The leading online B2B e-commerce platform Industrybuying introduces EMI feature for its B2B buyers. To facilitate this feature, the company has teamed up with Innoviti, a leading payments automation and real-time credit distribution company.
At present, ICICI and Citi Bank customers will be able to utilize this feature and later, the company is also planning to enable this feature for HDFC and SBI bank customers.
Commenting on the announcement, Swati Gupta, Co-founder and CEO, Industrybuying said, "We are the first ever B2B e-commerce company to integrate EMI feature into our online platform. We consider this as a next step solution to solve the lending problem for SME's and B2B customers. By providing such financial support, it will increase the customer order value as they get a chance to extend their credit cycle."
"We have already seen an increment of 15 percent in total online transaction made by B2B customers transacting through their bank card," Swati added.
The EMI feature will enable a B2B customer to transact through their bank card at the time of payment and will be charged like a normal credit card swipe. Further, the transaction will be submitted by the bank to its EMI or loan department for conversion to EMI and it will take five to seven days from the date of transaction. Post the conversion the amount will be reversed to the customers' card and 1st month EMI would be charged along with the interest.
The company has also integrated Paytm, Mobikwik and PayU Wallets to its platform. Besides Wallets, NetBanking, Debit/Card and Cash on Delivery Payment modes, Industrybuying also allows its customers to pay through Cheque and NEFT.