The Buy Now, Pay Later (BNPL) space witnessed exceptional growth in 2021, with an increasing number engaging in the alternative payment journey.
As the demand continues to elevate, new businesses are beginning to enter the sector, including Manchester-based start-up, PollenPay – we recently caught up with the company’s CEO, Leon Wilson to discuss his plans for the next twelve months.
PaymentExpert: Can you tell us a little more about PollenPay?
Leon Wilson: PollenPay is a BNPL company, originating from Manchester that serves the entire UK. I first started the business four years ago with my co-founders, before fully launching the service in February. As a business, we offer customers an alternative, flexible method of payment at checkout. Our service helps people to avoid taking the hit of one big payment, or worse still, paying high interest fees on purchases through credit card transactions.
What sets you apart in the BNPL sector?
As a business, we’re shaped by a set of human-centric core values, which includes protecting our customers’ financial wellbeing. This really sets us apart from others in the field and helps us to offer a more responsible approach to BNPL transactions. Ultimately, PollenPay is a tool that’s been designed to improve the financial responsibility of our customers.
Why do you believe the BNPL sector has experienced significant growth in recent years?
It’s a combination of factors but primarily driven by customer demand for more flexible payment options. With BNPL services, individuals can improve the management of their cashflow and are given a chance to maximise levels of disposable income. What’s more, they can do all this without having to sign up for a credit card, which means avoiding high interest rates. Personally, I think that demand for this has always been there, but in the last few years the technology has finally caught up, which has made BNPL services more accessible.
Are you able to tell us more about how you ensure financial protection for your consumers?
As mentioned, we differentiate ourselves from competitors in the field by taking a more responsible approach to BNPL transactions. To this end, if we notice a customer has a late installment payment, then they are temporarily restricted from making any further purchases with us until all these payments are totally repaid.
What retailers have you already partnered with and how are you planning on expanding your partnerships?
We’re looking to partner with several high-street brands, as well as some leading online brands like Boohoo, ASOS and Pretty Little Things. We want any retailer, but particularly those with an online fashion arm to incorporate the PollenPay service as a payment option. At the same time, our in-house sales team is also embarking on a significant merchant drive in the offline space and targeting other industries, like beauty.
In terms of regulation, what do you think is next for the BNPL sector, and do you believe consumer protection needs growth?
Whilst we fully support regulation of the space, it’s our belief that users benefit more from simple and clear guidelines on how to use our service. We’re more focussed on that side of the equation and are working to help customers have a safe and easy payment option at checkout, especially on life’s daily purchases.