End-to-end process

What is B2B Payments?

• B2B Payments is a form of short-term lending that allows buyers to make purchases and pay for them at a future date.
• The flexible payment terms are offered during the checkout process to the buyer.
• Payment terms usually go from 14 to 90 days.

How finmid does B2B Payments?

Being a tech-enabled solution we aim to automate most of the steps in the lending process. At this moment in time, the platform onboarding is handled manually and the automation takes place after that. (further automations are always in progress).

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Platform onboarding:

This is the process that takes place once a business gets in contact with our sales team (to start using our product) until this business is registered as a platform in our database

This process entails the identification (KYB) of the Platform and its owners as well as determining the credit limit for the platform through our scoring algorithm.

Our product is a public API linked with a dashboard that our customers/platforms use for:

• Adding and updating their sellers/buyers details
• Submit and capture invoices
• View invoices/payments status

End-to-end flow

The full end-to-end flow of using the B2B Payments product is divided into three main steps:

Onboarding:

1. A business gets in contacts with our sales team
2. This business is registered as a platform (platform onboarding)
3. finmid configures the platform and buyer fees (See fees configuration)

Setup:

4. The platform onboards its sellers and buyers (See buyer/seller onboarding Flow)

Financing:

5. When a buyer performs checkout the platform creates a payment request (See payment flow)
6. After the shipping/fulfillment of the product, the platform can capture the payment request (See capture flow)
7. After X number of days, the buyer repays the invoice to finmid