Behalf, Inc., a provider of alternative financing and payment solutions for B2B sellers and buyers, today announced that Newegg, one of the leading tech-focused e-retailers in North America, has selected Behalf’s solution to provide flexible Net Terms* and extended financing to its business customers.
With Behalf in place, NeweggBusiness customers can finance and pay for their purchases on a schedule that works for them, either monthly or weekly.
NeweggBusiness offers its registered users a comprehensive selection of the latest IT products at competitive prices—from laptops and desktops to software, servers, networking and data storage. The company empowers customers to make the best purchasing decisions by offering detailed product information, peer reviews, expert opinions, product tutorials and the opportunity to network with other members of the NeweggBusiness community.
With Behalf, Newegg is applying that same philosophy to the purchasing experience. NeweggBusiness customers can now easily sign up for a Behalf Account on the NeweggBusiness website. If approved, they will be able to finance their NeweggBusiness purchases through Behalf on financing terms that fit their business needs. Behalf uses both traditional and non-traditional data to evaluate customers’ qualifications, making it more flexible.
Small- and medium-sized businesses have been caught in a credit crunch as a result of COVID-19. According to Biz2Credit, big banks only granted 13.6% of SME business loan applications in August 2020, compared to over 28.2% in December 2019. Small bank lending has dropped even more dramatically, from over 50.6% in December 2019 to 18.5% in August 2020. Behalf offers NeweggBusiness customers an alternative to business loans with more flexibility for SMEs.
“Financing has always been a challenge for small- and medium-sized businesses, and that is especially the case today due to COVID,” said Rob Rosenblatt, CEO of Behalf. “Access to capital is critical to the success of these businesses and Newegg is addressing the problem head on for its customers with Behalf. Our solution enables NeweggBusiness to offer flexible financing programs and receive payment upfront, without the need to take on any of the financing risk. Their business customers benefit from access to Net Terms and extended financing, providing them with added purchasing power with each approved transaction.”
“Behalf is a great addition to our offering, as it gives NeweggBusiness customers greater flexibility in how they purchase and pay for the equipment that’s essential to their everyday operation,” said Greg Fischer, VP Business Development of NeweggBusiness. “Our commitment to deliver business-friendly solutions to our customers runs deep, not only in the products we offer, but also in the financing options that make those products more accessible to all business customers.”