Buy Now Pay Later (BNPL)

Integrations

BNPL Integrations

Buy Now Pay Later, BNPL [also known as point-of-sale (POS) lending or POS financing] is the future of consumer financing. It is especially popular among younger consumers, like Millenials and Gen Z. Consumers are increasingly opting for BNPL for varied reasons: lack of or inadequate disposal incomes, inconvenience of carrying cash around even if available and debt spiral that comes with credit cards (not many consumer possess these spending plastics in Ghana anyway).

This evolution has mirrored the consumers’ shift from physical brick-and-mortar shopping to online shopping.

GhanaStartups.org is the sole local BNPL Integrator from DCANSPay.com, the former spearheading the latter's strong partnerships with retailers and merchants, as well as the ability to integrate across different e-commerce and in-store platforms are crucial for long-term success.


HOW IT WORKS
BNPL offers an attractive route, which enables shoppers to take home their purchases while paying a fraction of the cost (or nothing at all in some instances) upfront and at 0% APR in first three(3) months and low rate interest beyond the zero interest first 90 days period.

Once your legally-registered business has been approved for integration, we start the process of integration on both your website (ecommerce) and provide you marketing materials for in-store (if you have physical store front) purchases and/or onboarding. Note: Website for your business is mandatory, but physical store or location is optional.


REQUIREMENTS
• You should be an existing webhosting customer or subscriber of this platform, GhanaStartups.org
• You should have a functioning website for your business. Free website design available for existing web hosting customers.
• Your business should be registered at the Registrar General's Department, either as a Sole Proprietor or Limited Liability Company. We provide free business registration for our web hosting customers that unregistered businesses can take advantage of.
• You should have a business bank account with any of the 23 BoG-regulated universal banks.


BNPL BENEFITS
You’re paid upfront and in full
One of the best things about offering buy now, pay later is that you, the merchant, are paid upfront and in full. Your payment provider will shoulder the credit risk, so you won’t have to worry about chasing after late payments. Note that, if the price of the physical product is above a GHS1,000, we may arrange for an in-house logistic partner to pick it up and pay you in full there and then, OR, we may pay you the first GHS1,000 upfront and pay the remaining within 72hrs of buyer confirming receipt of the purchase.

It increases your conversion rate
Fact: people are more likely to buy something if they can afford to take home their purchase on the spot. BNPL offers customers the ability to do just that, thereby increasing your conversion rates.

Industry data shows that merchants increase their conversion rates by 20-30% with the service.

It boosts your average transaction value
Shoppers also tend to buy more products plus spend more money when they’re given a buy now, pay later option. In addition to seeing a 68% increase in basket size, many merchants also boost their transaction values by 25% thanks to BNPL.

It grows your customer base
Offering BNPL will help attract shoppers who wouldn’t have visited your store otherwise. There are millions of consumers who are now using buy now, pay later solutions, and many are looking specifically for retailers who are offering the service in-store.

It increases repeat purchasers
Shoppers have higher rates of repeat purchases. Most BNPL providers have seen a 20-40% increase in purchase frequency from “pay later” customers, while others see some of its users purchase more than 20 times per year.

Increased brand awareness & new customer acquisition (& access to data on consumer preferences)
The obvious benefit of offering BNPL is acquiring new customers — and prime customers (consumers with reasonably good credit history), at that.

Increased share-of-wallet from existing customers (Increased Revenue)
The flexible payment options allow existing customers to originate new debit or credit via BNPL, thus allowing them to increase the number of product purchases at one time. This increases your share-of-wallet with current customers. The benefits of this for the financial provider will depend how effectively you are able to connect data between products.

Meet the customer at the point of value
A strategic benefit of offering BNPL is that you are able to provide the customer with exactly what they want at the time and place they want it. We are all heading towards a future where buying things and getting paid are going to catch up and meet in the middle. The lenders at this middle point give the customer the option to easily get the product they want, when they want it.

Better than credit cards
When considering BNPL through the lens of the consumer, it becomes clear why these financing options continue to compete with credit cards and other payment forms. If a consumer has to choose between getting a new credit card in order to pay for an expensive item in full, or getting the item right away with a payment plan, the latter aligns most closely with the “job” the consumer wants to get done, which is to buy the item.

Opportunities for new partnerships
Repeat business is a function of business growth and/or revenue. Developing a unique strategy to build customer loyalty and grow. Unlike traditional loans, prospects who become customers via BNPL financing did not become customers by actively seeking out a financial services provider, but rather by seeking out a retailer or merchant that happened to be partnering with a financial services provider.

Proper marketing segmentation will need to be applied to this type of consumer who may not necessarily be interested in the services you offer. Most likely, these customers will fall into behaviorial segmentation based on their purchasing habits.


BNPL INTEGRATION
GhanaStartups.org will integrate PayLater with DCANSPay into your existing POS system, both online and in-store. Note that, it's mandatory to have a website to qualify for this free integration but optional to have a physical store.


FEES
There are currently no upfront fees to setup at seller's side, and no upfront fees at buyer's side as well. GhanaStartups.org/DCANSPay.com charge a fee for processing payments, deducted when paying your business upfront. This typically comes in the form a percentage off the sale. All charges are known upfront by the partner business.

USERBASE
You can be rest assured of credible users of your shop by virtue of our trusted payment provider and/or a strong and growing userbase of The DCANS Group Limited's Ecosystem legacy customer base. This helps you get in front of more people and attract customers to your store.

Your prospective customers who expresses interest in using Buy Now Pay Later payment option must meet the following requirements here.



HOW TO SIGNUP
If you want to sign your business up for free BNPL integration, you need to be an existing web hosting customer or subscriber with us before you can complete the form here to enable your business start offering Buy Now Pay Later to your customers.


FAQs
If you still have questions, you can review our Frequently Asked Questions (FAQs) for BNPL before contacting us.