Never underestimate the impact of providing a little extra funds in a timely way.
equipifi is revolutionizing the power of Buy Now, Pay Later (BNPL) through financial institutions. With equipifi 2.0, our platform extends beyond traditional post-purchase BNPL on debit card purchases (Split Your Payments) to include pre-purchase BNPL (Plan Your Purchase) for all checking accounts.
Plan Your Purchase offers a seamless and user-friendly experience by generating personalized installment loans that are automatically approved based on the borrower's existing relationship with their credit union or bank. This eliminates the need for a credit check or lengthy application process. Consumers can easily select the amount they need, choose their preferred repayment terms, and accept the loan—all within their digital banking app. The funds are instantly available in their checking account, ready to use.
This new approach offers several key advantages over legacy consumer credit products:
- No Application or Credit Check: Traditional credit products often require an application and a credit check, which can be time-consuming and impact the borrower's credit score. Our BNPL 2.0 uses the existing banking relationship to continuously evaluate eligibility, providing instant approvals without these hassles.
- Flexible Payment Plans: Unlike traditional credit cards that force all transactions into a 30-day billing cycle, our platform allows users to select different installment plans at different times, with varying payback terms. This flexibility gives users more control over their finances and helps them manage their cash flow more effectively.
- Transparent Costs: Credit cards often come with compounding interest, leading to unpredictable and sometimes overwhelming debt. In contrast, our BNPL 2.0 offers fixed short-term installment loans with clear and transparent costs, so users know exactly what they owe and when.
- Enhanced Financial Control: By integrating BNPL options directly into the digital banking app, users can make informed decisions about their spending and borrowing. This empowers them to better plan their purchases by providing alternative access to funds compared to other high-interest debt products.
With equipifi 2.0, financial institutions can provide their customers with a modern, flexible, and transparent borrowing solution that meets the on-demand solutions we see today. The easy-to-use mobile experience embedded in their existing online banking app better fits the younger generations preference to consume digitally.
Here’s how that works.
Imagine you're planning an upcoming family vacation. When looking to book flights, your budget for the month feels stretched. This is where equipifi BNPL 2.0 becomes your financial ally.
With equipifi BNPL 2.0, you can log into your online banking experience and use:
Plan Your Purchase to take out between $100-$2,000 as a pre-qualified BNPL loan. Within moments, this amount is deposited into your checking account, ready to help you cover those essential reunion expenses without any delay.
- Split Your Payments on purchases you’ve already made with your debit card that are eligible to be paid for overtime. By accepting these offers, the purchase amount is quickly deposited back into your account, giving you immediate relief and more control over your finances.
When planning a significant event, or when unexpected expenses arise, these larger purchases can impact your entire budget and create financial stress. BNPL provides a practical solution for managing these moments effectively.
When equipifi launched in 2022 with our flagship product, post-purchase debit card BNPL enabled financial institutions to convert eligible debit card transactions into installment loans. For the first time, millions of consumers—especially Millennials and Gen Z—turned to their home banking in their digital banking app to stretch their budget and finance larger purchases. Our partner financial institutions provided safer and more intuitive access to financial flexibility while growing engagement, loans, and interest income.
We’re excited to provide this comprehensive platform to our partner financial institutions, so they can become the home banking solution consumers are looking for. With equipifi BNPL 2.0, access to flexible, transparent financing is always just a few clicks away, making it easier for consumers to manage their finances and achieve their goals.
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