Sezzle Launches Subscription Service Enabling Installment Payments Anywhere

Sezzle has launched a subscription-based service that lets shoppers use its Virtual Card anywhere Visa is accepted.

The new Sezzle Pay Anywhere product is designed to give additional choice and flexibility along with access to responsible financing for consumers who have had difficulty accessing financing, Sezzle said in a Thursday (June 22) press release.

“Our consumers recognize the benefits that responsible, flexible financing brings to their budget — their only dilemma has been lack of access,” Sezzle Co-Founder and CEO Charlie Youakim said in the release. “With Anywhere, we are bridging the gap and giving shoppers access to Sezzle everywhere.”

Sezzle’s installment payment platform aims to offer responsible financing to consumers who are underrepresented, according to the press release.

With the new Sezzle Pay Anywhere, shoppers can use Sezzle for installment payments at retailers — anywhere Visa is accepted — whether shopping online, paying bills or paying in-store.

They can also earn 1% back on eligible transactions and opt-in to build credit through Sezzle Up, per the release.

“Consumers have made it clear they want greater access, flexibility and control in how they pay — wherever they shop,” Marie-Elise Droga, senior vice president and head of global FinTech partnerships at Visa, said in a statement emailed to PYMNTS. “Visa is accepted at more than 100 million merchant locations globally, positioning Sezzle to deliver its secure and seamless interest-free Pay-in-4 experience at scale. We’re excited to work together to make Sezzle available to millions of consumers in the U.S.”

PYMNTS research has found that buy now, pay later (BNPL) has become immensely popular as a more affordable and convenient payment option.

Unlike payday loans and other nontraditional lending types, BNPL services typically have low interest rates, and unlike traditional bank credit products, they are available to consumers with weak credit profiles, according to “FinTech’s Role in Improving Access to Lending Services,” the May edition of the “FinTech Tracker®,” a PYMNTS and Sezzle collaboration.

“One of the sayings that our CFO has is that our customer is always in a recession,” Youakim told PYMNTS’ Karen Webster in an interview posted in May. “We’re trying our best to help that customer build up their credit score and get onto the next stage of their financial lives.”