Buy now pay later services are going after smaller businesses

As providers like Affirm, Klarna, Afterpay and Sezzle gain steam among major retailers, the trend is trickling down to local businesses. One company tapping into this market is Sunbit, whose strategy is to provide small and medium-sized merchants — especially those with a localized presence — with the same financing tools that big BNPL players have brought to retailers. Many installment payment providers have gravitated toward apparel and beauty retail chains, which has been great in bringing awareness of the financial option to U.S. consumers, co-founders Arad Levertov and Tal Riesenfeld told Modern Retail. Oftentimes, these players are focused on financing “nice to have” products. “But we see an opportunity to apply it to essential transactions most of us have to make daily,” Riesenfeld explained.  Read more…