Payments portal Alchemy launched a buy now, pay later (BNPL) platform that it said will transform retailers into FinTechs, according to a Wednesday (May 4) company press release.
Alchemy’s BNPL solution can be integrated with major eCommerce platforms, as well as sales and CRM tools such as HubSpot and Salesforce, according to the release.
Allied Market Research said BNPL is a $100 billion market that is projected to grow to $4 trillion in the next 10 years, increasing at a compound growth annual rate of 45%. BNPL allows merchants and small businesses to sell their product and services without accepting the full payment at checkout, instead accepting payments in instalments from customers.
Alchemy’s BNPL solution offers identity verification, payment management, customized merchant and customer portals and communication tools.
Related: Alchemy Introduces Automated Lending Platform for Medical Financing
In April, Alchemy launched a payments system for patients looking for care now, pay later services that allow them to break their cosmetic and elective surgeries into smaller payments.
Doctors can onboard clients, request disbursement from lenders, take down payments and upsell clients with additional products and services on Alchemy’s medical patient portal, while lenders get access to all application information, loan information, underwriting elements and loan management tools through the lender portal.