Buy Now, Pay Later Check-Out Services
Fintechs, financial institutions, and payment gateways offering buy now, pay later (BNPL) functionality provide a lot of opportunities for their clients, for online retailers and shoppers alike. The benefits of using payment installments are twofold: merchants get paid upfront while customers get a short-term loan approved in a matter of seconds. By leveraging our expertise in finance, Softjourn puts together solutions that can help our clients remain at the forefront of the financial industry.
Some of Our Clients
BNPL Solutions
Why BNPL should join your consumer portfolio
As payments become digitized, old payment methods are reappearing. Consumer financing goes beyond loans with high-interest rates and credit cards. Fintech platforms, FI, and payment gateways offer flexible payments as consumers shift from traditional to online shopping..
Here are some of the BNPL perks for your business:
- Higher conversion rates
- Greater Average Order Value (AOV)
- More customer insights
- Fewer abandoned carts
- More repeat business
BNPL Solutions with Softjourn
Staying at the forefront of the financial industry is only possible through regular innovation. By developing a BNPL solution for one of our clients, we enabled them to offer BNPL to brick and mortar, m-commerce, and ecommerce merchants.
These are the results of our collaboration:
- Attractive financial product for existing and new clients
- Less risk of a chargeback
- Customer choice of number of installment payments at checkout
- Customer choice of payment method that suits their budget
Why Consumers Choose BNPL Over Other Payment Options
1) Convenience
BNPL loans usually require an upfront deposit payment or a portion such as 25% of the purchase amount. The remaining amount is then paid off in installments over a few weeks or months.
2) Zero- or low-interest rate
BNPL arrangements don't include interest or additional fees, but they could come with a fixed repayment schedule.
3) Soft Credit Check
To prevent fraud, a soft credit check is necessary to ensure the person's identity. No credit check or underwriting is involved in the process.
4) Easy Approval Process
One of the valued features of BNPL is the quick, easy approval process. It doesn't affect credit ratings, and it will be invisible to other creditors.
Want to more about how our engineers can help your project?
Talk to Our ExpertsImplementation of BNPL Solution
Split Payments
Split payments are a helpful solution for merchants with an average order value (AOV) of less than $1,000.
The great benefit of using split payments is that they involve just four installments that the customer must to pay over six weeks.
- Four installments
- Six-week loan period
- Suitable for smaller amounts
Installment Loans
For purchases that have a high AOV over $1,000, installment loans offer a customized way to repay the purchase.
Installment loans allow customers to split the cost into 12 or 24 payments.
- Customized number of installments
- Multiple options
- Suitable for diverse types of purchases
- 0% APR
Our BNPL Case Studies
UPC: Adding Buy Now Pay Later to Meet Consumer Demand
Softjourn's client, Ukrainian Processing Center (UPC), wanted to enable deferred payments as part of its payment gateway for online and in-store purchases. This would allow UPC to offer this type payment option to its bank clientele that, in turn, could offer it to merchants, and so on. So far, Soft
Engagement Models
Need technical skills or expertise? A dedicated team with financial software development experience can help extend resources, and can work seamlessly with your company under your guidance or ours. This model is ideal when planning long-term or larger scope projects, have several projects or a pool of tasks, or don't have a clear vision of future project objectives. Learn more about how Softjourn's dedicated team can support your projects and scale your business goals.
What Services We Offer
Whether upgrading an existing code or creating a new one, the most important expertise we offer is a proven approach to mitigating risk and containing costs. Discover more about Softjourn's expert Consulting Services.
Often clients don't know what product they need, but do know the results they want. Our job is to help define the product and develop optimal solutions to get those results. Learn more about Softjourn's Discovery Phase Services.
To compete, our clients continually need to provide new and better services. We have our own R&D Centers – started in 2008 – which uniquely positions us to do just that. Read more about Softjourn's Research and Development Services.
Our developers and illustrators are experts at UI and UX design. They will work with you to understand your needs in going from idea to prototype to deployment faster and at less cost. Explore further into Softjourn's Digital Product Design Services.
Software development has grown exponentially in recent decades. Softjourn is the solution to help you define and develop forward-thinking technology that gets real-world results. Get to know more about Softjourn's Software Engineering Services.
Our core belief is that analyzing and testing is critical because the essential role of software is so important. In the process, our Quality Assurance team helps you create superior products. Explore further into Softjourn's QA services.
Since day one, we've been providing application support and maintenance services to each customer on every project. It's why we're a proven, trusted partner and reliable asset. Get to know more about Softjourn's Application Support and Maintenance Services.
Our technology stack at Softjourn is designed to empower us to deliver world-class services to our clients. With a strong focus on innovation and efficiency, we continually adapt our expertise to stay ahead of the curve. Discover the Technologies and Frameworks we utilize, and learn how we can bring your ideas to life.
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The team in Ukraine is so closely integrated with us, they understand what we are trying to achieve. Distance is not an issue, it is the opposite in fact, it means that PowWow never sleeps!
We have been working with Softjourn for 12+ years now and our developers continue to impress me with their expertise, knowledge, and dedication to our project. I count a lot of Softjourn's expertise and I am confident in our ability to deliver cutting-edge technology for our clients. They are my team and I count on them as if we were all working in the same office!
Brenda CrainicCTO at Tacit Innovations
We were encouraged because Softjourn asked the right questions, involved people with the right experience in to the conversations. Showed good leadership in managing the process of walking them through the sales process, keeping them on track, and has a lot of strong knowledge in the financial area, as they are a small software developer company and there are always so many other things that are pulling us in multiple directions. As well Softjourn shows a lot of experience in multiple programming languages and in combining them in to one product.
We wanted to work with a company that had previous experience working with Boca code, and from our initial meeting we learned that the Softjourn team had the skills and talent to help us. The job was done well, on time and at a fair price. We now have software that works the way we need it to.
We partnered with Softjourn because of their ticketing domain expertise. They also had the technical capacity. Overall, we had a very positive experience and would be happy to work with Softjourn on future projects. Softjourn took a strong consultative role in understanding pain points and creating a thorough analysis. We weren't rushed into a solution, and the solutions Softjourn provided were ultimately successful and delivered within budget.
Softjourn helped us manage our growth. We were growing 30% year over year. Softjourn had a key area of expertise to provide us tactical help. Softjourn was very good at finding people with the right skillset, and quickly. And they had a good knowledge-sharing process. Turnover is to be expected in software development; there's a lot of competition. But when we did have a personnel change, it didn't affect [SecuTix] or our project. Softjourn has a pretty good knowledge-sharing process, even when they change people, they handled onboarding new people well and fast, which [SecuTix] appreciated. I get a lot of [development] offers, most of them say, 'we're great developers.' What made Softjourn stand out was their experience in ticketing, specifically. [SecuTix] wanted to try someone who had that experience, so we decided to go with Softjourn. Softjourn has a good reputation in the industry, and they were priced well.