equipifi’s Post

According to the 2023 PYMNTS Intelligence report “The Credit Accessibility Series: BNPL’s Wide-Ranging Impact on Consumers and Merchants”, BNPL is more preferred for its effective cash flow management than for being no-interest for shoppers.   👉 53,3% of respondents consider that feature as the most important reason for choosing BNPL, while only 11,2% mention the low or no interest rate.   This witness the tendency to leverage BNPL as a valid opportunity to effectively manage own expenses budget.   In addition, it is also the evidence that shoppers are more focused on convenience than on affordability. #BNPL #lending #payments #fintech #creditcards

Your cardholders understand Buy Now, Pay Later. Do you? Here’s what we know from launching BNPL with dozens of financial institutions: ⚡ Cardholders want purchase financing: They are familiar with BNPL because they’re already using it from other sources. Let them know they can get BNPL from you. 💯 They prefer it from you: When FIs launch BNPL, cardholders use it more than they do all 3rd-party BNPL solutions COMBINED. 🔆 They prefer it from YOU: So important we said it twice. Soon they will expect purchase financing from all debit cards. But they got it from you first, right? Want results like this for yourself? Let's chat!: https://lnkd.in/ePC7f6Zx #Buynowpaylater #creditunion #digitalbanking #payments Bill Carhart Oswego County Federal Credit Union

The CFPB recently issued an interpretive rule stating that lenders who offer BNPL meet the criteria for being credit card issuers and must follow the same regulations. In our latest blog, Jennifer Bennett, Strategic Product Manager, discusses this ruling and how it gives credit unions that offer post-purchase solutions a competitive edge over point-of-sale BNPL merchants. ➡️ Read the blog: https://bit.ly/4eZwi8W #CreditUnions #BNPL #payments

In case you missed it, U.S. consumers have entered you into a race. Did you know that: 🤺 70% of BNPL users would prefer the service from their financial institution (Source: PYMNTS) 🤺 71% of BNPL users would be interested in other financial services through their BNPL provider (Source: Marqeta) Consumers want purchase, payment, and banking capabilities from ONE place. So the question is, who will win the consumer wallet and the financial relationship? Will it be #BNPL providers who expands their offerings? Or will it be financial institutions that unlocks BNPL for its account holders? We know who we're rooting for. (Hint: It's you!) #buynowpaylater #affirm #creditunions #creditunion #payments #banking

𝐃𝐨𝐞𝐬 "𝐁𝐮𝐲 𝐍𝐨𝐰 𝐏𝐚𝐲 𝐋𝐚𝐭𝐞𝐫" 𝐀𝐟𝐟𝐞𝐜𝐭 𝐘𝐨𝐮𝐫 𝐂𝐫𝐞𝐝𝐢𝐭 𝐒𝐜𝐨𝐫𝐞? You’ve probably seen those tempting "Buy Now, Pay Later" (BNPL) options at checkout. But before jumping on that trendy payment plan, here’s something you NEED to know! BNPL can impact your credit score! 💳 While BNPL seems like a great payment option, if not managed properly, it can hurt your credit score!🚫 🔸𝐌𝐢𝐬𝐬𝐞𝐝 𝐩𝐚𝐲𝐦𝐞𝐧𝐭𝐬? Your credit score can drop. 🔸𝐌𝐮𝐥𝐭𝐢𝐩𝐥𝐞 𝐁𝐍𝐏𝐋 𝐩𝐥𝐚𝐧𝐬? It could lower your creditworthiness.  🔸𝐇𝐢𝐠𝐡 𝐜𝐫𝐞𝐝𝐢𝐭 𝐮𝐭𝐢𝐥𝐢𝐳𝐚𝐭𝐢𝐨𝐧? It may signal financial stress. Want to know how your score is really doing? 👉 𝐂𝐡𝐞𝐜𝐤 𝐘𝐨𝐮𝐫 𝐂𝐈𝐁𝐈𝐋 𝐒𝐜𝐨𝐫𝐞 𝐟𝐨𝐫 𝐅𝐑𝐄𝐄 at www.GenzPe.in With our #FixYourCredit get expert tips each week to boost your credit score. 𝐅𝐨𝐥𝐥𝐨𝐰 𝐮𝐬 𝐟𝐨𝐫 𝐦𝐨𝐫𝐞 𝐭𝐢𝐩𝐬 𝐚𝐧𝐝 𝐮𝐩𝐝𝐚𝐭𝐞𝐬! #GenZPe #CreditScore #CreditRepair #BNPL #FixYourCredit #CreditTips #FinancialWellness

