Interested in a Buy Now, Pay Later solution for your business?
Look no further than South Africa’s first-ever BNPL product for SMEs and their suppliers – Lulapay.
Lulapay allows SME customers to settle invoices of up to R5 million with their suppliers upfront while providing them with extended payment terms. This ensures suppliers get paid immediately while improving the cash flow of SMEs.
In this article, we’ll break down everything you need to know about Lulapay. We’ll also cover how Lulapay works and who it’s for.
This Article Contains the following:
- What Is Lulapay?
- How Does Lulapay Work?
- Who Is Lulapay For?
Let’s get started.
What Is Lulapay?
Lulapay is South Africa’s first Buy Now, Pay Later solution that ensures suppliers no longer have to worry about when their customers will pay.
On top of that, Lulapay helps SMEs manage their cash flow.
But how?
Lulapay will settle a business invoice upfront, and offer them 6 months of extended payment terms.
This frees up cash flow – allowing customers to spread the cost of invoices over multiple months.
Now, let’s take a look at how Lulapay works.
How Does Lulapay Work?
Lulapay’s process can be broken down into 4 simple steps:
- Register supplier: Suppliers can register as Lulapay Partners with one simple link.
- Invite customers: Lulapay Partners can invite their customers to complete a short online application form to open a Lulapay Facility.
- Open Lulapay Facility: The dedicated Lulapay credit team will assess a customer’s application and open a Lulapay Facility for them.
- Settle invoices: Once opened, customers can choose to withdraw from their Lulapay Facility to settle invoices with their supplier.
But can everyone use Lulapay?
Who Is Lulapay For?
Lulapay’s goal is to improve the cash flow of SMEs in South Africa.
So, Lulapay caters to a large variety of business types and industries.
However, helping SMEs with their cash flow problems requires responsible lending. We don’t want to indebt small businesses unnecessarily as we believe they are the future of our economy.
So, there are 2 basic requirements to open a Lulapay Facility:
- The customers’ business must be trading for at least 12 months.
- A minimum turnover of R40,000 a month is required.
Now that you know what Lulapay is, how can Lulapay help you?
Lulapay: South Africa’s First BNPL Solution For SMEs
Lulapay is South Africa’s first BNPL solution which ensures suppliers have their invoices paid immediately so they can continue supplying the backbone of our economy.
Not only that, but Lulapay offers SMEs the chance to settle invoices upfront while improving the cash flow of their business.
Do you have any invoices that need settling?
We would be happy to assist! Simply send an email to lulapay@lulalend.co.za and introduce yourself.
