Embed BNPL into your platform without becoming a lender

You’ve poured your heart into your business. Maybe run a small e-commerce store. You’ve done everything right. Your website looks great, your products are excellent, and you’re attracting visitors. But there’s a problem: they’re not buying.

They come, browse, and add items to their cart, but they hesitate when it’s time to pay. Why? Because they don’t have the cash on hand. You’d love to offer them credit, let them take the product and pay later, but the truth is, you’re still hustling just to keep your business afloat. 

You’re managing inventory and dealing with suppliers, and every penny counts. Extending credit yourself just isn’t an option. It’s frustrating to know you could make the sale if only your customers had more payment options. This is where Buy Now, Pay Later (BNPL) comes in.

Why Buy Now, Pay Later (BNPL) is a lifesaver

BNPL is changing how people shop, especially in markets like Nigeria, where access to credit cards isn’t as widespread as abroad. Imagine being able to offer your customers the ability to take home what they want today and pay for it over time without you having to become a lender.

Interestingly, BNPL solutions have been shown to increase conversion rates by up to 30%. That’s 30% more customers completing their purchases instead of leaving your site empty-handed. And it’s not just about getting more sales; it’s about reducing the number of abandoned carts, something every online business struggles with.

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The reality abroad vs. back home

In countries like the United States, the UK, or Australia, credit cards are a common way of life. Consumers can swipe their cards and pay later, often without interest, if they pay off the balance within a certain period. This easy access to credit means they don’t have to wait for payday to make a purchase. They can buy what they want when they want it, spreading the cost over several months.

But in Nigeria and other developing markets, it’s a different story. Credit cards are not as common; even when they are, high interest rates can make them less appealing. This is why we scream the gospel of BNPL. It offers the same flexibility as a credit card but without the high fees or the need for extensive credit checks.

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John’s story

Let’s bring this to life with the story of John, an entrepreneur who sells laptops and phones online. John imports his products, which means his profit margins are tight. When customers visit his site and see a new laptop priced at ₦900,000 or a phone for ₦500,000, they often leave without making a purchase. The price is just too high for them to pay upfront.

John knows he’s losing sales because of this, but he doesn’t have the resources to offer credit. This is where a BNPL solution comes in. By partnering with Lendsqr, John doesn’t have to become a lender to offer his customers the option to buy now and pay later. Instead, Lendsqr connects him with a network of lenders ready to finance his customers’ purchases.

Now, when a customer sees that ₦900,000 laptop or ₦500,000 phone on John’s site, they have the option to pay in installments, they don’t need to leave the site, apply for a loan elsewhere, or even know who the lender is.

Everything is seamless. The customer gets the product they want, John makes the sale, and the lender gains a new borrower. It’s a win-win-win situation.

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How Lendsqr makes it easy

You might be thinking, “This sounds great, but building this kind of technology sounds expensive and complicated.” The good news is, you don’t have to. Lendsqr handles the heavy lifting for you. We connect you with a network of credible lenders eager to finance your customers’ purchases.

Here’s another fact: Lendsqr has thousands of lenders on its platform, all looking for borrowers. This means you can offer BNPL to your customers without taking on the financial risk yourself. You don’t need to worry about credit checks, payment collection, or any of the complexities of lending. Lendsqr takes care of everything, so you can focus on growing your business.

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Take the next step

So, what’s holding you back? Embedding BNPL into your platform could be the key to attaining your business’s next level of growth. And with Lendsqr, it’s easier than ever to get started. You don’t have to be a lender. You just have to give your customers the flexibility to buy now and pay later.

If you’re ready to see those sales come through, talk to Lendsqr. And if you’re a lender looking for reliable borrowers, Lendsqr can connect you with businesses like John’s. It’s time to turn those abandoned carts into completed sales and grow your business in ways you never thought possible.