Sezzle introduces Payment Streaks: A BNPL gamified approach to financial responsibility

ESG
05/05/2024 News

Sezzle, a leading Buy Now, Pay Later (BNPL) solution, has launched Payment Streaks, a new feature designed to reward consumers for consistent and timely payments. The free Payment Streaks loyalty tier program enables users to ascend through loyalty tiers by consistently making on-time payments. This initiative underscores Sezzle’s commitment to enhancing customer experience and fostering financial responsibility among its user base.

The Payment Streaks program empowers Sezzle users by introducing a gamification approach to responsible payment behaviors. Each successful payment made on or before its scheduled due date contributes to the user’s payment streak. As users accumulate streaks of on-time payments within a rolling 90-day window, they qualify for advancement to higher loyalty tiers.

“Our Payment Streaks feature is designed to reward consumers for their commitment to financial responsibility,” said Charlie Youakim, CEO and Co-Founder of Sezzle. “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.”

Here’s how Payment Streaks work:

Each eligible payment (including down payment or installment) that is successfully paid on or before its originally scheduled due date will count as one “streak.”

Users can upgrade to the next loyalty tier after reaching the required streak count within the rolling 90-day window.

Failed payments sometimes happen. Users can resolve the failed payment within the same day to maintain their existing loyalty tier.

Payments ineligible for streaks include failed payments, resolved payments, rescheduled payments, payments on refunded or canceled orders, payments charged back by banks, and long-term financing payments.

The Payment Streaks program offers a range of benefits to users, including entries in monthly giveaways and bonuses for referring friends to Sezzle. To view the specific benefits associated with each loyalty tier, users can navigate to the Payment Streaks page within the Sezzle app’s Shop tab and click “Compare Benefits.”

“At Sezzle, we are continuously seeking ways to enhance the customer experience and provide added value to our users,” added Youakim. “Payment Streaks, along with our Loyalty Tiers program, exemplify our dedication to empowering customers and fostering financial wellness.”

Payment Streaks are available exclusively to U.S. shoppers through the Sezzle mobile app, and Canadian users will gain access to the product later this year. Users are automatically enrolled in Sezzle’s Loyalty Tiers program upon opening a Sezzle Account or utilizing Sezzle Services.

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