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2021-09-17
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Amazon Is Doing It. So Is Walmart. Why Retail Loves ‘Buy Now, Pay Later.’<blockquote>亚马逊正在做。沃尔玛也是。为什么零售业喜欢“先买后付”。</blockquote>
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So Is Walmart. Why Retail Loves ‘Buy Now, Pay Later.’<blockquote>亚马逊正在做。沃尔玛也是。为什么零售业喜欢“先买后付”。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1168707929","media":"The Wall Street Journal","summary":"Retailers big and small are using installment plans to wring more sales out of shoppers who can’t ge","content":"<p>Retailers big and small are using installment plans to wring more sales out of shoppers who can’t get credit cards</p><p><blockquote>大大小小的零售商正在利用分期付款计划从无法获得信用卡的购物者那里榨取更多销售额</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/108a4007d95b3e93e4d3fe6d678d8339\" tg-width=\"1290\" tg-height=\"859\" width=\"100%\" height=\"auto\"><span>Shoppers spend more at Macy’s when they use installment plans offered through Klarna Bank, Macy’s CEO Jeff Gennette said on a recent earnings call.</span></p><p><blockquote><p class=\"t-img-caption\"><span>梅西百货首席执行官杰夫·根内特(Jeff Gennette)在最近的财报看涨期权上表示，当购物者使用克拉纳银行提供的分期付款计划时，他们会在梅西百货花费更多。</span></p></blockquote></p><p> Alexis Luedtke got her first “buy now, pay later” plan in 2019 after she was rejected for a credit card. She has used at least five more since to buy face cream, T-shirts and birthday gifts.</p><p><blockquote>Alexis Luedtke在信用卡被拒绝后，于2019年获得了她的第一个“先买后付”计划。从那以后，她至少又用了五次钱来买面霜、T恤和生日礼物。</blockquote></p><p> Installment plans are back in style.PayPal Holdings Inc. last week said it was buying Japanese installment payment startup Paidy Inc., following Square Inc.’s $29 billion deal for Afterpay Ltd.Macy’s Inc. and Bed Bath & Beyond Inc. have added the option at checkout over the past year. Even Amazon.com Inc. is doing it.</p><p><blockquote>分期付款计划又重新流行起来。继Square Inc.以290亿美元收购Afterpay Ltd.之后，PayPal Holdings Inc.上周表示，将收购日本分期付款初创公司Paidy Inc.。梅西百货(Macy's Inc.)和贝德柏士比昂公司(Bed Bath&Beyond Inc.)增加了过去一年结账时的选项。甚至亚马逊。com Inc.也在这么做。</blockquote></p><p> One reason: shoppers like Ms. Luedtke who don’t qualify for credit cards. Buy-now-pay-later companies say they rely less on—and in some cases bypass altogether—traditional credit scores and reports. Doing so allows them to approve more consumers. Shoppers gain the ability to buy things even without cash on hand—translating to higher sales for retailers.</p><p><blockquote>一个原因是：像Luedtke女士这样没有资格使用信用卡的购物者。先买后付的公司表示，他们较少依赖传统的信用评分和报告，在某些情况下甚至完全绕过传统的信用评分和报告。这样做可以让他们认可更多的消费者。购物者即使手头没有现金也能买到东西——这转化为零售商更高的销售额。</blockquote></p><p> Afterpay said it expects the company’s U.S. merchants will see an $8.2 billion increase in sales this year because of payment plans.Affirm Holdings Inc. last year said purchases made with its payment plans were 85% larger, on average.</p><p><blockquote>Afterpay表示，由于付款计划，预计该公司的美国商家今年的销售额将增加82亿美元。Affirm Holdings Inc.去年表示，通过其付款计划进行的购买量平均增加了85%。</blockquote></p><p> Shoppers spend more at Macy’s when they use installment plans offered through Klarna Bank AB, Macy’s CEO Jeff Gennette said on a recent earnings call. Klarna also is helping the retailer attract younger customers, he said.