Valour has pioneered LaaS and has a plug and play option for retailers or NBFI’s looking to offer BNPL finance to retail customers.
Buy Now, Pay Later (BNPL) is a payment option that allows customers to purchase goods or services immediately and pay for them over time in installments, often interest-free. This flexible payment solution is designed to make purchasing more accessible and manageable for consumers.
Our BNPL software includes automated decision-making which can be refined to suit the risk appetite of the funder. The onboarding flow is integrated directly into the online store via our plugin API, featuring a ‘Buy Now, Pay Later’ button. Shoppers can apply for instalment payments, provide their information, and receive instant purchase approval, all within the shopping interface for a seamless experience.
Our Buy Now Pay Later software sweeps away manual processes, ad-hoc queries, and paper trails to allow a single smooth automated workflow that meets borrowers’ needs while improving operational efficiency.
When a shopper chooses the BNPL option at checkout, they simply complete a short application process. Once approved, customer proceed with the purchase by agreeing to pay the total amount in future instalment’s over a period set by the funder. These instalments are usually interest-free if paid on time. The merchant receives full payment for the purchase upfront from the BNPL provider, while the funder collects the instalment repayments from the customer.
For retailers, the BNPL model will lead to an increase in sales volumes and result in higher average order values, as it makes higher-priced items more attainable for customers. It also improves customer satisfaction and loyalty by offering flexible payment options. Moreover, BNPL can attract a broader customer base, including those who prefer not to use traditional credit options.
Shoppers enjoy greater purchasing power and flexibility with the BNPL model. It allows them to acquire items immediately without paying the full amount upfront, typically without interest or additional fees if payments are made on time. This can help shoppers manage cash flow better throughout the month, and make larger purchases more manageable especially between income payments. BNPL also offers an alternative to traditional credit, often with simpler approval processes.
