In an ever-evolving economic landscape, Buy Now, Pay Later (BNPL) is emerging as an essential payment solution for businesses of all sizes. Once the preserve of large corporations, this financing method is now becoming accessible to smaller enterprises, thanks to technological advancements, particularly low-code. According to a recent study by Juniper Research, the BNPL market is set to reach $3.98 trillion by 2026, offering an unprecedented opportunity for SMBs. Let's explore how Basikon, a leader in low-code financing solutions, is enabling SMBs to offer innovative and competitive deferred payment options.

1\. The Rise of BNPL: An Opportunity for SMBs

BNPL has been experiencing explosive growth in recent years. This payment method offers consumers the flexibility to spread out their purchases without fees, while allowing merchants to increase their sales. According to a PYMNTS study, merchants offering BNPL saw their cart abandonment rates decrease by nearly 40% in 2020.

1.1 A Booming Market

The BNPL market is buzzing with activity. Major players like Affirm, Klarna, and Afterpay are specializing in installment payments, demonstrating the growing appeal of these solutions. For SMBs, this presents an opportunity to position themselves in a thriving market and meet the expectations of modern consumers.

Key BNPL Statistics:

• Average annual growth of 39% between 2020 and 2026 (Source: Juniper Research)
• 65% of consumers are more likely to purchase from a merchant offering BNPL (Source: PYMNTS)
• Average basket size increase of 45% with BNPL (Source: RBC Capital Markets)

1.2 A Customer Retention Tool

BNPL is more than just a payment method. It's also a powerful customer retention tool. By offering more flexibility in purchases, businesses significantly improve the customer experience, a key differentiating factor in increasingly competitive markets.

2\. Low-Code: An Innovation Accelerator for Deferred Payments

The adoption of BNPL by SMBs has long been hindered by technological barriers. This is where low-code comes into play, revolutionizing how businesses can develop and deploy innovative payment solutions.

2.1 What is Low-Code?

Low-code is a development approach that allows for the creation of applications with minimal manual coding. This technology uses visual interfaces and pre-built components, making development faster and accessible to a wider range of users, even without extensive technical expertise.

2.2 Low-Code and BNPL: A Winning Combination

According to a Deloitte study, the COVID-19 crisis and the accelerated digitalization of payment methods have thrust BNPL into the spotlight. Low-code plays a crucial role in this acceleration, allowing businesses to rapidly develop and adapt their deferred payment solutions.

Advantages of Low-Code for BNPL:

• Up to 90% reduction in development time
• 70% average reduction in implementation costs
• Increased flexibility to adapt to regulatory changes
• Simplified integration with existing systems

3\. Democratization of BNPL Solutions through Low-Code

Low-code democratizes access to BNPL solutions for SMBs in several ways:

3.1 Reduction in Development Costs

By simplifying the development process, low-code allows SMBs to create BNPL solutions at a lower cost. This significantly reduces the financial barrier to entry, making these technologies accessible even to businesses with limited budgets.

3.2 Accelerated Time-to-Market

The rapid development offered by low-code allows SMBs to launch their BNPL solutions faster. This commercial agility is crucial in a constantly evolving market, where the ability to adapt quickly can make the difference between success and failure.

4\. Case Study: How Solfiz is Revolutionizing Financing for SMBs with Basikon

Solfiz, a company specializing in providing leasing solutions with included services for SMBs, perfectly illustrates how low-code can transform the financing offer of small and medium-sized businesses.

4.1 Solfiz's Challenge

Solfiz needed a solution capable of managing a large number of clients and partners securely and agilely. Their rapid growth required a flexible platform that could adapt to their evolving needs.

4.2 The Basikon Solution

By opting for the Basikon low-code platform, Solfiz was able to implement a custom solution in just 4 months. This platform allowed Solfiz to:

• Automate online quotation and contracting
• Ensure end-to-end contract tracking
• Easily add new partners
• Quickly customize their offers

"Basikon has allowed us to easily manage a large number of clients and partners, reliably and securely. This will enable us to develop more rapidly, without being held back by technical constraints." - Arnaud Bazin, CEO of Solfiz

5\. The Advantages of Low-Code for BNPL Implementation in SMBs

The adoption of low-code for BNPL solution development offers numerous advantages to SMBs:

5.1 Flexibility and Customization

Low-code platforms like Basikon allow SMBs to customize their BNPL offers according to their specific needs and those of their clients. This flexibility is essential for standing out in a competitive market.

5.2 Scalability

As the business grows, low-code solutions can evolve accordingly. This scalability allows SMBs to start with a simple solution and progressively expand it without having to reinvest massively in new developments.

5.3 Simplified Integration

Low-code platforms facilitate integration with existing systems and external partners. This allows SMBs to set up complete payment ecosystems without having to manage the underlying technical complexity.

6\. The Future of BNPL and Low-Code for SMBs

Experts predict continued growth in the BNPL market, with increasing adoption by SMBs. According to Gartner, by 2024, 65% of application development will be done via low-code platforms, further facilitating SMB access to advanced financial technologies.

6.1 Emerging Trends

• AI integration for better risk assessment
• Development of B2B BNPL solutions for inter-company transactions
• Expansion of BNPL into new sectors (healthcare, education, etc.)

6.2 Financial Impact for SMBs

Numerical example: An e-commerce SMB adopting a low-code-based BNPL solution could see:

• A 30% increase in conversion rate
• 45% growth in average basket value
• 60% reduction in IT development costs

These figures demonstrate the transformative potential of BNPL and low-code for SMBs.

Conclusion

The democratization of BNPL through low-code opens up new perspectives for SMBs. By allowing them to offer innovative and competitive deferred payment solutions, this technology levels the playing field with large companies. SMBs can now offer their customers the financial flexibility they seek, while benefiting from increased agility and reduced development costs.

The future of BNPL for SMBs looks promising, with solutions like Basikon continuing to innovate and simplify access to these technologies. In a world where digitalization and flexibility have become essential, low-code is emerging as a key ally for SMBs looking to remain competitive and meet changing consumer expectations.

Ready to revolutionize your deferred payment offer? Discover how Basikon's low-code platform can transform your business. Request a personalized demo today!

FAQ

What is BNPL?

BNPL (Buy Now, Pay Later) is a payment solution that allows consumers to purchase a product or service immediately and pay for it later, often in several installments without fees.

How does low-code facilitate BNPL implementation for SMBs?

Low-code simplifies the development of BNPL solutions by reducing the need for complex coding. It allows SMBs to quickly create and customize deferred payment solutions, thus reducing costs and time-to-market.

What are the advantages of BNPL for SMBs?

BNPL can help SMBs increase their sales, reduce cart abandonment, improve customer loyalty, and offer a better shopping experience to their consumers.

Does implementing a BNPL solution require significant technical expertise?

Thanks to low-code platforms like Basikon, implementing a BNPL solution does not require extensive technical expertise. These platforms are designed to be used by users with limited technical knowledge.

Is BNPL suitable for all types of SMBs?

BNPL can benefit many types of SMBs, particularly those selling medium to high-priced products or services. However, each business should evaluate whether this solution meets their specific needs and those of their customers.

What are the risks associated with offering BNPL solutions?

The main risks include credit risk, regulatory compliance, and cash flow management. However, modern low-code solutions often incorporate risk assessment and compliance features to mitigate these issues.

How is BNPL evolving in the face of financial regulations?

The BNPL sector is receiving increasing attention from regulators. Low-code platforms allow for rapid adaptation to new regulations, thus offering an advantage to SMBs in staying compliant.