Koverly's ‘Pay in 30’ Extends Cash Flow for Global Trade
By David Schmidt
Koverly, a company operating in the B2B sector, has introduced a new service called "Pay in 30." This service is part of their KoverlyPay platform and offers a buy now, pay later (BNPL) solution specifically for foreign exchange (FX) payments. Unlike typical BNPL systems, "Pay in 30" provides a 30-day extension for FX payments without any additional cost to either the buyer or the seller. Businesses using this service can also choose to extend payments further over fixed weekly installments.
The introduction of this feature aligns with Koverly's mission to empower businesses by improving their cash flow, enhancing profitability, and streamlining payment and receivable management. The benefits of using KoverlyPay include reduced FX rates (up to 50% less), elimination of wire transfer fees (up to $40 savings per transaction), a 30-day deferral for FX payments at no extra cost, and the option to extend bill payments for up to 12 weeks.
The service is designed to help companies save on transaction and FX fees, gain more time to make payments and receive funds more efficiently through a single online platform. According to Igor Ostrovsky, the CEO of Koverly, this offering can also significantly impact foreign customers by providing additional working capital, potentially increasing annual profitability by over 50 percent.
Koverly's underwriting process allows U.S. businesses to receive customized evaluations for loans up to $500,000 within 24 hours. The credit score of the applicant remains unaffected during this process. Once approved, the KoverlyPay payment deferral options seamlessly integrate into the user's checkout process.
Koverly aims to originate $70 million in new loans within the next year and thereby provide businesses with greater financial flexibility and improved cash flow management for international trade transactions. As such, Koverly's "Pay in 30" looks to be a strong contributor to the ongoing revolution in global trade payments.