Blispay considering new financing options

[pdxmike]

The Blispay card currently offers 6 months no-interest financing on purchases of $199 or more, as well as 2% cash back on everything. But in an interview, the company's founder says they're considering other financing options:

"We are currently starting with six-month financing and plan to offer more options. We’ve been fully operational for about a year, and we’re now at the point where we’re ready to scale our merchant business and bring our value to more stores and more merchants and to add additional financing value propositions."

A few points:

- This sounds like the card is going to stick around for a while.

- I didn't realize this card is primarily meant as an easy way for small- and mid-size businesses to offer financing to their customers.

- We might get new financing options! Or, maybe new cardholders will have additional options when they apply. Maybe 12-24 months, with or without the 2% cash back or different interest rates?

[longtimelurker]

---

@pdxmike wrote:

- This sounds like the card is going to stick around for a while.

- I didn't realize this card is primarily meant as an easy way for small- and mid-size businesses to offer financing to their customers.

---

It may well do so, but it's pretty rare for a founder to indicate anything other than forward looking optimism even if things are very bad!

Re business, yes, this was one of their pitches when the product launched.   On the site today, in the merchants section:

Blispay is one of the simplest ways to increase sales and average order size. Just by promoting financing, you'll likely see a lift in sales. We made Blispay so lightweight that you really have nothing to lose by trying it out (that's direct feedback from some of our earliest business partners)! It requires no technology or point of sale system integration. If you accept Visa you can offer financing through Blispay to your customers.

The idea was that smaller businesses can't get good deals on cobranded cards from the majors, and they can use this "lightweight" approach instead

[deltatee]

I read when Blispay came out that they were focused on being a financing option for small shops.  I absolutely love my Blispay; it really eliminates the desire I have for almost any store card.  I think introducing additional financing options could be really exciting. 

Edit to add: I think that is also the justification for them providing an electronic version of the card with all of the information on it in their app.  So if you are in shop, want financing, and get approved, you can open the app and instantly pull up your credit card information for the cashier to input and complete your transaction.

[Anonymous]

I've been using Blispay since June for financing customers who need my service but can't afford to pay in full. I've always used my descretion when customers ask if I will take monthly payments. After bad debtor after bad debtor and never getting paid by deadbeats I started using Blispay. Only about 1/5 get approved but atleast I don't have so many outstanding balances go unpaid.