Buy Now, Pay Later model includes interest-free option for shoppers
BOZEMAN, Mont., June 15, 2022 /PRNewswire/ — Credova, a leading Buy Now, Pay Later (BNPL) platform, announced today the launch of a new financing option on their platform. Shoppers can now pay for their purchases in four payments, every two weeks, with no interest, at select merchants. The option adds to Credova’s expansive line of products to help consumers purchase gear and engage with brands in the outdoor recreation industry.
Credova has built into its model the ability to originate pay in four installments for purchases up to $600 with no interest and a scheduled payment every two weeks. Like other BNPL providers, Credova also offers long-term installment plans capped at 36% APR through their agreement with Cornerstone Bank as well as retail installment contracts, all in one platform.
The company developed this payment option as a part of their regular assessment of customer input and review. “Pay in 4 was the natural next step in our evolution as a company and something we’ve been working on for the last year,” said Keagan Peterson, Credova COO.
Peterson explained the shopper preference was trending away from “90 days interest free” options and a discrete set of payments with no interest have gained consumer attention. “As our four payments, no interest product rolls out, we will be phasing out our 90 days interest-free product,” he said.
John Birk, partner of US Optics, a Credova merchant, said, “When Credova first shared this product plan with us in August, 2021, we knew that it would be something that would meet the needs of our customers. Today, we are excited to offer the Pay in 4 option and give more people access to the products they want.”
Shopper preferences are driving the growth of BNPL and Credova. Recently, Credova announced an exclusive agreement with Cornerstone Bank. Traditional banks originate lending on BNPL providers’ platforms, providing the banks the opportunity to diversify and dip into consumers’ preferred payment technologies. Traditional banks also allow for the evolution of BNPL products. Through bank agreements like Credova and Cornerstone’s, Credova can offer on a state-by-state basis a more attractive traditional consumer loan capped at 36% and no interest products.
Credova is a group of like-minded individuals who love the outdoors and the adventures it provides. We hold the special bonding among friends and family created while experiencing the outdoors as one of the greatest joys in life, and we made a business of helping Americans experience this joy. Outdoor adventures such as fishing, hiking, skiing, hunting, camping, and motorsports, to name a few, and lifestyles like farming, ranch, and homesteading require equipment. This equipment is often expensive, and Americans sometimes need help spreading the payments for these enablers of joy over time. This is Credova’s mission.
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