Become an InsiderPoint-of-sale financing isn't new, but it's gotten renewed attention as a wave of startups like Affirm, Afterpay, and Klarna acquired millions of new users during the coronavirus pandemic.And now, incumbents like Amex, Citi, and PayPal are leaning in on this new way to pay, which consumers have flocked to as a way to stretch their dollars.
But over the last several years, a cohort of fintechs have cropped up offering a new way for retailers to boost sales: buy now, pay later. From no-interest, two-week installment plans to longer-term financing, fintechs like Affirm, Afterpay, and Klarna, to name a few, have won over millions of consumers and tens of thousands of retailers with their digital-forward, easy-to-use alternatives to credit cards.
"Credit availability actually closed a great deal under pandemic conditions. So that accelerated buy now, pay later, which has emerged as the new thing at the point-of-sale, as an alternative way to actually get credit, which was important," Ben Savage, partner at Clocktower Technology Ventures, told Business Insider.
. The coronavirus, no doubt, has played a significant role. Afterpay nabbed one million new customers in just a ten-week span in the second quarter, when the pandemic was at its height. Fintechs, who have spent years acquiring customers, are now looking to build brand stickiness with their own apps and loyalty programs.
What remains to be seen is where the industry will go next. For now, retailers are entering into exclusive deals with BNPL fintechs, paying them fees around 3% to 6% for each transaction. The promise of BNPL is to increase order values and the likelihood an online shopper actually buys. Those economics may be compelling in a time when total retail spending is down and advertising budgets are tight.
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