Buy Now, Pay Later
Stitch's Buy Now, Pay Later (BNPL) solution enhances purchasing flexibility, reduces financial strain, and maintains reward points for consumers on your platform, all while simplifying their online checkout process. This approach offers a seamless, interest-free instalment payment option, boosting customer satisfaction, increasing average order value, and driving sales for merchants.
More specifically, BNPL allows consumers to use their existing Visa or Mastercard credit cards to make purchases by paying monthly instalments, within a period between 2 and 6 months. As Stitch handles this confirmation directly with users, they do not need to fill out any separate applications on your platform to receive goods or services in advance of full payment, resulting in minimal friction.
Stitch BNPL does not add any interest or hidden fees, so consumers still get all of the benefits of paying with their credit cards, leveraging the user's current pre-approved credit line. The BNPL payment flow is also fully customisable to the merchant’s checkout journey and tailored messaging and collections are all handled by Stitch.
Get started with the seamless API integration process for BNPL, detailed further here.
Settlement Options
Stitch BNPL offers two settlement options, providing flexibility to merchants based on required cash flow and financial preferences:
- Upfront Settlement: Merchants receive the entire purchase amount immediately, following a successful payment request. This option ensures immediate cash flow, aiding in inventory replenishment, alleviating operational expenses and minimizing collection risk.
- Instalment Settlement: Merchants are settled with instalment amounts paid, as these are collected from end-users. This option aligns with the cash flow of the BNPL payments, with lower fees from Stitch and revenue spread over the instalment period.
