Bankful Merchants Can Now Offer Consumers BNPL Option

Payment gateway Bankful and buy now, pay later (BNPL) provider Sezzle have partnered to enable Bankful’s merchants to offer their customers the option of paying in monthly installments. 

Bankful, which was previously known as Pinwheel, integrates with major eCommerce platforms like Shopify, Square, Wix and WooCommerce to simplify the transaction process. The new partnership with Sezzle will expand its capabilities, Bankful said Wednesday (Nov. 9) in a press release. 

“There is tremendous growth potential around the globe, where millions of small businesses need fast and easy payment processing functionalities,” Bankful Co-founder David Silverton said in the release. “Our strategic partnerships have allowed us to give merchants a wide selection of payment gateways, POS [point of sale] solutions, business funding and check processing solutions.” 

Sezzle provides its BNPL services to more than 48,700 brands, including GameStop, Bass Pro Shop, Target, Touch of Modern and Shop Adorn, according to the press release. 

By increasing the purchasing power of consumers with interest-free installment plans, its BNPL option leads to increased sales and basket sizes at both online stores and brick-and-mortar locations, the release said. 

“Sezzle is B Corp certified and is on a mission to financially empower shoppers by creating best-in-class and transparent experiences,” Sezzle CEO Charlie Youakim said in the release. 

The announcement comes about a month after Sezzle signed a new $100 million credit facility with affiliates of Bastion Management, which will work as an administrative agent for the lenders. 

The new receivables funding facility will support Sezzle’s operations in the United States and Canada, extend its funding into 2024 and offers it greater flexibility, the company said Oct. 18 in a press release. 

“The new facility positions Sezzle with the necessary liquidity and balance sheet strength to pursue the company’s growth objectives and achieve profitability,” Sezzle Chief Financial Officer Karen Hartje said at the time.