The new feature allows financial institutions (FIs) to provide account holders with flexible financing solutions before making a purchase. At the same time, it expands consumer choice in managing their cash flow throughout the shopping journey.
Plan Your Purchase, equipifi’s latest BNPL solution offers account holders the possibility to take pre-qualified installment loans from their financial institution, anywhere between USD 500 and USD 2,000. These loans can be viewed and accepted within seconds in the digital banking experience and funded within minutes into checking accounts.
Globally, BNPL as a payment method has surged since its inception and is projected to continue to grow at a compounded annual rate of over 25% between 2022-2026. It has rapidly developed from a simple purchase financing tool to a budgeting and cash flow management tool and has recently expanded to the B2B sector.
Given the current global economic conditions, high inflation rates and financial uncertainties, more SMEs and startups have requested flexible, easy-to-access financing solutions such as BNPL to support their growth, product development, or help with acquisitions.
Equipifi’s new tool aims to help financial institutions across the United States provide a small loan financing alternative that is fast and secure. The white label solution aligns with new consumer purchase habits, financial goals, and payment preferences. It integrates with banking cores and digital banking platforms to provide a single place to view, accept, and manage all BNPL plans on consumers’ existing banking app, which fosters accessibility.
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