“Consumers love our product because it represents purchasing power but also budgeting for them,” says Charlie Youakim, co-founder and CEO of Sezzze. “They feel safe with it, just like they do with the debit card. We are driving a new payment gap between credit and debit. I call him credit a debit card. I think it’s here to say because of that element of security that we give to the consumer.
Focused only on building credit
Sezzle generally focuses on the ecomm space, which is where we do most of our work. We are present on more than 44,000 merchant sites. The Buy Now, Pay Later industry in general tends to be e-commerce oriented. So as this pushback in ecomm occurs (potentially due to the rise in COVID forcing more people to shop at home), we generally benefit.
We compete in this space by really focusing on our stakeholders, focusing on merchants, focusing on consumers, and doing the right thing for both. We are really on the right track for the consumer. We are the only player in the space that focuses on building credit that is totally unique. We love it, our consumers love it and our merchant partners love it. By focusing on their needs, the needs of these consumers, and doing what is right for them and for the merchants, you have the chance to do a very strong job in the industry.
Sezzle launches into the business
With SMEs, we have grown like wildfire. This continues for us. This is how we have this large number of merchants and we expect this to continue. We do a great job there and the traders love us. It’s viral in this space. For us now the push is in the business and in Target, Bass Pro Shops, those are two great examples for us. The reason we do this is that our consumer wants to shop with us everywhere, so we have to be everywhere. This means that we have to be with the SMEs, we have to be with the middle market and we have to be with the businesses.
It will be the push for Sezzle to keep pushing in these spaces. If you look at the business people in these spaces, what they want is that they want a brand that they can believe in. This is where you have Sezzle and our halo do good to consumers by helping them increase their credit rating and by being an actor in partnerships. This is what really sets us apart.
Sezzle: credit from a debit card
The average order value per customer is relatively stable. We’re around $ 100 per order. The only reason it’s followed up a bit for us is that we’ve expanded our services. We started out with pure “pay in four” for over six weeks with no interest so that’s where we followed up on about $ 100. But as we added long term to the mix, we started to follow higher. Order values on a 12 month order or 12 month installment plan tend to approach $ 1,000. We think it’s probably going to stay stable, it’s just going to be a mixed change that creates a change for Sezzle.
We see from our consumers that they like our product because it represents the purchasing power but also the budget for them. They feel secure with it just like they do with the debit card. We are driving a new payment gap between credit and debit. I call it credit on a debit card. I think it’s here to say because of that element of security that we give to the consumer.