Financial institutions have been offering payment in instalments to their customers for many years. However, FinTechs and payment providers were faster than the established institutions in transferring the basic scheme into the electronic age. But this should not be a reason to forego offering innovative payment methods – the experts at PPI will support you in this!
Buying a needed good, having it directly available and paying off the price over a longer period of time – this is an ancient payment model. However, it usually involves extensive credit checks and formalities, which make the classic instalment credit as a payment method seem cumbersome and old-fashioned in the age of digitalisation. Particularly in e-commerce, advance payment or a payment-on-delivery transaction by credit card or similar means of payment is often required. Buy now, pay later (BNPL) combines the advantages of paying in instalments with the speed of the digital world.
The advantages are simplicity and transparency:
Many e-commerce retailers have already integrated this financing option into their checkout process, and BNPL is now also increasingly offered in stationary retail. The payment method largely dispenses with lengthy creditworthiness enquiries or the filling out of extensive information forms. Young customer groups in particular take advantage of BNPL's flexibility, convenience and transparency. A classic example of use is the purchase of clothing, which can be tried on before payment.
Currently, BNPL providers are mainly FinTechs and payment providers. However, there are enough opportunities for the established institutions to make up for lost business and be successful in the BNPL segment.
With the PPI consulting team, you have an experienced partner at your side with whom you can master the challenges and implementation of buy now, pay later and set up your institution accordingly. Our specialists ensure quick and easy integration based on a flexible setup. We advise you along the hosted checkout to API integration or e-commerce extensions and make a seamless integration into your platform possible.
Our services summarised: