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Customers are demanding it, businesses are increasing revenue because of it, and investors are funding it. Welcome to the world of Buy Now Pay Later (BNPL).
BNPL activity, measured by the gross merchandise value (GMV), grew sixfold globally between 2019 and 2023, according to the Bank of International Settlements. BNPL app downloads and daily active users have been on a steady increase since 2015 with many now preferring this financial product to other consumer financing options like credit cards.
With it, merchants have reported fewer abandoned carts, higher conversion, and bigger average cart sizes, according to the Harvard Business Review.
However, traditional BNPL has involved merchants using another brand or company to handle that part of the transaction. This means:
- Loss of control over your customers’ important data
- Delayed checkout
- A clumsy checkout experience for your customers as they transition from the merchant to the BNPL provider
- Confusion for your new customers who don’t understand who they are dealing with.
This has resulted in the increased popularity of white label Buy Now Pay Later solutions where customers interact only with your brand throughout the checkout process.
Yet, with many white label BNPL providers, you must know what to look for before choosing your BNPL partner:
- Ease of integration
- Fast onboarding
- Provision of important customer data and reports
- Expert handling of credit assessment and fraud management
- Integration with credible partners
- Large customization options
Getting all of these in one might be a tall order but all of it (and more) are what we provide at Berkeley Payment.
In what follows, we show why Berkeley Payment is a white label BNPL platform that you can trust to increase your revenue, improve your brand image, and enhance customer retention.
[Do you want to increase sales by providing BNPL for your customers in your name? Contact us today to learn how to quickly and seamlessly integrate a white label BNPL solution into your business.]
Why does your non-financial business need white label BNPL?
While traditional BNPL solutions have provided many benefits to merchants and customers, white label BNPL has the potential to produce even bigger and better results.
Frictionless checkout experience
Having to connect to another brand (the BNPL provider) during checkout can introduce friction into the customer journey and checkout experience. In a world where omnichannel customer experience is the goal, this is unwelcome.
“Friction occurs when a customer’s flow is disrupted,” according to Conversion Fanatics, a conversion rate optimization (CRO) platform. The change of flow from dealing with the merchant to the BNPL provider at the point of sale (POS) can cause friction. This can worsen if the process introduced by the BNPL provider is especially complex.
With white label BNPL, the checkout experience is smooth and frictionless.
From the time customers add products to the cart to the point where they get BNPL as one of the payment options and to the point where they complete the purchase, they are dealing with the same brand on the same platform through a single process.
In other words, you control the end-to-end journey of your customers throughout the checkout process.
Faster checkout
Customers hate lengthy checkout processes (both online and in-store) and some of them may bounce off to a competitor for that reason alone.
With white label BNPL, you can make the checkout process faster, improve customer experience, and reduce the possibility of cart abandonment.
Lower cart abandonment and higher sales
About 17% of online shoppers abandon their carts because of a “too long/complicated checkout process,” according to Baymard Institute, a user experience research firm.
Source: OptiMonk
Therefore, by removing friction and making the checkout process faster, white label BNPL can reduce cart abandonment, increasing sales.
Improved brand image
When customers have to use BNPL through another brand (the fintech providing the service), they immediately connect the benefit to that brand. You are just the seller and that brand is the one who has provided real value.
With the BNPL white label solution, your customers can directly connect the value they are receiving to you. It’s no longer that brand providing value, it is you. This improves your brand image and reputation and can drive more customers.
Better customer relationship
Customers connecting the value of the BNPL solution directly to you can also enhance your relationship with them. You are not just a merchant but a valuable partner who can support them in more ways than one.
Higher customer loyalty and retention
The more valuable customers find you, the more devoted they are.
Given that repeat customers spend 67% more than new customers and that higher loyalty improves the bottom line, it is a no-brainer that enhancing customer loyalty is key for every business.
Berkeley Payment: White Label BNPL platform you can trust
However, enjoying these advantages of BNPL white label solutions requires that you choose a platform that can provide you with the tools that are crucial for success: customization options, fraud management, credit assessment (credit check), and important reports, among others.
All these and more we provide at Berkeley Payment:
Large customization options
When customizing your BNPL solution, you must choose design options that align with your brand identities. This is the way to achieve that frictionless checkout experience we mentioned.
At Berkeley Payment, we offer a wide range of customization options so you can choose the one that best aligns with your brand.
Expert fraud management and credit assessment
While a white label BNLP solution carries your brand, you don’t have to do all the work – that’s what white label BNLP providers are there for.
One crucial task of providers is to conduct a thorough credit assessment to determine creditworthiness (if customers can make installment payments) and limits (the maximum amount they should be offered) and fraud management to prevent fraudulent practices during processing. Yet, they must do this seamlessly and quickly so that the checkout process does not become clunky.
This is something difficult to master. But at Berkeley Payment, we do it excellently well due to our expertise and experience in the payments world.
Customer data and reports
Control over customers’ data is one of the appeals of white label BNLP. Therefore, we ensure that we provide you direct access to customers’ data as well as reports that can help you better understand those raw data.
Our goal is to ensure you can turn our reports into insights that can improve your revenue.
Ease of integration
You already have an e-commerce platform that has served you well for years. Why change it?
To keep your existing systems and platforms, you need a white label platform that you can easily and smoothly integrate with them.
That’s what Berkeley Payment provides. Our APIs and plugins are designed to provide smooth and fast integration with the most popular e-commerce platforms and tools.
Connection with credible partners
White label BNPL providers don’t work solo. To provide BNPL services, they need to be integrated with credit bureaus, card networks, and financial institutions (lenders). The quality of these partners will determine the quality of the service they offer you.
Our experience and reputation make it easy for us to form partnerships with credible financial services providers to deliver the best value for you.
By choosing our white label service, you are working (indirectly) with credible and experienced companies.
Fast onboarding
On the other side of white label BNPL is fewer abandoned carts, higher conversion, bigger average cart sizes, and higher revenue. Why take more time to get started?
At Berkeley Payment, we provide an accelerated onboarding process so you can start providing more value to your customers instead of being buried in unnecessary details.
Create your BNPL white label solution with Berkeley Payment
With an experienced, trusted, and capable white label BNPL provider, you can get all the benefits that come with white label BNPL solutions: lower cart abandonment, better customer relationships, improved brand image, and higher customer loyalty, among others.
Berkeley Payment is that partner. With over 10 years of providing value to NGOs, private companies, and government organizations, we have all it takes to take your business to the next level.
By integrating our payments API on your platforms, you will gain access to all our payment solutions (real-time payments, ACH payments, white-label debit cards) including the ability to create a white-label BNPL system.
Our all-in-one platform allows you to create accounts for your customers and collect payments in instalments from them for their purchases.
Getting started with us is quick and seamless. You can easily integrate our APIs into your various platforms and start enjoying the value we provide immediately.
Our customer support team is always ready to provide any assistance you might need along the way.
[So, what are you waiting for? Sign up with Berkeley Payment to take your business to the next level through our white label BNPL solution. Contact us today to get started. ]
