Railsbank has announced the launch of a new white label Buy Now Pay Later (BNPL) credit service that gives retailers the opportunity to develop their own personal and customisable branded BNPL experiences.
Rather than relying on external BNPL services, Railsbank believes its solution will enable retailers to offer own-brand, customisable and frictionless payment experiences to their customers. This will allow businesses to begin reducing their reliance on third parties and focus on building long-lasting relationships and engagement with customers.
“Our solution means that the retailer’s customer does not see the BNPL provider’s brand, but the brand from which they are buying,” said Railsbank UK and Europe’s chief operating officer Louisa Murray. “We want to remove distractions and allow retailers to maximise engagement with their customers.”
“We believe this is a unique offering in the UK and one that will be very popular to a number of different retail verticals including fashion, homeware, travel and sports.”
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The BNPL service will provide businesses with their own instalment, financing both online and in-store. Customers can split payments in up to 36 instalments “without distractions or risk posed by a third party”, while retailers can hold onto customers’ information.
Murray explained that while customers are reaping the benefit of BNPL checkout financing, many of those BNPL providers are now building consumer brands in their own right.
“They’re incentivised to draw customers away to their own platforms, diluting a retailer’s own purchase journeys and brand loyalty,” she added.
“Customers would rather deal directly with their preferred, trusted brands, rather than being routed to a third-party finance provider.
“Our mission is to enable businesses to offer deeply embedded, and relevant financial experiences. We want to remove the distractions and enable new interactions to help retailers materially improve the metrics that matter; conversion, basket size and lifetime customer value.”