Tranch Offers BNPL for Goodwin Law Firm

Tranch has begun offering buy now, pay later technology to clients of law firm Goodwin.

With this move, Goodwin becomes the first major legal practice to use the Tranch tool, the B2B payments company said in a news release Tuesday (Nov. 29). It’s also the latest example of buy now, pay later (BNPL) technology being used for professional services.

“The payment experience for invoices is a major blocker to growth for countless businesses across the world — checks are still used in a majority of payment settlements,” said Philip Kelvin, co-founder and CEO of Tranch.

With Tranch, Goodwin’s clients can pay their legal bills over any term up to 12 months using a checkout experience embedded into their invoices. Clients can connect their bank accounts for approval and then begin using the platform.

As PYMNTS noted recently, American consumers have made BNPL part of everyday life, with its popularity continuing to grow. Last year saw 29 million Americans use the installment payment method, with almost 6 in 10 consumers reporting that they would be willing to use third-party BNPL solutions.

But U.S. consumers have begun using BNPL in less traditional ways, such as paying for medical bills or education.

As we noted last month, one of the key attractions “of BNPL is its lack of interest rates as long as the payments are made on time, and this makes it an attractive option for big-ticket purchases beyond just merchandise.”

Of the paycheck-to-paycheck consumers we surveyed, 43% said they would be interested in leveraging BNPL for out-of-pocket medical procedures, 42% would use it to cover medicine and prescriptions and 38% would use it to pay for education and certifications.

And this phenomenon isn’t confined to the U.S. Our research has found that overseas customers are also using BNPL to access services.

For example, education payments are a growing concern in India, where the eLearning market is valued at more than $1.96 billion, yet only 3% of the population can access traditional credit services. That’s left 48% of students paying for classes in installments.

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