Softjourn
Finance

Buy Now, Pay Later Check-Out Services

Fintechs, financial institutions, and payment gateways offering buy now, pay later (BNPL) functionality provide a lot of opportunities for their clients, for online retailers and shoppers alike. The benefits of using payment installments are twofold: merchants get paid upfront while customers get a short-term loan approved in a matter of seconds. By leveraging our expertise in finance, Softjourn puts together solutions that can help our clients remain at the forefront of the financial industry.
Fintechs, financial institutions, and payment gateways offering buy now, pay later (BNPL) functionality provide a lot of opportunities for their clients, for online retailers and shoppers alike. The benefits of using payment installments are twofold: merchants get paid upfront while customers get a short-term loan approved in a matter of seconds. By leveraging our expertise in finance, Softjourn puts together solutions that can help our clients remain at the forefront of the financial industry.

Some of Our Financial Clients

Pex Finance Logo
Chromeriver Fintech
Icard Finance Software Dev Logo
Svb Logo 2
Upc Finance
Maegan Fintech App Development

BNPL Solutions

Why BNPL should join your consumer portfolio
Why BNPL should join your consumer portfolio

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
BNPL Solutions with Softjourn
BNPL Solutions with Softjourn

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.

WHY DO CONSUMERS LIKE BUY NOW, PAY LATER?

Implementation of BNPL Solution

Split Payments
Split Payments

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
Installment Loans
Installment Loans

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
Why Our Clients Choose Us
Financial companies leverage our knowledge and best practices. We help our clients—payment processors, banks, transaction acquirers and prepaid card service providers—to increase market share.
How We Help?
We focus on new technology applications. Applications may be related to biometrics including voice or hand swiping to make payments, or applying AI to disputes or helping financial institutions to prevent fraudulent transactions.
How We Apply Our Creativity
Researching new technologies, and developing POCs and prototypes enables us to better advise our clients and work with them to design and deploy new technologies which helps them to remain competitive.
Why Our Clients Choose Us
Financial companies leverage our knowledge and best practices. We help our clients—payment processors, banks, transaction acquirers and prepaid card service providers—to increase market share.
How We Help?
We focus on new technology applications. Applications may be related to biometrics including voice or hand swiping to make payments, or applying AI to disputes or helping financial institutions to prevent fraudulent transactions.
How We Apply Our Creativity
Researching new technologies, and developing POCs and prototypes enables us to better advise our clients and work with them to design and deploy new technologies which helps them to remain competitive.

What Services We Offer

Whether upgrading an existing code or creating a new one, the most important expertise we offer is a proven approach to mitigating risk and containing costs.
Often clients don’t know what product they need, but do know the results they want. Our job is to help define the product and develop optimal solutions to get those results.
To compete, our clients continually need to provide new and better services. We have our own R&D Centers – started in 2008 – which uniquely positions us to do just that.
Our developers and illustrators are experts at UI and UX design. They will work with you to understand your needs in going from idea to prototype to deployment faster and at less cost.
Financial software development has grown exponentially in recent decades. Softjourn is the solution to help you define and develop forward-thinking technology that gets real-world results.
Our core belief is that analyzing and testing is critical because the essential role of software is so important. In the process, our Quality Assurance team helps you create superior products.
Since day one, we’ve been providing application support and maintenance services to each customer on every project. It’s why we’re a proven, trusted partner and reliable asset.

Financial Insights

Thought-Leadership
Top 5 Payments Trends to Keep an Eye on in 2021
Top 5 Payments Trends to Keep an Eye on in 2021
by Yuri Kropelnytsky, Softjourn's Payments Expert

Payments trends that have been evolving slowly over years accelerated overnight as the pandemic forced businesses to follow social distancing mandates. Many areas of the world are already well acquainted with digital wallets and contactless payments, while the U.S. market is playing catch up.

Thought-Leadership
Grow Your Business with Payment Orchestration
Grow Your Business with Payment Orchestration
by Yuri Kropelnytsky, Softjourn's Payments Expert

Achieving optimized payment flow is the ultimate goal of every merchant. Payment orchestration helps leverage new technologies to prevent fraud, increase authorization rates, and offer a satisfying customer experience.

Thought-Leadership
5 Prepaid Card Industry Trends for 2021
5 Prepaid Card Industry Trends for 2021

From gig work and millennial preference to virtual cards and prepaid-as-a-service, here are five trends prepaid card providers can capitalize on in 2021 and beyond

Tech-Content
PCI Compliance Levels: A Complete Guide
PCI Compliance Levels: A Complete Guide
by Yuri Kropelnytsky, Softjourn's Payments Expert

Do you know which PCI compliance level you fall into? Our complete guide tells you everything you need to know about PCI DSS