Buy Now Pay Later Payment System | Fintech solution | Case Study
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FINTECH

Buy Now Pay Later - Alternative Credit & Payments

Usage of Plastic money has been a popular way of purchasing goods in the last decade. However, in many cases, this led to a huge amount of debt. Hence, the new Gen Z prefers to use an alternative payment option i.e. Buy Now Pay Later (BNPL) to reduce the risk of debts. Azilen with its Fintech competence has successfully delivered one such solution providing consumers with an On-demand finance option.

Business Scenario

The Customer based in South Africa is one of the leading digital banking solution providers with a deep background in financial services & payment technology. The customer aims to deliver a world-class payment solution that is superior & easily adaptable by consumers & merchants.

Azilen collaborated with the customer to build a state-of-the-art Buy Now Pay Later (BNPL) payment system, feasible & integrable with any of the E-commerce stores. This solution brings in a payment revolution enabling the consumers to have an interest-free payment plan & merchants to boost their sales.

Key Highlights

PCI Compliant

Multi-Party Transactions

Historical Payment Data Mgmt.

Consumer Credit Score Analysis

Automated Merchant Settlement

Financial Reporting & Accounting

Challenges

  • Consumer Data Sovereignty
  • Fraud & Risk Prevention
  • Multi-technology Integration
  • Transactional Info. Encryption

Solution

The customer was looking for a payment gateway that attracts the consumers to Buy More from various E-commerce marketplaces. Hence, the idea was formulated to build an innovative BNPL (Buy Now Pay Later) Payment System that provides Interest-free finance options to the consumers on their purchases.

The customer was looking for a payment gateway that attracts the consumers to Buy More from various E-commerce marketplaces. Hence, the idea was formulated to build an innovative BNPL (Buy Now Pay Later) Payment System that provides Interest-free finance options to the consumers on their purchases.

The developed BNPL Payment System offered a flexible infrastructure, easy to integrate with Custom CMS or E-commerce platform build with :

WHAT IT BRINGS IN FOR CONSUMER?

  • Payment Flexibility
  • Interest-Free Credit
  • Scheduled Payments
  • One-stop solution for all purchases
  • Enhanced Shopping Experience
  • Easy Refund on Order Return
  • Secured Transactions

WHAT IT BRINGS IN FOR MERCHANT?

  • Easy Payment System Integration
  • New Shoppers - Incremental Sales
  • Higher Conversion with Bigger Carts
  • Hassle-Free Payment Settlements
  • Zero Credit or Fraud Risk
  • Consumer Loyalty
  • Increased Repurchase Rate

Thought Leadership

Consumers are weary of credit cards and the interest that comes with them. However, they are highly interested to explore an alternative payment option that provides a similar purchasing experience. Also, eTailers can boost online sales by fostering trust and offering financial flexibility to its consumers. This brings in to hop aboard the trending BNLP services that help:

  • Consumers to have Interest Free Installments
  • The best option for unexpected or emergency purchases
  • Merchants to lower consumers buying hesitation
  • To entice the consumer to increase average order value

The key functional features of this solution include following:

E-commerce Store Checkout

  • Pay in Full
  • Acquire Finance for Purchase
  • Consumer Registration & Verification
  • Credit Score Analysis
  • Make Payment
  • Transaction Receipt

Administration & Reporting

  • E-commerce Store Directory
  • Merchant Daily Payment Transaction
  • Email/SMS notifications
  • Costumer & Merchant Management
  • Financial Reports

Customer Portal

  • Order History & Payment Plan
  • Due installments for Purchases
  • Advanced Payment
  • Order Return & Refund Request

Merchant Portal

  • Order History by Consumers
  • Received Payment from Payment Solution
  • Manage & Process Refunds
  • Refund Payment Settlements

SALIENT CHARACTERISTICS

  • Asynchronous Architecture
  • SSL Encryption
  • PnP (Plug n Play) Setup
  • Optimized Performance
  • Secure & Confidential

Achievements

%

Boost In Sales

+

Active Consumer Base

0%

E-Commerce Store Integration