Some of Our Clients
BNPL Solutions
As payments become digitized, old payment methods are reappearing. Consumer financing goes beyond loans with high-interest rates and credit cards. Fintech platforms, FI, and payment gateways offer flexible payments as consumers shift from traditional to online shopping..
Here are some of the BNPL perks for your business:
- Higher conversion rates
- Greater Average Order Value (AOV)
- More customer insights
- Fewer abandoned carts
- More repeat business
Staying at the forefront of the financial industry is only possible through regular innovation. By developing a BNPL solution for one of our clients, we enabled them to offer BNPL to brick and mortar, m-commerce, and ecommerce merchants.
These are the results of our collaboration:
- Attractive financial product for existing and new clients
- Less risk of a chargeback
- Customer choice of number of installment payments at checkout
- Customer choice of payment method that suits their budget
Why Consumers Choose BNPL Over Other Payment Options
1) Convenience
BNPL loans usually require an upfront deposit payment or a portion such as 25% of the purchase amount. The remaining amount is then paid off in installments over a few weeks or months.
2) Zero- or low-interest rate
BNPL arrangements don't include interest or additional fees, but they could come with a fixed repayment schedule.
3) Soft Credit Check
To prevent fraud, a soft credit check is necessary to ensure the person’s identity. No credit check or underwriting is involved in the process.
4) Easy Approval Process
One of the valued features of BNPL is the quick, easy approval process. It doesn’t affect credit ratings, and it will be invisible to other creditors.
Want to more about how our engineers can help your project?
Implementation of BNPL Solution
Split payments are a helpful solution for merchants with an average order value (AOV) of less than $1,000.
The great benefit of using split payments is that they involve just four installments that the customer must to pay over six weeks.
- Four installments
- Six-week loan period
- Suitable for smaller amounts
For purchases that have a high AOV over $1,000, installment loans offer a customized way to repay the purchase.
Installment loans allow customers to split the cost into 12 or 24 payments.
- Customized number of installments
- Multiple options
- Suitable for diverse types of purchases
- 0% APR
Our BNPL Case Studies
UPC: Adding Buy Now Pay Later to Meet Consumer Demand
Softjourn’s client, Ukrainian Processing Center (UPC), wanted to enable deferred payments as part of its payment gateway for online and in-store purchases. This would allow UPC to offer this type payment option to its bank clientele that, in turn, could offer it to merchants, and so on. So far, Softjourn has completed many projects for the processing center, including upgrading and maintaining their processing servers, enabling mobile banking, and solutions for transaction volume testing.
Engagement Models
What Services We Offer
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Since 2010 Softjourn team has been maintaining the processing system which is a core of our business; they’ve done a great job so far! We value the knowledge transfer process as well as excellent development skills!
Business Development Director at UPC
We were encouraged because Softjourn asked the right questions and involved people with the right experience in the conversations.
Founder at PEX
Softjourn helped us manage our growth. We were growing 30% year over year. Softjourn had a key area of expertise to provide us tactical help.
VP of Product at SecuTix