TurnKey Pay Later enables businesses to bring BNPL in-house
By Edlyn Cardoza
TurnKey Pay Later platform automates all aspects of consumer and commercial buy now pay later processes for product and service providers as well as lenders. Businesses already using this solution include large-scale retailers, franchising providers, manufacturers of advanced labor equipment, telecoms, payment processors, airlines, and many others in 50+ countries.
TurnKey Lender has automated processes for embedded lenders for years now, but in 2022, the demand for powerful and user-friendly automation of in-house BNPL programs became much higher. The BNPL phenomenon is expected to reach $1 trillion in annual gross merchandise value by 2025. This growth is fueled by the benefits that both business owners and their clients receive from point-of-sale repayment options.
While BNPL lenders were some of the fastest growing FinTechs during the pandemic, more product and service providers started to realise that it’s better to control their pay later programs in-house to keep the 2-6% fees on every payment, remain in control of their client’s data, their customer journey and repeat sales.
These trends led to the creation of TurnKey Pay Later. This solution package changes the lending industry status quo by offering product and service providers industry-leading lending technology tailor-fit to make running a BNPL program in-house simple.
The solution package comes with configurable credit scoring, integrates seamlessly into the checkout process, and provides buyers and team members with cloud-based portals. Staff onboarding is usually completed in a matter of hours. Business owners’ control over the BNPL process ensures better returns on technology investment, higher customer lifetime value, and a streamlined digital customer experience.
Elena Ionenko, COO and Co-founder of TurnKey Lender, comments: “It’s clear that the future of credit is at the point of sale. TurnKey Lender enables the market to adjust to this urgent demand. TurnKey Pay Later gets you on the same level of digital BNPL experience as Affirm and PayPal provide but the platform is yours and tailored to you and your consumers. This release fits perfectly into TurnKey Lender’s mission – lowering the lending space entry barrier to make sure borrowers get fair credit where and how their need it.”
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