fiizythe multi-entity platform specialized in financing for consumers, has announced the availability of its services for the acquisition of technological devices such as TVs, tablets, computers, sound bars or projectors.
Hereinafter, any establishment specialized in high technology will be able to offer greater flexible payment capabilities to its customers and enable customers to pay for their desired and larger purchases in convenient installments.
Fiizy, unlike other BNPL platforms -Buy Now Pay Later, or “buy now and pay later” in Spanish- existing in the market, connects with different credit institutions to be able to offer the best option to the buyer. The online financing of technological products allows the client to buy a whim, a gift or even a new work team for the new school year and pay for it in installments between 3 and 6 months.
“The increase in the cost of living in recent months has made us have to take more care of our pockets, so options such as BNPL can help customers manage their payments in a personalized way so that they can indulge themselves but without their pocket suffers“, it states Jaime Marín, director of business development at Fiizy. “We observe how the average tickets financed are up to 40% or 50% higher than the average amount”.
In the United Kingdom one in twelve Consumers use this payment method for their regular purchases. Also, It is a marketing tool for online commerce, because it allows you to “package” products and finance them, something that, otherwise, would be more difficult to sell; for example, joint offers can be made for a PC and a tablet or a television with a sound bar, among others.
Thanks to the incorporation of different financing options through multiple entities, conversion and loyalty rates for merchants are also higher. As an additional differentiating element compared to most current applications, Fiizy does not retain customer datasince it works as a mere intermediary between the store and the credit institution.
Deferred payments at the point of sale still have few followers in Spain precisely because of the narrowness of the existing offer up to now. In countries like Sweden, for example, one in four purchases is already made through BNPL systems. According to WorldPay, BNPL payments will double their presence in Europe to reach 13.6% of the total in 2024.
Fiizy’s solution is an open payment ecosystem that combines natively built services with connections to third-party applications. Designed to be device or vendor neutral, Fiizy enables both physical and online merchants, and even freelancers, to easily access the most innovative payment services and finance purchases with the aim of creating and improving the payment experience through open APIs. In addition, it is fully integrated with the rest of the sales flows. The solution is available in Prestashop.
What is the BNPL
Like so many other acronyms that appear suddenly, for a few months the strategies in the financial market and electronic commerce revolve around the BNPL, a payment method similar to credit cards but applied to online purchases and with many additional advantages.
The “Buy Now Pay Later” or “buy now and pay later” in Spanish has become a global trend in payment systems in e-commerce stores. Not surprisingly, according to Worldpay, deferred payments could reach 4.2% of total e-commerce transactions in 2024, twice as many as in 2020. More specifically, in Europe, deferred payments could account for 13.6% of total online sales in 2024. In our country, according to Butter, the BNPL market now represents a market of 1,220 million euros, which places it at number 13 in the world.
Fizy was founded in 2015 and is based in Estonia. The company is established in Spain, Mexico and Poland and is working on expanding to the Brazilian market for this year.
