Small business lender Moula has entered the booming instalment-based payment market, with a cross between a buy now pay later arrangement and good old fashioned invoice financing.Moula Pay allows merchants to give pre-approved businesses the option of purchasing up to A$250,000 worth of goods and services. Moula pays the merchant upfront and the businesses have 12 months to pay for their purchases.There are no repayments or interest calculated for the first three months.Moula chief executive Aris Allegos said the company's research shows that more than 40 per cent of businesses take longer than 30 days to pay their bills, which indicates that businesses need extended payment terms.Allegos said: "We know how hard it is for Australian businesses to access funding to support day-to-day operations. There's an opportunity on both sides of the merchant and business customer side of the relationship with Moula Pay."