Buy Now Pay Later (BNPL) Lenders
Why wait months or years to collect on your defaulted Buy Now Pay Later accounts, only to get a fraction of the face value? Sell your nonperforming BNPL loans compliantly, get the proceeds in weeks, and reinvest them immediately back into your business. All without risk to your consumers, brand reputation or bottom line. Sound good? Read on.
Buy Now Pay Later (BNPL) financing is taking the consumer credit industry by storm. This relatively new product offers a great deal of benefits to borrowers (split large purchases into multiple payments, no credit check required, easy application process) but as BNPL offerings increase, so do consumer defaults. Recent news reports state that nearly 1/3 of all BNPL borrowers have missed a payment. In fact, according to this article in the WSJ, consumer defaults are increasing across the board as inflation continues to rise. What is your plan for handling the deluge of consumer BNPL defaults on the horizon?
EverChain specializes in helping BNPL consumer lenders like you safely and compliantly liquidate their uncollected receivables to create an immediate and steady cash flow - all while ensuring that your consumers and your brand reputation are protected.
EverChain's Recovery Management Solution (RMS) is the only way to compliantly sell your debt portfolios and ensure that your customers have a better experience throughout the entire recovery process. EverChain understands that recovery is part of the customer journey, and so the experience should be consistent with the experience pre-default. And since it's much better (easier and less expensive) to keep an existing customer than earn the business of a new one, we help you deliver a consistent brand experience from loan issue to Paid in Full or Settled in Full.
Given the current economic climate, there has never been a better time to sell your BNPL deficiencies and compliantly add revenue to your bottom line. Here's why you should act sooner, rather than later:
- Buyers have not adjusted to the economy - sale prices for debt portfolios are at an all-time high. Sell now to maximize return.
- Pricing is going to decrease as more paper comes online. Now is the time to lock in a favorable Forward Flow rate.
- Even if you don’t want to get into a Forward Flow, now is the time to do a warehouse sale to ensure maximum return.
EverChain's 5 Whys of Buy Now Pay Later Debt Sales
1. Why Sell BNPL Portfolios? Monetize BNPL defaults by creating a reliable cash flow from uncollected receivables and put that money immediately back into more loans or business operations.
2. Why Use a Broker? A broker has knowledge about buyers' historical track records and reputation. They usually specialize in certain types of portfolios and can help match you with the right buyer to meet your specific needs. Also, a broker can leverage the competitive nature of multiple buyers bidding on your BNPL portfolio to ensure you get the best return.
3. Why Oversight and Compliance? As a consumer BNPL debt seller, you are responsible for having a post-sale process in place to identify the chain of custody until the loan is paid in full or settled in full. Do you know where your sold accounts are? Do you have a way to track chain of title after resale? EverChain does.
4. Why Technology? Technology enables more efficiency and productivity, as well as better compliance and risk mitigation before, during and after a debt sale.
5. Why EverChain? Check out the list of criteria for selecting the best recovery partner: EverChain Differentiators.
EverChain's comprehensive approach to BNPL deficiencies provides our clients with optimized value throughout all recovery stages. We understand the importance of a positive reputation. We go above and beyond to ensure that BNPL borrowers are treated with the utmost respect - protecting your brand reputation and bottom line in the process.
We work with the largest and most respected BNPL credit issuers in North America. With consumer defaults on the rise, shouldn't you be working with us?