Greg Cohen | Source | CEO & Chairman at Fortis

"Fully embedded payment experiences can lift the conversion rate as much as 50%; additional payment methods, such as BNPL, not only allow for alternatives to drive conversion, but enable consumers to buy more on their shopping journey as they “finance” their purchase through BNPL methods. While BNPL has been under recent scrutiny from legislators and even retailers managing the logistics of refund inconsistencies over the past few months, point-of-sale financing options are here for years to come. Consumer demand is apparent, and many e-commerce sites have seen as much as 130% increase in average order value since implementing BNPL practices.”

“There are plenty of misconceptions when it comes to operating as a payfac,” Cohen said. "All payment providers want streamlined enrollment for their services, easy access to critical data, simple and flexible pricing, fewer fees, and an experience they can control. Straight out of the gate, many assume that operating as an end-to-end payfac is the only way to accomplish all this. Unfortunately, drawing this distinction may not serve your business well."