Mondu provides invoicing and buy now pay later financing to businesses with up to 12 months instalments.
While most of the buy now pay later apps cater to personal purchases, many new and established businesses also want to be able to spread the cost when re-stocking their inventories.
There are a few like Mondu that can be utilised for trade financing and also for invoice payments at checkout when shopping online.
Mondu
Max. Amount
£15, 000
Credit Check
Soft*
Type
B2B BNPL
Tip: You can utilise it to settle your invoice within 30 days at no extra costs with the B2B instalment options allowing up to 12 months which can cost you up to 9.5% in service fees.
Mondu is known for its bank transfer invoicing service and checkout financing for registered businesses.
With its Pay by invoicing, you will be able to complete an order at a retailer that accepts it and an invoice will be sent containing account details so you can transfer the payments within a given timeframe which can be 30, 45, 60, or 90 days depending on the merchant.
If you select to pay by invoicing, there is no extra cost as long as you complete the payment of the required amount within the given timeframe.
There is also an instalment by bank transfer, a financing service that will enable you to buy what you need for operations and pay later every month.
The length when using the instalment option varies, and you can select to spread payments for 3, 6, and 12 months.
Each of the plans has different prices; while the 3 and 6-month options have service fees of 2.5% and 4.5% respectively, you will pay 9.5% when you opt for the 12-month plan.
Since the Mondu option is available only to verifiable businesses, you will need to provide your company registration number when submitting an application.
The platform will collect both your details and that of your business to allow it to run a credit check. This will enable it to determine the maximum you can access from a possible £15,000.
A minimum cart value of £500 is required at most retailers to use the instalment by bank transfer and when you do not pay the required monthly minimum, you may be charged reminder fees.
Retailers that Accept Mondu
Below is the list of online shops where you can use Mondu for business financing:
PCSpecialist
It specialises in high-performance desktops, laptops, and workstations and allows customers to configure and personalize their computers to meet their needs and preferences.
Its pay-by-invoicing is limited to 30 days but there is support for long-term financing when you click the ‘Business Instalment’ section at checkout.
Hampshire Generators
This retailer is into generators, offering a range of products including diesel, petrol, gas, and hybrid model generators, suitable for various applications such as standby, prime, and portable power supply.
Hampshire Generators only supports the instalment option and you can use this by selecting the ‘Trade Customers’ button when making payments.
Sera Technology
It specializes in commercial lighting solutions, offering a wide range of track and linear lighting, and downlights for businesses.
Hughes Trade
A destination specializing in home appliances, electronics, and technology solutions.
The Mondu option is available for customers shopping through its trade channel and since it is not directly present at checkout, you can chat with its support team after submitting a quote request on financing for your company.
United Baristas
It is a hub that connects coffee enthusiasts, baristas, cafe owners, roasters, and suppliers, providing resources, information, and networking opportunities.
The platform has a store section with a collection of equipment tailored for coffee preparation. These include items like grinders, brewers, and related products.
It supports instalments through Mondu and the pay-by-invoice allows for up to 60 days to complete payments when using it at checkout.
Fuel Tank Shop
The platform deals in storage tanks and equipment for commercial and domestic use. Its products also include accessories such as pumps, meters, hoses, filtration systems, and other solutions for fuel storage requirements.
Horeca
This retailer provides a variety of items essential for commercial kitchens, such as cooking appliances, refrigeration units, food preparation equipment, serving utensils, and storage solutions.
Horeca supports shipping to Ireland at checkout and if you are in some other parts of the UK and want to use Mondu, you will need to work with its support team.
Micro Weighing Solutions
It serves a range of sectors, including pharmaceuticals, laboratories, research facilities, manufacturing, and food production by providing precision weighing equipment and solutions.
Hellmut Ruck
It manufactures and retails podiatry instruments, foot care products, salon furniture, beauty equipment, and wellness accessories.
Kingspan
The brand offers a wide range of building materials, including insulated panels, insulation boards, roofing systems, and environmental products.