</p><p><blockquote>梅西百货首席执行官杰夫·根内特(Jeff Gennette)在最近的财报看涨期权上表示，当购物者使用Klarna Bank AB提供的分期付款计划时，他们会在梅西百货花费更多。他说，Klarna还在帮助零售商吸引年轻顾客。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/40620bab35c446816da175fb2334c05e\" tg-width=\"435\" tg-height=\"562\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> “The value that most retailers see in buy now, pay later is customer acquisition,” said David Sykes, Klarna’s North America head.</p><p><blockquote>Klarna北美负责人David Sykes表示：“大多数零售商认为先买后付的价值是获取客户。”</blockquote></p><p> Ms. Luedtke, 26, has credit cards now but still prefers installment plans. Just last month, she used them to buy about $40 of Peter Thomas Roth skin-care products and $65 in clothing from Shein.</p><p><blockquote>26岁的Luedtke女士现在有信用卡，但仍然更喜欢分期付款计划。就在上个月，她用它们从Shein购买了约40美元的Peter Thomas Roth护肤品和65美元的服装。</blockquote></p><p> “It definitely influences how much more I buy or would spend,” she said. “It’s easier to pay $200 over so many weeks compared to $200 right now.”</p><p><blockquote>“这肯定会影响我购买或花费的金额，”她说。“与现在的200美元相比，在这么多周内支付200美元更容易。”</blockquote></p><p> Buy now, pay later is a new twist on an old idea. Big retailers have for decades offered installment plans for big-ticket items like washing machines. Today, these plans come in a variety of flavors. Afterpay offers payment plans that shoppers usually attach to their debit cards. Others, like Affirm, also facilitate new loans.</p><p><blockquote>先买后付是对旧观念的新转变。几十年来，大型零售商一直为洗衣机等大件商品提供分期付款计划。如今，这些计划有多种形式。Afterpay提供购物者通常将其附加到借记卡上的付款计划。Affirm等其他公司也为新贷款提供便利。</blockquote></p><p> Interest rates and other terms vary by payment-plan provider. Affirm interest rates range from 0% to 30%, with some 43% of its transactions during its last fiscal year not charging interest at all. The company doesn’t charge late fees. Afterpay doesn’t charge interest but does collect late fees.</p><p><blockquote>利率和其他条款因付款计划提供商而异。Affirm的利率范围为0%至30%，上一财年约43%的交易根本不收取利息。公司不收取滞纳金。Afterpay不收取利息，但收取滞纳金。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/223a1da79b30869fc443b06f41a959eb\" tg-width=\"441\" tg-height=\"556\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Merchants take no credit risk with these plans, but the fees they incur can be higher than on credit-card purchases—often between 3% and 5% of the purchase price, according to people familiar with the matter.</p><p><blockquote>据知情人士透露，商家通过这些计划不承担信用风险，但他们产生的费用可能高于信用卡购物——通常在购买价格的3%至5%之间。</blockquote></p><p> Buy-now-pay-later companies say they can approve more customers than banks, including people who have thin or no borrowing history. Some 53 million adults in the U.S. lack traditional credit scores, according to FICO score creator Fair Isaac Corp.Installment plans are safer, they say, because they are often smaller than credit-card spending limits and approved on a per-transaction basis.</p><p><blockquote>先买后付的公司表示，他们可以批准比银行更多的客户，包括没有借贷历史或没有借贷历史的人。根据FICO评分创建者Fair Isaac Corp.的数据，美国约有5300万成年人缺乏传统信用评分。他们表示，分期付款计划更安全，因为它们通常小于信用卡支出限额，并且按每笔交易获得批准。</blockquote></p><p> Affirm said that it had a net charge-off rate of 1% in the quarter ended June 30, down from 2% a year earlier. Afterpay said it wrote off 0.6% of the total dollars it processed in payments during the company’s fiscal year ended June 30, up from 0.4% the year prior.