NOW Corp created NOWaccount, the first payment solution that works for B2B. NOWaccount enables businesses that sell to other commercial and government customers to be paid NOW, while not disrupting the free and flexible accounts payable required by businesses and governments. NOWaccount allows a business to stop lending to its customers in order to make sales, but permits the customer to continue to enjoy the free capital they receive from accounts payable.
More than 90% of business-to-business (B2B) sales require vendors to manage and fund the transaction, largely because business and government customers depend on the free and flexible credit provided by their vendors. For many business customers, accounts payable is their largest source of capital, which is not surprising because it is free and has no fixed deadlines for payment. As a result, the largest use of capital for many B2B sellers is accounts receivable.
NOWaccount Network was created to help move the burden of managing and funding trade from the balance sheets of small businesses to a financial system that leverages:
Click here to view a video in which Lara Hodgson, NOW's CEO, explains why NOWaccount was created and how it helps small businesses.
- Low-cost capital provided by the capital markets,
- Advanced risk management technology to control cost, and
- Innovative information exchange technology.
Click here to view the bios of the NOW Corp management team.