Bread Pay

What Is Bread Pay?

Bread Pay is Bread Financial’s cloud-based Buy Now, Pay Later (BNPL) technology, designed for retailers and e-commerce firms looking to provide flexible checkout financing. It enables merchants to integrate pay-over-time alternatives directly into their checkout process, whether customers are shopping online or in-store. This leads to immediate credit decisions along with financing options, including SplitPay and longer-term installment loans.

Through a merchant portal, merchants can start monitoring performance, utilize APIs, and plugins that work with Shopify, Magento, and WooCommerce. Bread Pay helps merchants minimize cart abandonment by giving customers an option of splitting their purchases into installments.

What Is Bread Pay Best Known For?

Bread Pay stands out for its SplitPay feature, which enables businesses to offer customers the option to pay in four equal, interest-free installments. Customer pays the first installment at checkout, and the remaining three installments are automatically paid every two weeks. This proves to be beneficial for merchants since they are paid in full straight away, with Bread Pay assuming the repayment risk if a customer fails to pay. Since approvals typically complete within a few seconds, the checkout process remains quick and simple, helping close more sales.

How Much Does Bread Pay Cost?

Bread Pay pricing is estimated to cost $0.30/transaction as per industry benchmarks for embedded consumer financing and BNPL platforms. However, actual costs vary based on transaction volume, financing programs, and merchant risk profiles.

Apart from the base subscription cost, businesses should keep the following potential costs in mind:

• API And E-Commerce Integrations: $5,000–$50,000+
• White-Label Or Private-Label Financing Program Setup: $25,000–$250,000+  
• Premium Analytics And Reporting: $500–$5,000/month  
• Fraud Prevention And Risk Management: $500–$5,000/month

Disclaimer: Pricing references are based on publicly available third-party information and industry benchmarks. Actual costs may vary.

Bread Pay Integrations

The platform offers integration with multiple third-party apps, including:

• Shopify software
• Magento
• WooCommerce
• BigCommerce software
• Salesforce Commerce Cloud

How Does Bread Pay Work?

Set up the Bread Pay merchant portal and connect it to checkout to start managing pay over time financing. This works for both online shopping and in-store customers.

• Integrate the platform to your website or POS system via API or plugins
• Now at checkout, customers can select Bread Pay as payment option
• Customers are required to select the desired loan program such as SplitPay installment plan
• Customize financing option display across the site such as homepage, product pages, cart, etc.
• Track sales, financing volume, and customer activity using via Merchant Portal

Who Is Bread Pay For?

Bread Pay software caters to a wide range of industries and sectors, such as:

• Retail
• Ecommerce
• Consumer electronics
• Home furnishings
• Healthcare
• Travel and hospitality
• Automotive

Bread Pay Use Cases

Based on our analysis of Bread Pay features and its market positioning, we have identified common ways the platform is used by e-commerce businesses, retailers, healthcare providers, and automotive sellers for checkout financing, payment flexibility, and conversion support:  

E-Commerce Businesses Losing Sales At Checkout Due To Price Hesitation

Paying all the amount at once during checkout often results in card abandonment by online buyers as the price appears too costly particularly for mid-to-high value purchases. This leaves a lasting impact on conversion rates as the average order value might decrease. To addresses this issue, Bread Pay offers incorporating installment alternatives like SplitPay straight into the checkout to help customers make positive decisions instantly. Moreover, through Shopify, Magento, and WooCommerce integration, Bread Pay increases business sales while getting paid in full.

Retailers Maintaining Consistent Financing Across Physical And Digital Stores

Customers often get confused when switching between online and in-store purchase as retailers with remote locations, and online stores frequently struggle to provide the same financing experience across channels. Bread Pay provides an omni-channel platform that ensures pay-over-time options are consistent whether a consumer checks out at store or online. This helps companies gain consumer trust and loyalty by making financing consistent regardless of how consumers shop.

Healthcare Providers Managing Patient Costs For Out-Of-Pocket Treatment

Elective and dental care practices sometimes face difficulties when important procedures are delayed or denied due to patients' inability to pay the full cost upfront. This can impact both patient care and provider revenue. Bread Pay helps by enabling clinics to provide patients with organized, reasonable payment plans for out-of-pocket payments, with approvals completed quickly at the point of service. This provides providers with more consistent financial flow while also increasing access to therapy for people in need.

Automotive Sellers Financing Big-Ticket Parts And Services

Customers who acquire higher-cost things such as parts, repairs, or accessories often postpone or cancel their purchases when the price surpasses what they are willing to pay in a single transaction. Bread Pay helps these vendors by offering longer-term installment loans with terms and APRs based on the customer's credit record, making larger purchases feel more doable. This enables automobile manufacturers to close deals that would otherwise be lost due to cost concerns while still obtaining cash up front.

Is Bread Pay Right For You?

Bread Pay is ideal for businesses who want to offer their customers a simple method to pay over time without maintaining their own financing system. It works especially well when clients hesitate or walk away at the checkout because the total amount seems too high all at once.

Bread Pay helps complete more purchases and increases client spending by tying into existing checkouts and providing customers with rapid approval decisions, without any financing risk. It also takes data privacy seriously, employing appropriate physical, technical, and administrative precautions to protect the personal information collected via its website and services.

Moreover, Bread Financial has multiple customer service accolades to its name, such as Benchmark Portal's Center of Excellence Certification and the 2019 and 2020 Gold Stevie® Awards for Customer Service Training Team of the Year. As the embedded finance market is adopting AI-powered fraud detection and API-first payment integrations at fast pace, Bread Pay supports these adoptions through its cloud-based financing platform and API integrations, helping merchants deliver a smooth checkout experience.

Still not sure if Bread Pay is right for you? Contact our customer support team at (661) 384-7070, who will help you make the best decision.