Buy now, pay later (BNPL) options are exploding in popularity and industry consolidation is heating up and it’s easy to see why, given the benefits for both shoppers and merchants. Customers love the flexibility of paying in installments while merchants welcome the opportunity to unlock new buyers, increase average order value and drive higher conversion rates.
If you’re thinking of onboarding a BNPL offering, it can be challenging to wade through the range of available providers. Here are three key questions to help you identify the right BNPL partner:
1. Will the provider’s branding override your own?
When bringing in an outside partner for BNPL services, many merchants end up losing control — often unintentionally — of critical parts of the consumer journey. Find out if the attention will stay focused on your brand and products. Consider whether the look and feel are right for your industry, as many providers fall flat outside of the traditional retail space.
The Certegy difference:
We built our BNPL solution to specifically address this issue. Certegy clients can leverage APIs and developer tools to deploy their own merchant-branded BNPL option. With our white-label functionality, you can retain ownership of your customer connections from start to finish, helping you drive sales and build brand loyalty. There’s no need to see your brand listed side-by-side with competitors in your BNPL provider’s shopping directory; white labeling empowers you to capture the benefits of BNPL without the risk of losing customers to other retailers.
2. Will the provider complicate your checkout experience?
If the BNPL checkout is too long and complicated, shoppers are likely to bail out; simple and seamless is best. Find out if customers will stay on your site throughout a smooth, fully-supported checkout — or if they’ll be dropped into a third-party site packed with other retailers and products. It’s also important to consider customer experience following the initial checkout as remaining payments are handled.
The Certegy difference:
Our BNPL service acts as a natural extension of your existing checkout, creating a frictionless customer experience. It’s fast, too: Accept or decline recommendations are provided within seconds. As soon as the installment plan is submitted, Certegy manages the scheduling, validation and transfers. This means your customers only need to provide their information once, saving time and frustration. Plus, Certegy is FCRA Compliant, which helps to protect your brand reputation.
3. What’s the ROI?
Successful merchants know every investment needs to be weighed against the corresponding return. To identify the right BNPL provider, it’s important to consider the high transactional costs for credit cards in relation to the projected improvement in your KPIs, such as growth in repeat business, net new customers and decreases in cart abandonment.
The Certegy difference:
Certegy’s BNPL solution was built with merchants in mind and purposefully engineered to be cost effective. We leverage the ACH network to reduce fees incurred by interchange, boosting your ROI and allowing you to reinvest those savings into areas that further propel the growth of your business, like customer acquisition and loyalty programs.
If you’re thinking of onboarding a BNPL offering, it can be challenging to wade through the range of available providers. Here are three key questions to help you identify the right BNPL partner:
To learn more about our Buy Now, Pay Later solution, click here or contact us at 1-877-CERTEGY.