The next evolution of payments model, “buy now pay later” (BNPL), is growing in South Africa and closing the gap for many cybersecurity SMEs who are struggling to get access to much-needed funds.

Over recent years, especially during the onset of the pandemic, banks experienced a massive influx of time-critical loan applications from SMEs. However, the pace of loan approvals from the traditional bank and the red tape involved in acquiring a loan has meant that far fewer SMEs are able to receive the assistance they require within the set time.

Sign up at maxtec.co.za/paylater

Cybersecurity SMEs are contending with a contracting economy, and additional pressure from the Covid-19 pandemic, affecting operations and straining resources. Therefore, a growing number of SMEs are looking at BNPL solutions to continue to operate and thrive.

Maxtec has recently joined the evolution and launched its Pay-Later Solution, with the aim of providing its partners with a facility that will assist them with cashflow and an opportunity to further grow their own businesses/services.

The offering, which is designed specifically for SMEs will give businesses easy access to working capital, which can mean the difference between a good trading month and a bad one. In the current times, it can also be the lifeline a business desperately needs to continue to operate despite the difficulties it experiences.

Maxtec’s payment solution offers peace of mind for its partners, who can immediately access trade credit when they need it the most. It works on a flexible payment option enabling them to choose up to six months to settle invoices. Therefore, they are able to pay just a sixth of the invoice price plus costs on a monthly basis.

Quick and easy

From a costing perspective, the earlier they settle, the fewer fees involved. The first month’s costs are completely free; thereafter, only 2% is charged per month. They can settle early at any time to avoid all future costs.

The solution surpasses the traditional banks, whose processes include filling in huge amounts of paperwork and waiting long periods for approval. Maxtec’s paperless online application process takes only minutes.

Maxtec’s partners get easy access to credit when it’s needed the most and can bypass the process of reapplying for new business finance each time they need a loan. To sign up as a Maxtec partner, visit maxtec.co.za/partners.

The solution boasts sophisticated technology, used to evaluate the real-time performance of an SME to get the best possible funding, providing a decision very quickly.

Some of the other benefits partners can enjoy, include the following:

Up to six months to pay
Current credit terms from Maxtec + 30 days interest free
Access to extended credit terms
Simple sign-up process without unnecessary paperwork
Quick access to finance to secure deals

Maxtec is addressing a critical pain point for its partners and is contributing towards building the local SMB IT security sector, which is advancing at an accelerated level. The solution is available for all Maxtec offerings including hardware, software and managed services, subject to approval.

To get access to the platform, SMEs can simply sign up at maxtec.co.za/paylater.

About Maxtec
Maxtec distributes market-leading data security technologies that are trusted around the globe. We empower South African and SADC IT partners with the advanced Security Fabric from Fortinet; Intelligent Broadband from Allot; SSL/TLS certification from Sectigo; Network Defence as a Service from Cyglass; Scattered Data Protection from ItsMine; Backup and Recovery from Acronis; Vulnerability Remediation from HCL BigFix; and Agentless Cloud Security from Orca.