Using Sezzle, a buyer can buy a big ticket item and pay for it in three installments. The company also offers financing on up to $40,000 over five years. It is a great payment solution for the younger generations, who have little or no access to traditional credit. It is also one of the fastest growing fintech companies in the buy now, pay later market.
Sezzle is similar to other BNPL services, like Affirm and Klarna. When signing up, Sezzle runs a soft credit check to see if you qualify for an account. If so, your credit limit will be determined based on the results of your credit check. The credit limit is not subject to interest. You will also receive a slew of helpful widgets on the site. One of them is a widget that shows the payment breakdown. You will also receive email and text reminders before each payment. You can reschedule payments twice and change the installment payment date up to three times.
Sezzle’s most important feature is its ability to allow buyers to buy big ticket items with no interest. It also allows users to spread payments out over a six-week period. This helps shoppers to feel like they are spending less money. It also allows for a more accessible shopping experience. The company claims to have over 40,000 merchant partners. Its latest partner is Ally Bank.
Sezzle allows users to pay for their items with their debit or credit card. There is no processing fee and no interest. The company pays the merchants for the customer’s purchase. Depending on the merchant, the payment may take as little as five business days to arrive in the merchant’s bank account. Using Sezzle also helps prevent users from overextending their accounts.
Sezzle uses a credit check to assess the likelihood that you can pay off the loan. Sezzle will also give you a credit limit based on this assessment. When you first open an account, you will receive a credit limit of up to $200. The Sezzle site also provides a handy checklist to help you get the most out of your Sezzle experience.
Sezzle also allows users to reschedule payments, but it comes with a fee. The first two times you reschedule a payment, Sezzle will charge you $5. The company also offers a feature called Sezzle Up, which allows you to boost your credit score over time. You can also get a discount on your first order.
Sezzle does not work with nonprofit donations, travel products, or age-restricted items. It also does not offer in-store payment plans. However, you can use the Sezzle mobile app to pay for your purchase. The app offers a slew of other features, including a search tool for finding stores and a guided walkthrough for installation.
The Sezzle site also offers a helpful guide for non-pre-built merchant partners. The site even has an integration guide for Shopify. You can also add another card to your Sezzle account to increase your chances of being approved.