The First Black-Owned FinTech Company to Offer Buy It Now and Pay Later Services to Small Businesses Nationwide
CONYERS, Georgia., July 21, 2021 / PRNewswire / – As of this year, Novae LLC became the first black-owned financial technology company to offer Buy Now, Pay Later services to online and offline merchants under the Novae Financing brand. CEO McCambry Reco believes that these services, designed to tackle the inequalities faced by minority entrepreneurs by considerably increasing the sales of these partner merchants, are the first of their kind.
The volume of sales made using Buy Now technology, Pay Later, also known as BNPL, has grown exponentially in recent years. BNPL allows customers to make purchases and repay them over time with little or no upfront money. It is important to note that some BNPLs offer installment payments without interest and prequalification for those installment payments without a serious credit check, which can hurt consumers’ credit ratings.
Better yet for retailers, BNPL giant Klarna reports that when businesses add a Buy Now, Pay Later option to their online store, customers are 35% more likely to make a purchase and spend an average of 45%. more. Lower initial price encourages customers to shop now that they might otherwise save for later, which all online retailers know can spell the end of the sale. When customers feel pressured to wait until they have more money to pay upfront, they are much more likely to completely forget about the purchase or buy from a competitor.
Novae Financing’s BNPL fintech revolves around the CEO McCambry’s Reco proposal to make financial success more affordable for blacks and other historically disadvantaged clients, for whom centuries of discrimination can mean increased risks of marginalization. This historic oppression leaves them with less access to the money they can invest in their businesses, careers, homes, families and education.
Funding up to $ 100,000 For consumers by industry, Novae Financing approves applications from consumers with credit scores as low as 515 and offers 6, 12 and even 18 month cash (interest free) options.
Part of the company’s mission is not only to provide access to capital, but also access to education and information for entrepreneurs to be more successful; therefore, their goal is to approve trainers, speakers, coaches and consultants as traders to fund their expensive programs to help entrepreneurs succeed.
âIf millions of people can fund a college education to get a job, then why can’t the average entrepreneur fund a course to help them excel in their business? Expressed Chief Operating Officer ShaneÃ© McCambry. “It will make life changing information more accessible, the goal is to help clients invest money now, so they can make money later and pay off debt sooner.”
McCambry Reco presented a similar proposal for a national program in his 2020 book, âThe Plan After Police Reformâ. As part of a sustainable plan to tackle inequality, he proposed easing credit requirements and making loan financing available to members of the black community to help mitigate the impact of decades of discrimination. Now he is making such a funding program available through his own business.
“This is the preparation for repairs,” said CMO Haziq Ali. “If we only have emotion and passion and no economic plan, we end up like Haiti. We all know the middle class is at risk, but awareness is not enough – so Novae’s plan is to prepare our employees for excellence in residential and commercial property. “
And that’s good news for customers and retailers. Customers can expect easier access to BNPL financing, while interested retailers may feel good about offering a BNPL option geared towards social justice and supported by Novae’s lending partners.
No need to worry about non-payment with BNPL technologies. In a standard BNPL system, retailers pay a fee to access the BNPL system, which in turn generates profits for BNPL’s lending partners. Lending partners then ensure that bills are paid, while retailers typically recoup more than their access fees in the form of improved conversion rates and larger average purchase sizes.
Finally, here is a Buy Now, Pay Later option that we can all feel good about.
For more information on Novae Financing, please visit www.NovaeFinancing.com.
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SOURCE Novae LLC