The new credit facility will enable the company to serve more small businesses with its innovative payments acceleration solution when the needs of small and diverse companies have never been greater.
. When asked what sets Now apart from other companies like Stripe, Klarna, and Kraken, Ms. Hodgson responded,"Other payment companies focus on helping buyers of goods and services, usually the consumer, initiate and manage payments easier, leaving the sellers of the goods and services to be paid when and how the buyers elect to pay. Now enables the sellers to choose how and when they are paid independent of how and when the buyers pay.
Hodgson adds that they are also different in part because they focus exclusively on the B2B market. For example, a company with a NowAccount delivers goods and services to its business or government customer as usual and sends the invoice to its customer. But instead of waiting for 30-90 days to be paid, they can simultaneously process the invoice on their NowAccount and get paid within one to two business days instead of one to three months for a one-time, flat processing fee with no interest.
This includes women and underrepresented minorities. Now wants to help diverse entrepreneurs overcome that challenge by leveling the playing field for small and mid-sized businesses and historically underrepresented minority-owned B2B companies.
When asked what the plans are for the future, Hodgson answered,"Creating a world where diverse businesses of all sizes have equal access to customers, capital, and commerce. Moreover, enabling these businesses to get paid immediately is a game-changer for the economy."
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