The Consumer Financial Protection Bureau (CFPB) today (May 22) issued an interpretive rule that confirms that Buy Now Pay Later (BNPL) lenders are credit card providers! BNPL lenders such as Klarna, Afterpay and Affirm should be treated in some ways like credit card providers, according to one US financial regulator - CFPB. Like credit card providers, BNPL firms must investigate disputes, refund returned products or voided services, and provide billing statements. Latest interpretation brings Buy Now, Pay Later (BNPL) companies closer to the regulatory framework of credit card providers, although BNPL firms are not required to assess consumers' ability to repay short-term installment loans. For some time, BNPL providers have anticipated greater regulation. The global BNPL market is projected to grow from $37.19 billion in 2024 to $167.58 billion by 2032, as per the recent report. This move marks a significant step in integrating BNPL firms into the existing regulatory landscape, ensuring fair competition and consumer protection. #creditcards #BNPL #ConsumerProtection #Credit #Klarna #Regulations #Fintech

Buy Now, Pay Later (BNPL) has made a significant impact on the lending landscape. In fact, since 2014 we processed a total of 53.8 million BNPL transactions with a combined value of £3.7 billion 🛍️ What was once a niche trend, is now a mainstream financial option and it pays to be in the know. Take a look at our BNPL report to learn how consumers are using it and what this means for lenders: https://lnkd.in/eUgGq2wg #BuyNowPayLater #FinancialServices #FinancialTrends

🚨!!ATTENTION DEBIT CARD ISSUERS!!🚨 What are the risks of NOT having Buy Now, Pay Later for your debit cards? #Afterpay and #CashApp have been rolling out payment financing on debit card purchases, with plans to make this available to millions. Consumers get to shop and pay how they want while the issuer generates revenue. (Source: Payments Dive, read more: https://lnkd.in/g4VmCYkW) BNPL is becoming an expected feature for debit cards. Since #Chase introduced Pay-in-4 on its debit cards last year, this is another major launch. So what are the risks of not leveling up your debit cards with BNPL? ⏪ Losing potential revenue to other BNPL providers ⏪ Losing debit card users and deposits to other issuers (Especially as BNPL providers become debit card issuers: See #Affirm) Psst: https://lnkd.in/ePC7f6Zx

🛍️ BNPL Are Credit Cards?!    Right after CFPB’s funding question was cleared by the Supreme Court, the regulator served BNPL with an interpretive rule. “Buy Now, Pay Later lenders are credit card providers”. Wait. What? How can BNPL be the same as credit cards? Haven’t BNPL players always positioned themselves as the new and better alternatives to credit cards? The above statement is true. However, in CFPB’s eyes, there is no difference between these two products. “Like conventional credit cards, Buy Now, Pay Later combines payment processing and credit services, while charging transaction fees to merchants.” Hence the regulator calls out BNPL’s duties under the Truth in Lending Act: 📍 Investigate disputes 📍 Provide billing statements 📍 Refund returned products or canceled services It is a clever move for the regulator to leverage existing regulation. After all, if a regulation is designed well, it should cover existing and new lending products. Meanwhile, the identity you are fighting hard over the years to break away from, in others’ eyes, is an integral part of - you. Such is consumer credit. Such is life. #consumercredit #riskmanagement #newlending #bnpl #creditcard

Why are financial institutions offering Buy Now, Pay Later as a part of their digital banking experience? Because their cardholders want to use it. Here's what we know from our #BNPL launches: ⚡ Uptake happens fast: Nearly all FIs that launch BNPL with equipifi see loan activity on Day 1 of going live 💯 The solution is intuitive: Your cardholders understand BNPL. When they know they have offers in their online banking, they engage 🔆 They're gonna love it: Most cardholders take out multiple loans, and first time users come back again and again Want results like this for yourself? Let's chat!: https://lnkd.in/ePC7f6Zx #Buynowpaylater #creditunion #digitalbanking #payments #lumin #symitar Associated Credit Union of Texas (ACU of Texas) Eilene Markus