[NEW REPORT] The Point-of-Sale Financing Report from BIIntelligence: The winning strategies digital startups and incumbents are deploying to capitalize on the flourishing alternative financing space
Point-of-sale financing solutions, which enable customers to break payments up into installments, havesurged back into popularity in the years since the recession, after fading with the advent of credit cards. The recent emergence of these solutions on popular e-commerce websites is largely being driven by consumers, especially younger generations, using them as alternatives to credit cards.
In response, legacy banks and store card providers have stepped up their offerings to mitigate the threat of being undercut by POS financing services. These developments could reduce the risk of losing out on volume that's going through alternative financing options. The companies mentioned in this report are: Affirm, Afterpay, American Express, JPMorgan Chase, Klarna, Mastercard, PayPal, Synchrony, Visa, and Vyze.The"buy now, pay later" model lends itself to the instant gratification that people — particularly younger consumers — want. So, younger consumers have become the primary audience for many of these services, driving much of their volume.
Going forward, these consumers will propel the payment option's popularity, largely because of this hesitance to adopt credit cards. And POS financing fintechs have gained traction by removing consumers' specific credit pain points: They've tackled consumers' confusion over how the annual percentage rate works, for example, by offering transparent loan terms. There are certain strategies legacy providers can implement to reach this customer segment and combat those fintechs.
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