Alchemy launches Buy Now Pay Later lending platform to make every retailer a FinTech company

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by Jamal Dessouky

Alchemy’s BNPL solution is making embedded financing a reality for millions of small businesses in every vertical. Our white labeled solution can be integrated with all major e-commerce platforms as well as sales and CRM tools such as HubSpot and Salesforce.

Buy Now Pay Later total addressable market

According to Allied Market Research, BNPL market is currently a $100 billion dollar market. It is projected to grow to a $4 trillion dollar market during this decade, increasing at a compound growth annual rate of 45%.

Buy Now Pay Later is a short-term financing option that allows merchants and small businesses to sell their product and services without accepting the full payment at checkout.

Why is BNPL becoming a popular tool for consumers?

There are two main benefits for consumers to use BNPL. First off, BNPL options often carry no interest of fees. The consumers are paying the same price for the product but are paying it off over time.

Secondly, not all consumers have credit cards or available credit to spend on their credit card. If the consumer maxed out their credit card but still need to purchase a product or service, the best option is to use this financing option at the retailer’s website or physical stores.

Identity Verification

Alchemy’s technology provides passive identity verification so that online consumers identity is verified and trusted. Personally Identifiable Information such as name, address, phone number and email are all that’s necessary for Alchemy’s platform to verify the consumer’s identity.

Payment Management

Alchemy’s BNPL enables merchants to process down payments and installment payments over time until the contract has been fulfilled. We use the merchant’s existing payment provider to process credit and debit card payments.

Merchant Portal

Each merchant will also have access to their own portal to easily browse all their BNPL clients, total payments collected, and outstanding balances in one place.

The portal is served as a one stop shop to give merchants visibility into their entire BNPL portfolio.

Customer Portal and Communication

Customers can easily access their payment information, add additional bank accounts, and credit cards to further process their remaining installment payments.

This portal is meant for consumers to clearly understand their remaining obligations and make it easier for them to pay overtime until these obligations are fulfilled.

Alchemy’s core BNPL technology

Alchemy’s mission is to enable every company into a FinTech company by providing bank grade technology to all small businesses, merchants, and retailers. Embedding our solution right into merchant’s sales and marketing tool is our goal to increase revenue for retailers.

About Alchemy

Alchemy is an embedded financing software company that powers FinTech, Merchants and Banks with an end-to-end cloud native experience. Our award-winning lending software provides a full package of powerful software modules, including our digital customer onboarding process, real time underwriting, loan servicing and management, real time payments gateway, customer and merchant communications, collections modules and many more.