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
Engagement Models
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