiences to small businesses, helping to boost cash flow and fund growth, whatever the world decides to throw at them. In the first week since launch, we’ve seen Zip Business customers use ‘Tap to pay’ 4.5 times on average. 

In order to be eligible for a Zip Business Trade Plus account, businesses must have an active ABN or ACN, have been in business for six months and generate at least $5,000 in sales per month.