Resources

Choose Sileon and launch a BNPL platform that lasts

In this article we encourage lenders to think long-term when buying into a Buy Now Pay Later (BNPL) platform. Put your customers center stage and ensure that you are on top of the evolving consumer demands by investing in a Buy Now Pay Later platform that lasts.

We discuss topics such as:

  • The growth of Buy Now Pay Later
  • Meet consumer demand and go to market fast
  • Buy into a BNPL platform that lasts
  • Save time and money on IT-investments
  • Launch your BNPL platform in your own brand

The growth of
Buy Now Pay Later

Consumers love to buy now and pay later. The possibility of choosing a seamless payment method and receiving an item before the payment due date causes many consumers to abandon payment by credit cards, perceiving it as too complicated and expensive.

Research shows that Buy Now Pay Later is used ranging from high-priced items like electronics, furniture and appliances to the most frequent purchases like groceries and household essentials.

Most shoppers chose to use it out of convenience. It is easy, applies no interest rate and the credit approval does not affect the consumer’s credit score, as long as payments are made in due time.

During the covid-19 pandemic, Buy Now Pay Later saw exponential growth amplified by merchant acceptance and repeat customer usage as consumers became more confident in using different payment methods.

Grand View Research expects the market to register a compound growth rate of 26% from 2022 to 2030. Buy Now Pay Later seems to be the new normal in payments. It’s also clear from research that it attracts all types of consumer groups.

Modernize payment offerings

We believe relevance is the key to success in all shapes. If you’re not relevant in your target market or group, you will be outrun by your competition.

Banks and other credit card issuers see an acute need to meet the changing consumer behavior and acknowledge the need to modernize their payment offerings to stay relevant as consumer demand shifts.

As banks and lenders often are limited by aged and complex IT infrastructures, going to market with a Buy Now Pay Later offering becomes a technically and resource-demanding project. At this stage, the lender stands at a crossroad choosing between building or buying their BNPL platform.

Meet consumer demand.
Go to market fast.

To take part in the ongoing growth in BNPL, many lenders and banks consider teaming up with a partner that has extensive experience in both payments and developing agnostic platforms. This way they can launch their Buy Now Pay Later platform fast and minimize the risk of further customer abandonment, and market- and income losses.

 

Fast to market with SaaS BNPL

A cloud-based SaaS platform is the underlying engine for a BNPL business. It’s built modular and flexible to the point where you can pick and choose BNPL modules or run an end-to-end solution.As the foundation is already built and maintained, the focus for development with a partner lies in integrating the lender’s existing infrastructure with the chosen modules. This jumpstarts your time to market enormously.

 

Maintain full focus
on your core business development

Many companies set a clear strategy for the development of new potential income streams. If it’s within their core business, they build. If it’s not, they buy.Staying focused on your core business means you are offering your products and services well maintained, polished and at their very best. Taking time from your core business risks running behind on your core proposition.

Buy into a BNPL platform that lasts

Our take on a Buy Now Pay Later platform that lasts is one built with flexibility. Flexibility to welcome a changing market and consumer demand. It’s pre-set for its users to grasp opportunities to scale. To new segments, with new products, to new markets – all to accommodate relevance at any given time.

 

Sileon offers a BNPL SaaS platform for Lenders that is constantly evolving. We closely follow the changes in consumer preferences and market evolution. Our development team is skilled in payments and platforms and we make sure we are up to date with the latest technological advances.

A platform that lasts means that it’s prepared for tomorrow’s needs. We believe developing cloud-based modules caters to flexibility to scale. As Sileon daily serves the maintenance of code, bugs, features, consumer trends, compliance, audits and surveillance (among other tasks), you are ready for your next move whenever you may be presented with it.

A BNPL platform with low complexity and risk

When developing the Sileon BNPL platform for lenders we have paid great attention to risk management. As the platform holds sensitive data, building a secure, reliable and robust solution has been one of our top prioritizations.

Another key element in the platform is catering for a polished user experience. The underlying technology might be super sophisticated, but the user interface is developed for easy navigation and management.

 

Save on investments

Behind the scenes of a Buy Now Pay Later platform lies advanced technology. The combinations of modules, settings, restrictions, options, happy and unhappy flows are countless. As Sileon has the technology covered and the maintenance going, all you need to think about is serving your clients.
Partnering with Sileon means you save the company an incredible amount of time. Not only will you go to market faster, but it also lets you stay focused on your mission.

Save heavily on IT investments using the Sileon platform instead of allocating time to:

  • Building a development team (costs of competence, salary and administration)
  • Maintenance, surveillance, and further development
  • Development, making sure that the platform is flexible for future needs (discovery, design and development including testing and deployment)

Consider also the loss of income as you:

  • Spend time away from your core business development
  • Postpone going to market
  • Deteriorated customer relationships

 

Launch your BNPL platform in your own brand

Keeping the customer dialogue within your brand is important for your long-term customer relationships. You don’t have to give this up, even though you are not investing in building your own platform!

By in your own brand, we mean it is all yours. Nobody but you will ever see your customer data. Sileon develops the building blocks for your Buy Now Pay Later platform and you fill it with your brand, your customer experience, your credit products on offer and the settings that apply.

Sileon’s role is simply to empower your business with BNPL capabilities. We want to enable you to scale, create profit and drive customer loyalty. You take the center stage, while our platform works behind the scenes making your BNPL run smoothly.

 

So, what is it that a lender buys into with Sileon?

  • Meeting consumer demands as purchasing behavior changes is key for brand loyalty, retention and flow of income
  • Maintained or increased profits
  • BNPL capabilities to quickly broaden credit offerings that empower the business
  • The flexibility to evolve and continue to be relevant
  • Being customer-oriented over time
  • A BNPL platform that lasts, in the lender’s own brand
  • Owning all data and controlling the customer relationship

 

Would you like more information on Sileon’s BNPL platform for lenders? Or find out what an integration can do for your company? Details on development and pricing? We’d love to hear from you.

 

Fill out our contact form and we’ll get back to you straight away.