Consumers can now use Plan Your Purchase to access cash flow prior to shopping as a part of their checking accounts’ capabilities
equipifi, the leading Buy Now, Pay Later (BNPL) platform for banks and credit unions, has launched Plan Your Purchase, its pre-purchase BNPL solution. This new feature enables financial institutions to provide account holders with flexible financing prior to making a purchase, and expands consumer choice in managing their cash flow throughout the shopping journey.
Plan Your Purchase allows eligible account holders to take out pre-qualified installment loans from their financial institution. Typically between $500–$2,000, these loans can be viewed and accepted in seconds in the digital banking experience, and funded within moments into checking accounts. Since eligibility is pre-determined by parameters set by the financial institution, as well as the financial context of individual account holders, Plan Your Purchase requires no credit check, application, or manual intervention from the bank or credit union.
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“There are many moments in an account holder’s lifetime when timely access to small loans make a big difference,” said Bryce Deeney, co-founder and CEO of equipifi. “By streamlining the loan acceptance process and positioning it in the digital banking experience, Plan Your Purchase helps financial institutions give account holders access to cash flow they already qualify for wherever and whenever they need it.”
“We’re expanding our BNPL offering as a commitment to serving our members throughout their financial lifetime,” said Bob Thompson, Chief Lending Officer at Eagle Community Credit Union, one of the first financial institutions that will be providing Plan Your Purchase to its members. “The success of our post purchase BNPL solution has shown us that flexible financing is a service our members want, and want from us. Plan Your Purchase helps us further anticipate their budgeting and purchasing needs, and show them we care.”
BNPL is projected to grow at a compounded annual rate of 25.5 percent between 2022-2026, and is rapidly evolving from a purchase financing tool to a budgeting and cash flow management tool. Plan Your Purchase is equipifi’s second BNPL product, and will be made available next to Split Your Payment, equipifi’s flagship post purchase debit card BNPL solution, on the platform.
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