E-commerce has long been the sweet spot for Buy Now Pay Later solutions but it’s evolving—and rapidly.
As a BNPL company, we know that e-commerce is the heartbeat of the industry… but for how long? E-commerce has long been the sweet spot for both a smart Buy Now Pay Later gateway and single lenders 1. But if you think BNPL solutions are only for online shopping, think again. It’s evolving—and rapidly. But why should you care?
Buy Now Pay Later: Filling the Gap in Ecommerce Payment Solutions
When BNPL solutions first hit the scene, they filled a significant gap in the market. Before Buy Now Pay Later, the choices for financing were limited to in-store– with stacks of paperwork necessary for approval. It was clunky, time-consuming, and not easily available to e-commerce. But when BNPL emerged, it offered a more efficient, flexible solution. For the first time, shoppers could access consumer financing instantly during the checkout process without the hassle of traditional paperwork.
Today, a solid BNPL gateway is practically ubiquitous in the digital world. If you shop online, you’ve definitely seen some kind of BNPL checkout—whether it’s from WeGetFinancing or another provider. But, as with all great innovations, BNPL’s success online has sparked a bigger question: what next?
The answer? BNPL companies are now eyeing new (or rather, old) horizons—brick-and-mortar stores.
The Struggle of In-Store Payments: Buy Now Pay Later
As Buy Now Pay Later companies evolved, one thing became clear: in-store financing had been left behind. Think back to 20 years ago when you were handed a form to finance your mattress. Odds are, that same form is still being used today, only with a few tweaks. The problem? Customer expectations and needs have changed drastically. Attention spans have shrunk, patience has dwindled, and people simply don’t want to sit through mountains of paperwork for the chance of a denial.
In-store consumer financing can limit customers to just one option—one lender, one approval process. But we all know: one size doesn’t fit all. Different customers have different needs and the old-fashioned process just isn’t cutting it anymore.
Why It Matters for Your Business: Modernizing Payment Solutions and In-Store Financing
As a retailer, your consumer financing options say more about your business than you might realize. If you’re still relying on outdated consumer financing processes at checkout, customers will notice. When you use archaic systems, it tells customers you’re not keeping up with the times. It’s like showing up to a party in a tuxedo from 1995—it’s not a good look. By simply updating your checkout process, you can change the way customers perceive your business. It’s an easy fix with big potential rewards.
Are Your Customers Asking for BNPL Gateways In-Store?
“58% of durable goods buyers are still opting for consumer financing”– Source Pymnts.com
Durable goods shoppers (think furniture, home appliances, and consumer electronics) are still doing the majority of their shopping in stores:
- 57% of furniture sales are still happening in person 2
- 67% of major appliance sales are made in physical stores 3
- 61% of consumer electronics purchases are happening at brick-and-mortar locations 4
Here’s the kicker– 58% of durable goods buyers are still opting for consumer financing. For in-store retailers, especially those in the durable goods space, this represents a huge opportunity. The need for in-store financing has remained steadfast, and it’s time to provide a better solution.
BNPL Solutions in Store: The Trend is Here
Despite the demand, only 18.1% of US retailers offer BNPL as an in-store payment solution – Source Pymnts.com
It’s no surprise that BNPL solutions are starting to reshape in-store consumer financing. And when we say reshape, we mean completely overhaul it for the better. The old system of filling out forms, waiting for approval, and getting rejected is a thing of the past. Or at least it should be. Today, a good BNPL partner offers a streamlined, quick online application that gives customers multiple approval options—instantly. That’s a major upgrade from the old ways of consumer financing.
And let’s not forget the numbers—customers clearly want BNPL solutions in-store. A full 46% of department store customers would be willing to switch to a retailer that offered BNPL at checkout. Yet, despite the demand, only 18.1% of US retailers offer BNPL as an in-store payment solution 5.
Why is this happening? The simple answer is that BNPL’s reach to the in-store world has only recently gained momentum. Retailers are still coming around to the idea that BNPL solutions can offer value in-store just like it does online.
The Technology to Make BNPL Checkout Happen
The good news is that the technology to make BNPL in-store a reality is finally here. The rise of digital payment solutions like SensePass in partnership with WeGetFinancing’s BNPL gateway now makes it easier for retailers to offer instant financing approvals. Customers no longer have to wade through paperwork or wait days to find out if they’ve been approved. A quick online application allows them to see multiple offers right away, making the process faster, smoother, and more convenient.
For retailers, this means better customer satisfaction, higher conversion rates, and fewer abandoned carts. After all, who wants to spend hours filling out forms? No one– especially when they could simply tap a few buttons on their digital wallet and get instant approval.
BNPL Solutions: Your Competitors Are Already On It
Major retailers like Wayfair, Best Buy, Target, and Origin PC are adopting BNPL solutions as part of their in-store payment options.
The trend toward BNPL in-store is picking up steam, and your competitors are already taking note. Major retailers like Wayfair, Best Buy, Target, and Origin PC are adopting BNPL solutions as part of their in-store payment options. These companies recognize the value of multi-lender solutions, and they’re acting quickly to meet the demand. Don’t let your competition get ahead of you.
Customers notice these changes. They see when a retailer is ahead of the curve, offering fast and easy payment solutions that cater to their needs. If your competitors are providing BNPL in-store, and you’re not, it’s time to reconsider your approach.
What’s Your Move?
A single lender can’t cover the diverse financing expectations of each and every customer. The time has come for advanced Buy Now Pay Later Solutions to offer a seamless checkout process, large variety of quality lenders, and tailor-made options. There’s no doubt that a BNPL gateway is already the future of consumer financing, both online and in-store. It offers an opportunity to modernize your business and stay competitive in a rapidly evolving market.
It’s not just about offering financing options anymore—it’s about offering the right financing options in the right way. Customers are expecting it, and your competitors are already jumping on board. Don’t let your business get left behind. Embrace the BNPL revolution, and start offering customers the seamless, flexible payment solutions they want—whether they’re shopping online or in-store. The time to act is now.
In case you missed it, we’re hosting an exclusive live webinar on January 21st for professionals interested in payment innovations, both online and in-store. The session will cover key topics, including upcoming Retail Payment Innovations for 2025. We’re excited to have Danny Westheimer, VP of Sales and Digital Payment expert at Sensepass, as our guest speaker. We hope you can join us!
Notes
- See BNPL Solutions and Ecommerce Platforms in 2024 ↩︎
- Porchgroupmedia.com, furniture markets trends ↩︎
- hiri.org ↩︎
- Pymnts.com durable goods buyers use financing or leasing programs (2022) ↩︎
- Pymnts.com Buy Now Pay Later, Brick and mortar shoppers struggle to find BNPL options (2024) ↩︎
