Breef has added payment infrastructure to its online marketplace that connects brands and agencies.
With this new Breef(Pay) offering that is powered by business-to-business (B2B) flexible payments platform Tranch, brands can use a buy now, pay later (BNPL) approach to meet their marketing needs, Breef said in a Monday (June 5) press release.
“By eliminating concerns around upfront costs, Breef(Pay) removes the uncomfortable budget chat between marketer and CFO,” Breef Co-Founder and CEO George Raptis said in the release. “We are modernizing how companies approach and manage spend — encouraging them to grow now, pay later.”
The Breef platform includes 15,000 agencies in 26 countries, as well as brands looking for agencies to complete any of 50 different project types, and has created $100 million in project value, according to the press release.
With the addition of Breef(Pay), companies can now find and finance agencies on a single platform, and agencies can find more project opportunities and greater payment security.
“We are energized by what Breef is doing by bringing an entire market onto one platform,” Tranch Co-Founder Philip Kelvin said in the release. “We understand the needs of businesses to be paid on time, and also give growing companies the flexibility to access additional marketing spend to pay on their terms without compromising on growth objectives.”
PYMNTS research has found that new solutions such as BNPL could help level the playing field when it comes to B2B payments, applying the same principles to the corporate sector that made it so popular for consumer transactions.
BNPL for B2B payments offers many of the same benefits as it does for individual consumers, but on a larger scale, according to “Is BNPL the Next Driver for B2B Growth?,” the March/April edition of the “Buy Now, Pay Later Tracker®,” a PYMNTS and Splitit collaboration.
For example, BNPL for B2B payments provides the benefits of a lack of interest payments, so long as all installments are paid on time; assistance in managing cash flow issues; and a method of making purchases that is much simpler than acquiring commercial loans from traditional vendors.