60-day Buy Now Pay Later (also known as “net-60 payment terms”) is a payment option we offer on Markato that allows you to buy new inventory now, and pay for it 60 days later. We offer Buy Now Pay Later terms so you can buy the optimal amount of inventory for your store or try out new brands, while managing your cash flow.
With Buy Now Pay Later, Markato covers the upfront cost of your order. When you order using this payment option, you won’t be charged for your order until 60 days after the date you place the order.
Once you pay off an invoice, that amount is returned to your available Buy Now Pay Later terms, and you can continue to place more orders using Buy Now Pay Later. If you place an order that exceeds your available Buy Now Pay Later terms, you simply need to pay the excess amount at checkout. The part of your order that you paid for using Buy Now Pay Later will still only be charged 60 days after you place the order.
Who is eligible for Buy Now Pay Later?
All retailers with brick and mortar stores will be automatically assessed for Buy Now Pay Later, and you may receive a pre-approved Buy Now Pay Later terms limit once you successfully sign up. Markato may review and change the availability of Buy Now Pay Later for individual retailers - we will notify you if we make any changes.
How do I use Buy Now Pay Later for my orders?
In order to make use of Buy Now Pay Later, you must first add a credit card to your Markato Wallet. This will allow us to charge your card automatically when a payment is due, without you having to make a separate payment.
Once you have added a credit card to your account, you will see the option to use your available Buy Now Pay Later terms at checkout. Simply select the “Buy Now Pay Later” option at the Payment Method page when you checkout.
What is my Buy Now Pay Later terms limit?
You can check your approved Buy Now Pay Later terms limit, as well as your used and available terms on the “My Wallet” page, which you can access via the profile menu on the top-right corner of your browser.
Will my Buy Now Pay Later terms limit change?
We want to support our retailers in the best possible way. That’s why Markato will periodically review the initial payment terms we approved you for when you first signed up.
When reviewing changes, we will take into account any changes to your business type and size, as well as your payment history, financial information, and/or additional self-reported sales information.
How can I increase my Buy Now Pay Later terms limit?
When we make periodic reviews to your Buy Now Pay Later terms limit, we may consider the following factors (but not limited to):
- Paying your invoices on time
- Maintaining healthy return rates
- Returning items in good condition
- Utilizing your existing, available terms
- Your purchase history with Markato
You can also apply to increase your Buy Now Pay Later terms limit using the link on your “My Wallet” page. To help us review your request, you will be required to provide company bank statements from the past 3 months. We also recommend that you provide us with the additional documents that are listed in the application form, to help us provide you with the best possible terms.
Keep in mind that as long as you do not have overdue invoices, you can always order above your terms limit by paying the excess amount at checkout.
Creating multiple accounts in order to circumvent Buy Now Pay Later terms limits is against Markato’s terms of service, and we may take action or impose penalties on your account if necessary.
What if I don’t qualify for Buy Now Pay Later?
If you do not qualify for Buy Now Pay Later, you can simply pay for the full amount of your order at checkout.
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