“Under the agreement, Sezzle’s product will be used in-store and across Target’s digital platforms, providing guests access to interest-free payment plans for purchases made at Target,” the release stated.
The company is in the buy now, pay later (BNPL) space.
Sezzle said in the release that its platform “increases the purchasing power for millions of active consumers by offering interest-free installment plans at online stores and select in-store locations. This increase in purchasing power for consumers leads to increased sales and basket sizes for the more than 34,000 active merchants that offer Sezzle.”
According to the release, applying for the program produces an “instant” answer, and the process doesn’t affect credit scores unless customers opt into a credit-building feature called Sezzle Up.
Sezzle announced the proof of concept (POC) program that led to Wednesday’s announcement regarding Target in September.
New research from The Strawhecker Group analyzes key trends and consumer attitudes.
Download a free infographic covering several findings from the full report.
Consumers have increasingly adopted Buy Now, Pay Later (BNPL) services for multiple reasons; a desire for financial flexibility, a way to avoid incurring credit card debt, or to purchase items outside of their budgets. However, despite its popularity, consumer debt and missed payments have led to calls for additional research and regulation. Read the press release.
To take a closer look, The Strawhecker Group (TSG) conducted a survey of over 1,500 U.S. consumers in early 2021 with the goal of understanding domestic attitudes and perspectives on the use of BNPL services. The complete findings, a selection of BNPL provider profiles, and market landscape details can be found in the firm’s new report Buy Now, Pay Later: An Analysis of Key Trends and Consumer Attitudes.
Highlights of this extensive 81-page report include:
- Buy Now, Pay Later Background
- Key Players in the Buy Now, Pay Later Space
- Buy Now, Pay Later Consumer Survey
- Concluding Thoughts: The Future of Buy Now, Pay Later