Tanks Direct
It provides tanks for storing water, chemicals, fuels, and other liquids. Its product range includes aboveground, underground, vertical, horizontal, and speciality tanks designed to meet specific requirements.
The platform supports the invoicing option which is limited to 30 days and the pay through instalment transfer that can be used to spread payments for up to 12 months.
Clooper
The platform streamlines accommodation booking for business travellers, offering a selection of hotels and serviced apartments in several global locations.
Frequently Asked Questions on Mondu
Below are some popular questions on using Mondu for business financing:
What is Mondu?
It is a payment option designed to enable businesses to purchase products and settle the cost through an invoice.
The platform also provides a financing service called instalments by bank transfer that allows companies to spread payments for up to 12 months.
How does Mondu work?
The platform is a gateway option that requires you to own a verifiable business before using it as during the application stage, your company registration number is required.
When you submit a request, your profile and that of the company is collected and a credit check will be performed to determine your eligibility.
If approved, a purchasing power will be assigned to your business profile based on the result of the check performed which can then be used to make payments at any of the retailers that accept it.
There are two ways you can use Mondu to settle your bills, including:
1. Pay by Invoicing: with this, you will be able to place an order and the retailer will send an invoice to you which can be settled within 30, 45, 60, or 90 days (the duration varies per seller). Usually, when the order ships, the details of how the payment will be made will come along with the invoice and it will be a bank transfer.
2. Pay by Instalment: while this is similar to the invoicing method considering both use bank transfers for settlement, you will have a longer period when you select the instalment option as you can utilise it to spread payments for up to 3, 6, or 12 months.
However, note that the pay by invoicing is free but with instalments, there is a service charge ranging from 2.5% to 9.5% depending on the length.
Does Mondu check credit?
Yes, the platform will use the company’s information and the details of the representative to perform a credit inquiry which is needed to determine the purchasing power to be assigned for trade financing.
Is a down payment required?
Mondu does not require a down payment as you are expected to settle the cost of your orders days after receiving the invoice if you select any of the pay in 30, 45, 60, or 90 days.
For instalments by bank transfer, your payment will be every month hence, the first can be within 28 days of the order.
Instructions will be given when you receive the invoice.
Can I use Mondu for personal shopping?
No, you cannot use it for individual order settlement as it is designed for business payments and operation financing.
How many payments is Mondu?
It has different plans and the below describes each of them:
1. Pay by Invoicing: the number of payments varies per retailer but it can be settled within 30, 45, 60, or 90 days.
2. Instalment by bank transfer: this also varies depending on the number of days offered but starts from 3 months, then 6, up to 12 months.
How much can I spend with Mondu?
Depending on the result of the credit check the platform will perform when you submit your application, you can access up to a maximum of £15,000.
However, you will need a cart value of at least £500 to utilise it for purchases.
Does Mondu have a virtual card?
No, it does not provide a virtual card you can use for payment as it only supports invoicing service at the moment when selected.
For this, you will only be able to use it anywhere you see the logo at checkout.
Can I pay off Mondu early?
Yes, you can close an active invoice through an early settlement.
There are no special instructions to do this, you only need to transfer the full amount to the bank details provided on the sent invoice.
Is Mondu interest-free?
Yes, the pay-by-invoice service is interest-free and if you settle the required amount within the period given, you can avoid reminder fees.
However, its instalment by bank transfer comes with a service fee and this can be up to 9.5% depending on the plan offered to your business at checkout.
Can I return an order paid for using Mondu?
Yes, you can return the items you bought to the retailer.
When doing this, inform the seller to help adjust your invoice to reflect the changes at Mondu.
Retailer shows Mondu but I am unable to use it
Some platforms accept the option but do not have it directly integrated at checkout. In such a case, you can contact the seller as they may be able to generate a purchase on your behalf and send you an invoice with a Mondu settlement option.
Is Mondu legit?
Yes, it is regulated by the Financial Conduct Authority under the company name Mondu UK Limited with the reference number 995336.
When you need financing for your business, it is one of the good options to consider for its high credit offering. However, read the terms as Mondu charges a service fee when you opt for any of its instalment plans.
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