BNPL-as-a-Service provider equipfi unveiled a new solution this week called Plan Your Purchase. The new tool empowers banks and credit unions to allow their account holders to take out pre-qualified installment loans from their bank before they make a purchase.
equipfi calls Plan Your Purchase a “pre-purchase BNPL solution,” meaning that the bank offers the consumer financing for their purchase before they make the transaction. Plan Your Purchase is integrated into a bank’s existing digital banking app to provide personalized BNPL offers directly to the customers. This makes it easy for users to get the financing they need to make a qualified purchase without a credit check, additional applications, new logins, upfront cost, or dependency on merchant integration.
Using Plan Your Purchase, pre-approved consumers can take out loans ranging from $500 to $2,000. The consumer can view and accept the loans immediately, and the funds are available within moments.
“There are many moments in an account holder’s lifetime when timely access to small loans make a big difference,” said Bryce Deeney, co-founder and CEO of equipifi. “By streamlining the loan acceptance process and positioning it in the digital banking experience, Plan Your Purchase helps financial institutions give account holders access to cash flow they already qualify for wherever and whenever they need it.”
By delivering the tool through banks, equipfi puts the bank in control, allowing them to leverage consumer data to provide more personalized offers. Putting the bank in the driver’s seat also allows the bank to control credit pre-approvals to suit their own risk tolerance and offers them more control over the user experience.
The integrated approach also can help banks maintain their top-of-wallet position by offering split payments using existing debit cards. This is different from traditional BNPL providers, which rely on a credit-focused approach. This integration can also help banks drive engagement and loyalty by leveraging transaction data to generate personalized offers and streamline the user experience within their familiar banking app.
Arizona-based equipfi was founded in 2021 to bring the benefits of BNPL financing directly to banks and credit unions. Among the company’s clients are Kane County Teachers Credit Union in Illinois, SunWest Credit Union in Colorado, FedFinancial Federal Credit Union in Washington, D.C., and Eagle Community Credit Union, which is one of the first to go live with Plan Your Purchase.
Photo by Nataliya Vaitkevich
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Conclusion:
equipfi’s Plan Your Purchase is a groundbreaking BNPL solution that revolutionizes the way consumers access financing for their purchases. By integrating seamlessly into a bank’s existing digital banking app, it provides a convenient and efficient way for account holders to secure pre-qualified installment loans without the need for credit checks or complex applications.
This innovative approach not only benefits consumers by giving them timely access to funds but also empowers banks to offer personalized offers and maintain control over credit pre-approvals. Additionally, by utilizing transaction data and existing debit cards, banks can enhance engagement and loyalty among their customers.
Overall, Plan Your Purchase represents a significant step forward in the BNPL space, bridging the gap between financial institutions and consumers to create a more streamlined and user-friendly experience for all parties involved.
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