Pay later provider Sezzle says it has added improved shopping features to its platform.
“At Sezzle, we’re committed to making shopping more intuitive, transparent, and rewarding,” Amin Sabzivand, the firm’s chief operating officer, said in a news release Wednesday (March 12). “By introducing these new features, we’re helping consumers effortlessly find the best deals and maximize their savings — wherever they shop.”
Among the new offerings is Sezzle On-Demand, created in response to what the company says was a strong demand for a non-subscription version of its subscription product.
This new product lets shoppers create a single-use virtual card for a set amount, allowing them to split payments “without being limited to partnered merchants,” Sezzle said.
In addition, Sezzle has added features to its product marketplace that included personalized recommendations and instant price drop alerts. The company has also introduced an “auto couponing feature.
“Shoppers can now access exclusive deals directly through the Sezzle app, with available coupons automatically applied at checkout — no extra steps required,” the release said.
The launch of these new features comes two weeks after Sezzle released earnings that showed its quarterly revenue doubling thanks to a surge in buy now, pay later (BNPL) demand during the holiday shopping season, and heavier engagement with its platform.
Charlie Youakim, CEO of Sezzle, told analysts that “to say that we are in early innings is an understatement. … While we continue to ride the BNPL wave, we also believe that we can continue to outpace and take share within the segment.”
In other pay later news, PYMNTS wrote earlier this week about the likelihood of financially-strapped consumers turning to this payment method as economic conditions worsen and banks tighten their credit standards.
BNPL, that report observed, is popular, especially so with consumers facing financial difficulties. Research from PYMNTS Intelligence shows that consumers who frequently encounter cash flow problems are 3.5 times more likely to turn to BNPL, with 8.9% of these consumers using it in the prior 30 days, compared to just 2.5% of those who aren’t facing the same pressures.
Additional research found that subprime consumers — those with credit scores of 620 or less — were more likely to have applied for loans and BNPL. For example, 40% of subprime borrowers have applied for BNPL, versus 27% of super-prime individuals. Beyond that, subprime consumers are 2.1 times more likely to have applied for a payday or credit-builder loan than consumers who have higher credit scores.
