Amazon is introducing its inaugural “Buy now, Pay later” checkout choice to the small business owners who patronize its online store.
In partnership with Affirm, Amazon said it is expanding to encompass Amazon Business, the platform tailored to cater to companies.
Following this announcement, Affirm’s shares saw a significant increase of over 15%.
The Amazon BNPL service, which provides loans ranging from $100 to $20,000, will become accessible to all eligible customers by Black Friday (November 24th).
Amazon’s BNPL product is primarily designed for US sole proprietorships and small businesses owned by single individuals, but may be available to businesses outside the States.
Todd Heimes, Director of Amazon Business Worldwide, emphasized the importance of providing payment solutions that address the cash flow needs of small businesses. He stated, “We offer the ability to use credit cards and to pay by invoice; this is another option available to small business customers to pay over time.”