Sezzle Inc. (ASX: SZL), the highest consumer-rated interest-free installment payment solution, today announced its solution is newly available to online businesses worldwide through Visa's CyberSource payment management platform.
The relationship means CyberSource merchants will be able to offer Sezzle's zero-interest 'buy now, pay later' (BNPL) solution. The 'buy now, pay later' product can help sellers increase sales and grow basket sizes, with no credit risk to the merchant.
Sezzle's alternative payment solution enables shoppers to split e-commerce purchases into four interest-free installments over the course of six weeks, at zero interest. With Sezzle, consumers can shop at their favorite stores online in a more financially responsible way without an impact to credit scores, incurring interest on payments, or risk of going into burdensome debt.
"Installment payment plans have taken off across the world as a popular way for consumers to get what they need while sticking to their budget, and now our merchant clients can easily offer installment solutions," said Andre Machicao, SVP, global head of product, CyberSource, a Visa solution. "Visa is committed to enabling new forms of payment innovation across the e-commerce ecosystem. Sezzle's installment solution is rapidly growing among Gen Z and millennial consumers and is proven to dramatically reduce cart abandonment."
This partnership comes on the heels of Sezzle's first earnings report as a public company on the Australian Securities Exchange (ASX). The company saw a strong first half of the year, with revenue growth indicative of Sezzle's role as a leader in the emerging installment payment space. Active merchants, now numbering 5,793, as well as active customers, experienced approximately 15% growth from June 30, 2019 to July 31, 2019, alone.
"We are excited to be available on CyberSource's platform, making it easy for merchants to offer Sezzle to their shoppers," said Charlie Youakim, CEO and co-founder of Sezzle. "We believe CyberSource's scale and reputation with e-commerce stores make them an ideal partner to further fuel our rapid growth. We look forward to working with them to provide online merchants - and their customers - with a payment experience that drives revenues and increases consumer loyalty."
Sezzle is the highest consumer rated alternative payment solution on the market according to Trustpilot, a third-party review site.