The startup offers a payment system that enables customers to make purchases without the concern of their credit score, thereby enhancing cash flow and increasing sales. By providing payment guarantees, the system extends the payment period for transactions, facilitating smoother financial operations for both buyers and sellers.
Funding
$500K raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Many businesses, especially small and medium-sized enterprises (SMEs), face challenges in extending credit to customers with low credit scores or a history of delinquency, limiting their sales potential. Traditional credit analysis methods can be slow, cumbersome, and may not accurately reflect a customer's ability to pay. This can lead to missed sales opportunities and strained cash flow for both suppliers and merchants.
Solution
Sup#Pay offers a payment solution that enables suppliers to sell to merchants, even those with credit issues, by leveraging the merchants' existing receivables as collateral. The platform integrates with a merchant's card payment terminals to access their receivables balance, which then serves as a payment guarantee for the supplier. When a merchant makes a purchase from a supplier, Sup#Pay verifies the receivables balance and secures payment for the supplier on the invoice due date. This allows suppliers to increase sales without added risk, while merchants gain access to increased credit limits and extended payment terms without undergoing traditional credit checks.
Target Audience
The primary target audience includes suppliers, distributors, and wholesalers looking to expand their customer base and increase sales, as well as small and medium-sized merchants seeking access to more flexible credit options.
Features
- Real-time verification of a merchant's receivables balance across various card payment terminals.
- Automated payment guarantee for suppliers, secured by the merchant's receivables.
- Integration with a supplier's ERP system for streamlined reconciliation.
- Mobile and web access for merchants to authorize payments to suppliers.
- Risk-free sales for suppliers, eliminating concerns about customer credit scores.
- Increased credit limits and extended payment terms for merchants.
- Ability for merchants to pay suppliers using receivables from any card payment terminal.