'Building a Buy Now, Pay Later Payment Solution' marqeta paymentprocessing
To get an understanding of the impact BNPL options have in today’s marketplace, consider these statistics related to the Afterpay service:Top customers use the Afterpay service 48 times a yearIt is common for merchants who offer a BNPL option to see a 20% increase in cart conversion and the average order size increases by an additional 40%. These conclusions line up with the assumption that today’s shoppers are very interested in buying items now and paying for them later.
While Marqeta is leveraged for payment processing of the initial transaction, the remainder of the Afterpay service is quite involved, which raises the question: Should I build my own Afterpay-like service, or should I integrate with a service like Afterpay? Merchants should keep these costs in mind and understand the return-on-investment before moving forward with the Afterpay service.The alternative to using a service like Afterpay is to build your own BNPL solution. In this scenario, the use of the Marqeta service does not change. It is still the recommended approach for handling the original purchase transaction.
Similar to the decision to leverage a service like Afterpay, businesses should evaluate the cost to build a competing product in order to estimate when the service will begin to provide an additional revenue stream.Since last year, I have been trying to live by the following mission statement, which I feel can apply to any IT professional:
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