FinTech: New, Innovative BNPL Solutions

September 29, 2021 | FinTech, News

The pay-later method is catching on in new fields – from law to marine outboard motors to B2B computer equipment.

The global craze for buy-now-pay-later has triggered a chain of deal-making from Square-Afterpay, Affirm-Amazon to PayPal-Paidy. On Tuesday, card giant Mastercard (NYSE: MA) announced its “Installments” BNPL solution. So, BNPL is breaking out, and here are some interesting variations on the theme.

BNPL: LawPay

Lawpay, a payment solution for the legal industry, innovates the first BNPL option for the legal industry. Its ClientCredit solution allows individual clients to pay for legal services over time (BNPL), while firms receive 100% of their invoiced amount upfront.

“Our LawPay customers were asking for a way to make their services more accessible to their customers by providing them the ability to pay over time for services rendered. Our initial ClientCredit pilot had one of our users predicting an additional 25% in consultations by way of our ClientCredit program,” said Dru Armstrong, CEO of LawPay, in a statement.

Sheffield Financial and Suzuki Marine USA

Sheffield Financial, a division of Truist Bank, Member FDIC, and Suzuki Marine USA LLC (Suzuki Marine) have tied up to provide lending services to Suzuki Marine customers for the latter’s wide product range of outboard motors, including the industry’s largest all-four-stroke lineup.

“We know just how important it is to offer our customers retail financing options to go along with our line of Ultimate Outboard Motors,” said George “Gus” Blakely, executive vice president, sale and service for Suzuki Marine in a statement. “This is particularly true in today’s market, when so many new people are getting into boating for the first time.”

BNPL: Lenovo and Behalf, Inc

Lenovo, (HKG: 0992), one of the largest computer makers in the world, and Behalf Inc, a provider of In-Purchase Financing solutions for B2B sellers and buyers, have agreed to deploy Behalf’s solution to provide flexible and extended financing to Lenovo’s business customers and LenovoPRO business members.

Businesses can therefore schedule payments for their Lenovo equipment purchases on a weekly or monthly installment basis.

“Small and medium-sized organizations are the foundation of our business, and we want to make it as easy as possible for them to buy from Lenovo,” said Carlo Savino, Vice President of eCommerce (NA and LA). “Behalf’s In-Purchase Financing Solution enables those businesses to acquire the important equipment and resources they need today to fuel the growth of their businesses, while at the same time giving them the ability to protect their cash flow for ongoing business needs.”

Related Story: Mastercard Enters BNPL Fray With ‘Installments’ Product

Image source: Wikimedia Commons

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