3 BNPL Companies disrupting the payments space

By Edlyn Cardoza

With the constant revolution in every industry, the payments space grows with another option of Buy Now, Pay Later (BNPL). Buy Now Pay Later is revolutionising how customers make purchases online and even in-store by making payments more flexible and convenient for shoppers. BNPL apps are similar to credit cards, but the difference is that many don’t charge any interest as long as you make the scheduled payments.

Choosing BNPL at the checkout of a participating retailer means the bill will be paid for in full by the BNPL provider. That leaves the customer required to repay them, usually in instalments over a short-term fixed-payment schedule and interest-free.

The following are 3 Buy Now Pay Later companies disrupting the payments space:

Affirm

Affirm’s mission has been to deliver honest financial products that improve lives. Affirm is making it easier to make smart choices with your wallet. So, you can get the things you love without the things you don’t. Unlike most credit card companies, Affirm’s business was built to help you say yes—not to profit off mistakes or misfortune. Affirm is the smartest way to pay over time. Shop pretty much anywhere and pay at your own pace without any fees to get the things you love without breaking your budget.

Sezzle

Sezzle is a payments company on a mission to empower the next generation financially. Sezzle’s payment platform increases the purchasing power of millions of consumers by offering interest-free instalment plans at online stores and in-store locations. When consumers apply, approval is instant, and their credit scores are not impacted unless the consumer elects to opt-in to a credit building feature called Sezzle Up.

Splitit

Splitit is entirely different— free of fees, applications, and credit checks. For the responsible credit card user who pays diligently and doesn’t want a new loan under their name, Splitit is the smarter, more sensible choice. It’s a new day for payments—one where your shoppers can keep earning the credit card rewards they love, choose the number of instalments and gain a level of control that traditional “buy now, pay later” providers can’t – or won’t – give them.

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