SHOPPERS FREQUENTLY ASKED QUESTIONS
How many BNPL options are available?
a) 70 by January 2022
b) 220+ by the end of 2022
What issues does FLEXPAY solve for merchants?
a) Increased acceptance rates
- All applications flow through a selection of lenders – where there is the right match for everyone.
- Consumers spend 10% to 40% with BNPL vs. a credit card
- 42% of GenZ & 69% of Millennials more likely to purchase items if a BNPL service is offered
b) Cleaner checkout page
c) One to many integration – one integration that FLEXPAY manages & maintains
d) One contract with FLEXPAY (Merchants do not need contracts with individual BNPL providers)
e) Merchant can configure lending options
f) Higher average ticket
g) Higher conversion rates
h) Increased customer loyalty
i) Ability to serve subprime/under banked consumers
Will merchants be charged a transaction fee?
a) Yes – the fee is TBD
If the merchant has a current revenue share BNPL agreement, will that existing revenue share agreement be honored?
a) Yes
What contract for merchants will be required for FLEXPAY?
a) One Secure eCommerce gateway contract
b) Existing Secure eCommerce gateway customers will have an addendum for FLEXPAY
What issues are we solving for the consumer?
a) Cleaner check out
b) One application
c) One credit hit
d) Enables consumer, including the underbanked, to obtain credit
e) Enables consumer to budget monthly expenses
f) Ability to approve a broad selection of lenders in one application – one financing option is not enough!
Can the consumer be approved for more than one BNPL option?
a) Yes – the number of options presented to the consumer is configurable by the merchant
Why do consumers want to use a BNPL service?
Will this product be available all over the world?
a) Yes, it is a global solution.
Does FLEXPAY have connections to all risk providers across Europe/world to evaluate a Shopper’s credit score?
a) Yes, they evaluate the customer’s credit worthiness.
Who will be handling debt collection?
a) The BNPL provider handles Debt collection.
What is the benefit to merchants of FLEXPAY compared to Klarna, Affirm and other big firms that are already established in the BNPL space?
a)
Merchants will see an increase in consumer credit approvals because Klarna and Affirm only do Prime lending, while FLEXPAY will attempt to approve the consumer via several different lender types. Also, the merchant only needs one integration with FLEXPAY to offer up to 70 BNPL
options vs having to integrate directly with each provider they wish to support. They will only need a single contract with FLEXPAY vs needing to have a contract with each BNPL provider they wish to support.
Why should merchants offer FLEXPAY to their customers over Affirm, Klarna and other BNPL partners of FLEXPAY?
a) FLEXPAY offers a simpler checkout experience. Only one option needs to be displayed on the checkout page. Only one application needs to be filled out by the consumer. In some instances, the consumer may be approved for more than their spend which would enable the consumers to buy more.
Will there be any hidden costs for the consumer? For the merchant?
a) No. Each finance option the consumer is approved for will display to the consumer and provide the details on fees. The fees are from the Lender and are between the Lender and the Consumer. If the Consumer chooses that particular deal, then the consumer will be prompted to check a box to agree to the finance terms and conditions. Please note, not all options have fees. Some do not have any fees.
How will FLEXPAY work with refunds?
a) Like any normal retail refund. This is possible because the merchant gets paid 100% at the time of purchase so the merchant can refund the consumer easily. The BNPL lender who gave the consumer a credit line will still bill the consumer for the money owed.
How is the FLEXPAY business model different from all the other BNPL companies?
a) Other providers are typically only doing prime lending.
If a merchant signs with FLEXPAY, can they still offer other BNPL options?
a) Yes, our solution allows the merchant to permit the consumers credit app to be run through any of the providers in the attached list including Klarna and others. In addition, if the merchant currently has a direct integration to a BNPL provider, they can keep it if they want to, and the checkout page would display FLEXPAY and the other BNPL brand buttons.
Can merchants who use other gateways still sign up?
a) The solution runs through our gateway, our gateway is required to use the solution. However, FLEXPAY can be purchased as a stand-alone solution independently.
How will FLEXPAY support the solution?
a) The solution will be supported through our help desk.
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