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Do you know what to look for in a BNPL solution?
Since taking a cookie-cutter approach is a big no-no, there are some pertinent questions to ask when exploring your BNPL options.
The three pillars of successful BNPL are: Affordability, Accessibility, Responsibility.
Seems paradoxical but it is possible.
Banks already have two of these three pillars in place – responsibility and affordability. Accessibility is often the challenge, one which can be overcome through technology.
What questions should you ask a potential BNPL provider?
To succeed in BNPL, you need a solution that checks all the right boxes.
These are five of the most important questions to ask a potential BNPL provider in your intro call:
1. Is the solution scalable?
Speed is the name of the game in BNPL in the race to onboard merchants. The quicker and easier it is to onboard merchants, the more likely you are to capture market share. You don’t want to have to take months to onboard a merchant while fintechs are onboarding thousands of merchants at a rapid pace.
2. Can it adapt to all consumer touchpoints?
A BNPL solution needs to be able to cater to every scenario in the user journey across all channels, including online and in-store.
3. Does it cover the end-to-end user journey?
According to McKinsey, 75% of consumers who finance big-ticket items decide to do so early in the buyer journey. For this reason, it’s important to provide consumers with your BNPL offer at the beginning of the buying journey.
Cover all your bases
These three questions are just the tip of the iceberg. There are seven more make-or-break factors to consider. Download our BNPL Handbook for the full list of questions to pose to a potential BNPL provider.
Disclaimer: The information in this article is for informational purposes only, and should not be construed or relied upon as legal advice on any subject matter. The author is not responsible for any consequences whatsoever arising from the use of such information.