As installment plans grow in popularity, BigCommerce merchants will now have access to an easy-to-use buy now, pay later program for a wide range of customers, including high-risk borrowers
BigCommerce a leading Open SaaS ecommerce platform for fast-growing and established brands, announced fintech company Sezzle Inc. as a new preferred buy now, pay later (BNPL) partner. Small and mid-market BigCommerce merchants will now have the ability to offer interest-free payment plans that support smart, risk-free shopping for consumers, including high-risk borrowers and younger shoppers looking to build credit and buy with a purpose.
Sezzle is also dedicated to financially empowering younger consumers through credit building and financial education, and was recently certified as a B Corp for its ethical business model.
“With 60% of U.S. shoppers having used BNPL financing for an online purchase, merchants are increasingly adopting these solutions for their ecommerce stores in response to customer demand, especially younger consumers who find the installment-based model attractive.” said Mark Rosales, vice president of Payments at BigCommerce. “There are a number of BNPL providers in the market right now, but Sezzle’s commitment to giving consumers a responsible way to slowly build credit without taking on large amounts of debt was a key differentiator in deciding to make them a preferred BNPL partner.”
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With Sezzle natively integrated as a payment gateway in the BigCommerce Control Panel, merchants can enable the BNPL option with a single click to display a Sezzle widget at checkout. Sezzle then collects 25% of the order price from the consumer at time of purchase, followed by three additional automated 25% installments over the course of six weeks. Key benefits include:
- Risk-free selling. Merchants receive full payment upfront less a minimal fee, assuming no credit or fraud risk on purchases.
- Alternative payment options. By providing a new payment alternative alongside other payment methods, merchants give buyers the financial flexibility to purchase with or without a credit card.
- Attract new buyers. More than 45 million people ages 14 and older in the U.S. will use BNPL services this year, giving merchants the opportunity to appeal to a new generation of buyers seeking to try a new payment method to overcome limitations such as cash flow or credit.
“The majority of our users are shoppers who don’t have access to or have avoided using traditional credit cards, but are still looking for a budget-friendly way to make purchases,” said Veronica Katz, chief revenue officer at Sezzle Inc. “Partnering with BigCommerce will provide this buying power for our customers, helping them build their credit while they get the products they need.”
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