ChargeAfter, the buy now, pay later (BNPL) technology company, has partnered with Visa to integrate with its Cybersource payment-management platform, the company announced Wednesday (July 15).
Visa’s Cybersource digital platform offers payment-management capabilities to merchants in more than 190 countries and territories.
The partnership also includes the launch of the Visa Installments solution on ChargeAfter’s U.S. platform. The Installments program gives shoppers more choices in how to pay through point of sale (POS) consumer financing using existing Visa cards. Eligible Visa cardholders will have the option of dividing their total purchases amount into smaller, equal payments over a defined time period.
Tire Agent and 42nd Street Photo already offer Visa’s installment plans to their eligible U.S. customers through ChargeAfter.
“As COVID-19 continues to change retail as we know it and drives more shopping online, merchants are adapting to the new realities of online payments, offering alternative payment methods for consumers who are expecting affordable financing options to help them complete their purchases now and pay later,” said Meidad Sharon, ChargeAfter CEO, in a statement.
Cetin Duransoy, Visa’s global head of installment solutions, told PYMNTS that it’s time to make installment plans as available at checkout as the use of traditional credit cards.
“With Visa’s installment solutions, our focus is on enabling the enablers and accelerating the direction of our product,” Duransoy said. “Given how much the demand for installments is increasing, we are also using the already existing parts of the credit system today to scale installment payments with every [Visa] card across the board.”
Earlier this year, Visa forged its initial partnership with ChargeAfter to bring more financing options to checkout.
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