BNPL (Buy Now Pay Later)

What is BNPL?

Lemonway's BNPL solution lets your customers purchase products or services without having to pay the full amount immediately.

Your customers can make the payment in multiple equal parts over a designated period of time (usually a few months). This payment method gives customers the opportunity to enjoy the benefits of your product or service instantly, feeling rest assured that they do not have to immediately pay the full amount.

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Note

BNPL constitutes a short-term loan. This does not affect the individual's credit score. However, the buyer will have a credit score check and may be denied the use of this payment option. A buyer is denied this option if they have a credit score that does not satisfy the risk score criteria.

Benefits of BNPL

  • Broadens the customer base - it reaches customers with a tight budget.

  • Increases customers' price ceiling - lets customers purchase more products that they would not usually pay for immediately.

  • Builds customer loyalty - facilitates the buying experience, therefore increasing the number of frequent buyers.

  • Offers better customer experience - availability of flexible payment methods for end-users.

  • Better Conversion Rate: Decreases the shopping cart abandonment rate - instead of giving up on the purchases, the user would select a more suitable option of paying in parts.

What BNPL Payment types do we offer?

Lemonway offers 2 BNPL payment types.

  1. Pay 3x or 4x Solution
  2. Deferred Payment Solution

Pricing

Although you will customize and implement BNPL on your platform. Lemonway's BNPL partner implements interest rates based on the payment method your buyer selects. For further information, contact your Lemonway Implementation Manager.

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Interested in BNPL?

If you are interested in our BNPL solution, contact your local Implementation Manager or contact our support by adding BNPL Service Request in the subject line.