Over $100 Billion in sales were generated in 2021 by Buy Now, Pay Later (BNPL) options, proving that alternative payment options are fantastic tools for retailers to entice customers. However, BNPL companies are starting to face stricter regulations after a backlash around many providers providing credit to those who cannot afford it. Accrue is taking a different approach with a Save Now, Buy Later product.
Instead of providing customers with credit to make purchases, Accrue is partnering with retailers to support savings behavior. Users set goals to purchase from Accrue partners. Meanwhile, those partners contribute to the purchase when a customer hits certain milestones.
At the moment, Accrue largely makes money at the point of purchase, through card interchange fees. However, to bring in serious revenue they will need to raise performance fees from merchants, which in turn requires demonstrating high order values for merchants. Accrue’s next steps are to expand retail partnerships and add employees across all departments, including engineering, sales, and marketing.
Freddie
Company Specialist at Welcome to the Jungle
