ChargeAfter’s merchant network can now offer Quadpay’s buy now, pay later (BNPL) solution to customers shopping in stores and online, thanks to a new partnership between the point-of-sale (POS) financing platform and the installment payments platform, according to a press release.
ChargeAfter connects retailers — including those in consumer electronics, home appliance, furniture, automotive and mattress sales — with lenders through its BNPL network. With this partnership, merchants can now offer Quadpay’s payment program, allowing consumers to pay in four installments with no hidden fees, the release stated.
BNPL use is up across the nation and is driving sales and new traffic to eCommerce websites and physical storefronts. According to PYMNTS research, by the end of 2020, 47 percent of consumers had increased their use of BNPL options. And, per the release, offering Quadpay’s installment option has helped merchants boost their sales conversions by up to 20 percent. Merchants have also seen, on average, a 60 percent increase in checkout value with consumers using Quadpay, a Zip company.
“As we continue to build the leading buy now, pay later financing network, we’re always looking for innovative financing products that can be used by global merchants to help them sell more, and provide consumers with more control over their spend,” said ChargeAfter Founder and CEO Meidad Sharon in the release. “Consumers and merchants alike are increasingly demanding flexible payment options, and we believe that this partnership is another step towards our continued effort to further democratize credit, while placing the power of payment options back into the hands of the consumer. We are creating the next wave of credit.”
It’s time installment payment plans became ubiquitous at checkout, former Visa Global Head of Installment Solutions Cetin Duransoy told PYMNTS last year. ChargeAfter added Visa’s installment solution for two of its clients last summer.
“The [digital installment] solution is quite attractive in almost every demographic group all over the world because predictability is something many people actually love, as it turns out,” Duransoy said at the time.
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