FreshBooks Payments invoices can now be paid on bi-weekly or monthly plans.
FreshBooks customers in the US and Canada can now allow customers to pay bills in installments.
Last year, FreshBooks expanded its partnership with US payments processor Stripe with the launch of its payments offering.
Toronto-based financial software company adds buy now, pay later (BNPL) in its Payments offering through a partnership with San Francisco-based Affirm. When businesses choose BNPL as an eligible bill payment method through Freshbook Payments, their customers can sign up through Affirm to pay on bi-weekly or monthly plans. Business owners receive the full invoice amount up front minus transaction fees, and the customer pays Affirm over a set period.
“By giving its customers a smarter, more flexible way to pay for services, FreshBooks customers can win more jobs, increase customer loyalty and drive long-term growth,” FreshBooks chief product officer Andrew Gunner said in a statement.
Founded in 2004, FreshBooks aims to help small and medium-sized businesses manage their finances, invoicing, payroll, payments and customer interactions through its accounting platform. Company expanded its partnership Last year, together with US payment processor Stripe, it launched its Payments offering, which allows businesses to send a Stripe payment link to their customers along with invoices that are automatically recorded in FreshBooks.
After long-term struggle to achieve profitability, FreshBooks accidentally revealed a new permanent CEO in March, as well as $125 million in debt financing from Morgan Stanley. Shahin Javadizadeh took the top position longtime interim leader Mara Reiff, who moved to the position of chief operating officer. FreshBooks told BetaKit it will use debt to continue its current path of profitable growth.
Canadian e-commerce giant Shopify updated and expanded earlier this year entered into its own exclusive agreement with Affirm to expand its partnership, which was once limited to the US, into Canada and beyond. In April, Affirm announced that select Shopify merchants in Canada received early access to installment payments for purchases, marking the first time a BNPL product has become available outside the US.
Confirm entered the Canadian market on its own in 2021 when it acquired Canadian BNPL firm PayBright for C$340 million.
Disclosure: BetaKit's majority owner Good Future is the family office of two former Shopify leaders, Arati Sharma and Satish Kanwar.
Image provided Unsplash. Image bth Tofiku barbhuya.
