Buy Now Pay Later

Buy Now Pay Later (BNPL) services have huge upside for retailers and customers alike. These solutions allow retailers increase average basket sizes and conversion rates for customers shopping on their sites by deferring the payments for their goods with micro-loans provided by the BNPL provider.

Buy Now Pay Later

Problem

Buy Now Pay Later technology relies on third-party data from credit bureaus to assess the liklihood of a user's ability to pay. This can often be out of step with what their user's actual financial position is.

Solution

Lean allows BNPL providers to assess their customer's financial risk with real time data, and set up payments plans with direct bank-to-bank transfers. Removing costly card fees that rack up over multiple payments for a single purchase.

How Lean helps Buy Now Pay Later.

Transactions

Transactions

Buy Now Pay Later fintechs can leverage real-time access to a customer’s transaction history to assess their risk and loan-worthiness, thus significantly increasing their underwriting capacity and preemptively managing default rates.

Customer-to-fintech payments

Customer-to-fintech payments

Buy Now Pay Later fintechs can offer customers the option to make payments directly from their bank account, rather than doing so using a card processor as an intermediary. This substantially reduces fees associated with card payments, thus being able to offer customers more favorable rates.

Fintech-Merchant Payments

Fintech-Merchant Payments

Buy Now Pay Later fintechs can automate disbursements to merchants. Currently, most BNPL fintechs manually disburse funds to merchants. However, this process can be automated and instantaneous using Lean’s Payments API.

Recurring Payments

Recurring Payments

By using automated recurring payments, a BNPL fintech can easily schedule payments from the customer’s bank account. This will benefit the fintech by increasing the percentage of payments made on time, while simultaneously helping customers avoid late fees.