- equipfi is launching Plan Your Buy, a BNPL answer that gives customers financing for his or her buy earlier than they make the transaction.
- Shoppers can use Plan Your Buy to take out loans starting from $500 to $2,000.
- Plan Your Buy is built-in straight right into a financial institution’s current digital banking app, providing extra management over the person expertise.
BNPL-as-a-Service supplier equipfi unveiled a brand new answer this week referred to as Plan Your Buy. The brand new device empowers banks and credit score unions to permit their account holders to take out pre-qualified installment loans from their financial institution earlier than they make a purchase order.
equipfi calls Plan Your Buy a “pre-purchase BNPL answer,” which means that the financial institution gives the patron financing for his or her buy earlier than they make the transaction. Plan Your Buy is built-in right into a financial institution’s current digital banking app to supply personalised BNPL gives on to the purchasers. This makes it straightforward for customers to get the financing they should make a certified buy with out a credit score examine, extra functions, new logins, upfront value, or dependency on service provider integration.
Utilizing Plan Your Buy, pre-approved customers can take out loans starting from $500 to $2,000. The patron can view and settle for the loans instantly, and the funds can be found inside moments.
“There are lots of moments in an account holder’s lifetime when well timed entry to small loans make an enormous distinction,” stated Bryce Deeney, co-founder and CEO of equipifi. “By streamlining the mortgage acceptance course of and positioning it within the digital banking expertise, Plan Your Buy helps monetary establishments give account holders entry to money movement they already qualify for wherever and every time they want it.”
By delivering the device via banks, equipfi places the financial institution in management, permitting them to leverage client knowledge to supply extra personalised gives. Placing the financial institution within the driver’s seat additionally permits the financial institution to regulate credit score pre-approvals to swimsuit their very own threat tolerance and gives them extra management over the person expertise.
The built-in strategy additionally may help banks keep their top-of-wallet place by providing cut up funds utilizing current debit playing cards. That is totally different from conventional BNPL suppliers, which depend on a credit-focused strategy. This integration may also assist banks drive engagement and loyalty by leveraging transaction knowledge to generate personalised gives and streamline the person expertise inside their acquainted banking app.
Arizona-based equipfi was based in 2021 to convey the advantages of BNPL financing on to banks and credit score unions. Among the many firm’s purchasers are Kane County Lecturers Credit score Union in Illinois, SunWest Credit score Union in Colorado, FedFinancial Federal Credit score Union in Washington, D.C., and Eagle Group Credit score Union, which is likely one of the first to go dwell with Plan Your Buy.
Photograph by Nataliya Vaitkevich
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