What are net 60 terms, and how can Brandboom’s new Slope Net 60 feature boost your business?
Typically, when a seller ships goods, they generate an invoice telling the buyer when payment is due (aka “payment terms”). Terms could be 30 days (“net 30”), 45 days (“net 45”), or 60 days (“net 60”).
There are several problems with this “business as usual” approach:
1. The seller could wait weeks or months to get paid but, in the meantime, have to pay manufacturers, rent, staff, and other day-to-day costs.
2. The seller’s account manager, accounting personnel, or even the owner wastes time and energy chasing down late payments instead of building the business.
3. If the buyer doesn’t pay at all, the seller is still on the hook for those orders.
Brandboom has developed a game-changing solution to address these issues while boosting revenue. In partnership with fintech company Slope, Brandboom sellers can offer buyers net 60 terms that surpass any financial arrangement on the market.
Slope Net 60 offers:
- Secure and direct transactions: Transactions take place right in the line sheets. Super simple.
- Vetted buyers: Slope ensures that potential buyers are financially stable.
- Immediate payment: Sellers are paid when their order is delivered and can track payments in their account settings.
- Freedom from chasing customers! Brandboom collects the payment and handles any disputes.
- More orders: Appeal to buyers looking for extended terms.
- Higher buyer spend: Buyers who use net 60 tend to have higher average purchase amounts.
- No “gotcha” late or add-on fees: If the buyer doesn’t pay on time – or at all – it’s not your problem!
Pretty incredible if we say so ourselves! If there ever were a “win-win” scenario in wholesale e-commerce, this is it.
And it’s easy to do. All you need is a Brandboom Payments account to start offering Slope Net 60. To apply, login to your account, click the profile icon in the bottom left corner, and select "Get Paid". We’ll verify your account within a few business days!
Want to learn more? Check out our FAQ! You can also reach out to your account manager or chat into support using the blue chat icon. We’re waiting to hear from you!