</p><p><blockquote>Affirm表示，截至6月30日的季度净冲销率为1%，低于去年同期的2%。Afterpay表示，在截至6月30日的财年中，该公司注销了其处理的支付总额的0.6%，高于上年的0.4%。</blockquote></p><p> Working with a web of retailers, buy-now-pay-later companies can create self-contained payment ecosystems. They factor payment behavior into future underwriting decisions. Customers who pay late or not at all risk losing the installment option at other participating retailers.</p><p><blockquote>通过与零售商网络合作，先买后付的公司可以创建独立的支付生态系统。他们将支付行为纳入未来的承保决策中。延迟付款或根本不付款的客户可能会失去其他参与零售商的分期付款选项。</blockquote></p><p> “Most merchants want a partner who has real advantage and real ability to underwrite,” said Affirm CEO Max Levchin. “These are not deeper approvals, but they are different approvals.”</p><p><blockquote>Affirm首席执行官Max Levchin表示：“大多数商家都想要一个拥有真正优势和真正承保能力的合作伙伴。”“这些不是更深层次的审批，而是不同的审批。”</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2f0a5ab7e1c7d6de154b68c230f13b49\" tg-width=\"1050\" tg-height=\"700\" width=\"100%\" height=\"auto\"><span>Affirm facilitates new loans among other payment plans.</span></p><p><blockquote><p class=\"t-img-caption\"><span>Affirm在其他付款计划中促进新贷款。</span></p></blockquote></p><p></p><p> Amazon and Walmart Inc. are both working with Affirm. Both have said they want their financial partners to extend credit to more of their customers.</p><p><blockquote>亚马逊和沃尔玛公司都在与Affirm合作。两家公司都表示，他们希望金融合作伙伴向更多客户提供信贷。</blockquote></p><p> Amazon is reviewing proposals, as it weighs whether to replace its longtime card issuer, JPMorgan Chase & Co. Amazon is looking for “commitments to underwrite competitively to widen the acquisition funnel,” the retailer said in a request for proposals reviewed by The Wall Street Journal.</p><p><blockquote>亚马逊正在审查提案，因为它正在权衡是否取代其长期发卡机构摩根大通公司。该零售商在《华尔街日报》审查的提案请求中表示，亚马逊正在寻求“有竞争力的承销承诺，以扩大收购漏斗”。</blockquote></p><p> A desire to boost loan approvals was among the reasons Walmart in 2018 decided to end its decadeslong credit-card partnership with Synchrony Financial.(Capital One Financial Corp. now issues Walmart-branded credit cards.) The retailer made Affirm loans available to most of its customers the following year.</p><p><blockquote>提高贷款审批的愿望是沃尔玛在2018年决定结束与Synchrony Financial长达数十年的信用卡合作伙伴关系的原因之一。（第一资本金融公司现在发行沃尔玛品牌的信用卡。）该零售商向大多数人提供了Affirm贷款次年其客户。</blockquote></p><p> “Our goal is financial inclusion for all,” said Julia Unger, Walmart’s vice president of financial services.</p><p><blockquote>“我们的目标是全民金融普惠，”沃尔玛金融服务副总裁朱莉娅·昂格尔(Julia Unger)表示。</blockquote></p><p> Some banks now offer installment options on their credit cards.Citigroup Inc. saw a sevenfold increase in the dollar amount of credit-card purchases converted to installment loans in July, compared with the same month a year prior, said Gonzalo Luchetti, head of Citigroup’s U.S. consumer bank.</p><p><blockquote>一些银行现在在信用卡上提供分期付款选项。花旗集团美国消费者银行主管贡萨洛·卢凯蒂(Gonzalo Luchetti)表示，与去年同期相比，花旗集团7月份转换为分期贷款的信用卡购买金额增加了7倍。</blockquote></p><p> Synchrony, the largest U.S. store-credit-card issuer, will launch a buy-now, pay-later plan in October. Capital One will test out its own offering later this year, CEO Richard Fairbank said at a conference Monday.</p><p><blockquote>美国最大的商店信用卡发行商Synchrony将于10月推出先买后付计划。