The WooCommerce ecommerce platform has just announced a new partnership with payment company Sezzle that will let merchants easily add flexible ‘buy now, pay later’ (‘BNPL’) options to their WooCommerce checkouts.
Sezzle’s main BNPL financing option allows ecommerce shoppers to pay for their goods in four instalments over a six-week period, without incurring any interest charges. Customers that choose to pay via Sezzle’s ‘Pay in 4’ option make an initial down payment of 25%, with three further installments of 25% over the payment period.
BNPL shopping is reported to currently represent 9% of all ecommerce sales, with this figure set to rise to 24% of global ecommerce by 2026.
According to Sezzle, 75% of its 13 million customers are Gen Z millennials and its top 10% of customers make 46 purchases per year on average.
The company also claims to have the highest order approval rating — around 85% — among the many payments companies now offering BNPL options.
Interestingly, Sezzle’s BNPL payment method actually helps shoppers to build their official credit scores — the company sends credit reports on Sezzle users to TransUnion, one of the main international credit bureaus.
Speaking of the new partnership, GM of Payments at WooCommerce Keala Gaines said: “Providing our merchants with innovative and flexible payment options is a top priority for us. Sezzle’s mission to financially empower individuals with choice and opportunity aligns closely with our aim to democratize ecommerce by providing a solution that is widely accessible while also helping our merchants to grow their stores.”
The WooCommerce-Sezzle integration is currently available to WooCommerce merchants in the United States and Canada.