Sezzle, a Buy Now, Pay Later (BNPL) solution, has launched a gamification feature named ‘Payment Streaks’ to encourage consumers to make timely payments.
The gamification feature is part of a free loyalty tier programme that will allow its US users to ascend through tiers by consistently making on-time payments, aiming to improve customers experience and emphasise financial responsibility.
Charlie Youakim, CEO and Co-Founder of Sezzle, commented: “Our Payment Streaks feature is designed to reward consumers for their commitment to financial responsibility. We understand the importance of timely payments in building trust and credibility, and the Payment Streaks program incentivizes and recognizes our users for their dedication to meeting payment obligations.”
Following a successful payment, made on or before its scheduled time, users will contribute to their overall streak. As consumers accumulate streaks of on-time payments within a rolling 90-day window, they will progress to higher loyalty tiers.
On the occasion that there is a failed payment, which the company has recognised can happen, users will be allowed to resolve the payment on the same day to rescue their existing loyalty tier.
However, failed payments along with resolved payments, rescheduled payments, payments on refunded or cancelled orders, payments charged back by banks and long-term financing payments will not count towards steaks.
This gamification feature will reward players, depending on their tier. Consumers can expect prizes, such as entries in monthly giveaways among other rewards that can be viewed on Sezzle’s app. In addition, the company has said that there will be bonuses available for referring friends to Sezzle.
As mentioned above, Payment Streak is currently only available to the company’s US users via the mobile app. However, it has unveiled plans to release the feature in Canada later this year, which is unsurprising as it recently became the most popular BNPL solution in the country.
Sezzle is constantly trying to enhance its BNPL offering. Last year the company launched its ‘Pay-in-2’ solution, which aimed to cater to consumers that get paid in bi-weekly instalments.
Youakim added: “At Sezzle, we are continuously seeking ways to enhance the customer experience and provide added value to our users. Payment Streaks, along with our Loyalty Tiers program, exemplify our dedication to empowering customers and fostering financial wellness.”
