According to Allied Market Research, the BNPL market is currently a $100 billion market. It is expected to grow to a 4 trillion dollars market over this decade, growing at a compound annual growth rate of 45%.
Buy Now Pay Later is a short-term financing option that allows merchants and small businesses to sell their products and services without accepting full payment at checkout.
Why is BNPL becoming a popular tool for consumers?
There are two main benefits for consumers to use BNPL. First of all, BNPL options often carry no interest or fees. Consumers pay the same price for the product but pay it back over time.
Second, not all consumers have a credit card or credit available to spend on their credit card. If the consumer has exhausted their credit card but still needs to buy a product or service, the best option is to use this financing option on the retailer’s website or in physical stores.
Alchemy’s technology provides passive identity verification so that the identity of online consumers is verified and approved. Personally identifiable information such as name, address, phone number and email is all that is needed by Alchemy’s platform to verify consumer identity.
Alchemy’s BNPL allows merchants to process installments and installments over time until the contract is fulfilled. We use the merchant’s existing payment provider to process credit and debit card payments.
Each merchant will also have access to their own portal to easily browse all their BNPL customers, total payments collected and outstanding balances in one place.
The portal is served as a one-stop-shop to give traders visibility across their entire BNPL portfolio.
Customer portal and communication
Customers can easily access their payment information, add additional bank accounts and credit cards to continue processing their remaining installments.
This portal is for consumers to clearly understand their remaining obligations and make it easy for them to pay overtime until those obligations are met.
Alchemy Core BNPL Technology
Alchemy’s mission is to enable every business to become a FinTech company by providing bank-grade technology to all small businesses, merchants and retailers. Integrating our solution directly into the merchant’s sales and marketing tool is our goal to increase retailer revenue.
Alchemy is an integrated finance software company that powers FinTechs, merchants and banks with an end-to-end cloud-native experience. Our award-winning loan software provides a comprehensive set of powerful software modules, including our digital customer onboarding process, real-time underwriting, loan servicing and management, real-time payment gateway, customer communications and merchant, collection modules and many more. trustalchemy.com