PaynoPain adds FLOA to help shoppers split the cost of their purchases

As a highly valued payment solution, merchants can strengthen customer loyalty, reduce cart abandonment and potentially increase their average order value by integrating BNPL.

In today’s ecommerce environment, businesses need to offer a wide range of payment methods to meet demand for fast, seamless and convenient purchasing processes. For this reason, PaynoPain, a Spanish technology company specialising in the development of online payment solutions, has added FLOA to its portfolio of payment methods with the aim of simplifying payments and making the process easier for both merchants and customers.

What is FLOA?

FLOA is BNP Paribas’ fintech specialising in Buy Now, Pay Later (BNPL) solutions. By placing innovation and customer experience at the heart of its strategy, FLOA encourages new ways of consuming while supporting merchant activity. Its unique technological expertise helps ensure simple and secure payments for consumers and merchants, both online and in-store.

FLOA already has more than 4 million customers in Europe and over 15,000 ecommerce partners and points of sale, including Iberia, Cdiscount and Samsung.

Deferred payments are on the rise

This payment method is gaining ground. PaynoPain’s New payment method habits in Spain 2023 survey revealed that 50% of Spaniards have deferred a payment at least once. In addition, 68% say they are aware of the benefits offered by a payment option that continues to gain popularity.

According to data from the Kantar x FLOA 2023 study, 67% of Spaniards would be willing to shop with another merchant if a Buy Now, Pay Later solution were not available, placing Spain second on the list, behind Italy at 72%.

BNPL has increased by 22% in one year

This payment method is performing strongly. The reason is simple: users value it to the point that most are willing to shop with another merchant if an instalment payment solution is not available. The report states that the number of BNPL supporters has increased by 25% over the last two years.

This model allows customers to split and defer payments for their purchases, enabling them to postpone payment until after receiving the products or services. They can choose to pay at the time of purchase or defer payment through automatic credit, sometimes interest-free, although it is essential to review the terms and fees set by each payment provider.

From the customer’s perspective, once they reach the merchant’s checkout, they choose BNPL from among the available payment methods. They then select the number of instalments in which they want to make the payments, depending on the BNPL provider used by the ecommerce, and the customer’s creditworthiness is assessed before financing is approved.

Benefits of BNPL for merchants

For merchants looking to add this option to their payment methods, PaynoPain’s payment platform includes a Buy Now, Pay Later solution. Once the integration has been completed, when a customer makes a purchase using this method, the merchant receives the full amount thanks to the BNPL payment provider.

For this reason, PaynoPain highlights the following benefits of integrating a BNPL solution:

• Higher conversion rates and stronger customer loyalty: BNPL removes financial barriers for customers, makes purchasing decisions easier and can help increase revenue. Offering a more convenient and flexible shopping experience also encourages customer loyalty, making it more likely that users will return to shop again.
• Lower cart abandonment rates: the BNPL model helps address one of the most common challenges in ecommerce. By offering flexible payment options, customers are less likely to abandon their carts when they see that they can split the cost of their purchase.
• Higher average order value: this model encourages customers to purchase higher-priced products by removing the need to pay the full amount immediately. By allowing payment to be deferred, customers may feel more comfortable purchasing higher-value products or services, increasing the average order value.

“50% of Spaniards have deferred their payments at least once, according to the findings of our survey. BNPL becomes particularly important during periods of inflation. For this reason, merchants need to incorporate the latest payment solutions to prevent customers from abandoning their shopping carts. By doing so, they can strengthen customer loyalty and increase conversions,” says Jordi Nebot, CEO and founder of PaynoPain.

“At FLOA, we are delighted to offer a BNPL solution that has been so well received in the Spanish market,” says Alexandre Carrera, Head of FLOA Iberia. “We know that Spanish consumers value the flexibility and convenience provided by this payment method. Our partnership with PaynoPain will enable ecommerce businesses to strengthen customer loyalty, reduce cart abandonment and increase sales, all while providing a more accessible and satisfying shopping experience.”

Integrate FLOA into your ecommerce

BNPL payments with PaynoPain’s virtual POS

BNPL is on the rise, and FLOA is a clear example. If you want to offer the flexibility consumers are looking for when making payments, FLOA can be a highly attractive option for your business.

Contact us and we will explain how to integrate FLOA into your virtual POS.