第一资本首席执行官理查德·费尔班克(Richard Fairbank)在周一的一次会议上表示，第一资本将在今年晚些时候测试自己的产品。</blockquote></p><p> Wells Fargo & Co. and Bank of America Corp. are exploring adding installment plans on their credit cards, according to people familiar with the matter.Visa Inc. said it has been testing out ways for shoppers to check if they qualify for installment plans when they enter their card numbers at checkout.</p><p><blockquote>据知情人士透露，富国银行(Wells Fargo&Co.)和美国银行(Bank of America Corp.)正在探索在其信用卡上增加分期付款计划。Visa Inc.表示，该公司一直在测试如何让购物者在结账时输入卡号时检查自己是否有资格享受分期付款计划。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Amazon Is Doing It. So Is Walmart. Why Retail Loves ‘Buy Now, Pay Later.’<blockquote>亚马逊正在做。沃尔玛也是。为什么零售业喜欢“先买后付”。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAmazon Is Doing It. So Is Walmart. Why Retail Loves ‘Buy Now, Pay Later.’<blockquote>亚马逊正在做。沃尔玛也是。为什么零售业喜欢“先买后付”。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Wall Street Journal</strong><span class=\"h-time small\">2021-09-16 22:28</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Retailers big and small are using installment plans to wring more sales out of shoppers who can’t get credit cards</p><p><blockquote>大大小小的零售商正在利用分期付款计划从无法获得信用卡的购物者那里榨取更多销售额</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/108a4007d95b3e93e4d3fe6d678d8339\" tg-width=\"1290\" tg-height=\"859\" width=\"100%\" height=\"auto\"><span>Shoppers spend more at Macy’s when they use installment plans offered through Klarna Bank, Macy’s CEO Jeff Gennette said on a recent earnings call.</span></p><p><blockquote><p class=\"t-img-caption\"><span>梅西百货首席执行官杰夫·根内特(Jeff Gennette)在最近的财报看涨期权上表示，当购物者使用克拉纳银行提供的分期付款计划时，他们会在梅西百货花费更多。</span></p></blockquote></p><p> Alexis Luedtke got her first “buy now, pay later” plan in 2019 after she was rejected for a credit card. She has used at least five more since to buy face cream, T-shirts and birthday gifts.</p><p><blockquote>Alexis Luedtke在信用卡被拒绝后，于2019年获得了她的第一个“先买后付”计划。从那以后，她至少又用了五次钱来买面霜、T恤和生日礼物。</blockquote></p><p> Installment plans are back in style.PayPal Holdings Inc. last week said it was buying Japanese installment payment startup Paidy Inc., following Square Inc.’s $29 billion deal for Afterpay Ltd.Macy’s Inc. and Bed Bath & Beyond Inc. have added the option at checkout over the past year. Even Amazon.com Inc. is doing it.</p><p><blockquote>分期付款计划又重新流行起来。继Square Inc.以290亿美元收购Afterpay Ltd.之后，PayPal Holdings Inc.上周表示，将收购日本分期付款初创公司Paidy Inc.。梅西百货(Macy's Inc.)和贝德柏士比昂公司(Bed Bath&Beyond Inc.)增加了过去一年结账时的选项。甚至亚马逊。com Inc.也在这么做。</blockquote></p><p> One reason: shoppers like Ms. Luedtke who don’t qualify for credit cards. Buy-now-pay-later companies say they rely less on—and in some cases bypass altogether—traditional credit scores and reports. Doing so allows them to approve more consumers. Shoppers gain the ability to buy things even without cash on hand—translating to higher sales for retailers.</p><p><blockquote>一个原因是：像Luedtke女士这样没有资格使用信用卡的购物者。先买后付的公司表示，他们较少依赖传统的信用评分和报告，在某些情况下甚至完全绕过传统的信用评分和报告。这样做可以让他们认可更多的消费者。购物者即使手头没有现金也能买到东西——这转化为零售商更高的销售额。</blockquote></p><p> Afterpay said it expects the company’s U.S. merchants will see an $8.2 billion increase in sales this year because of payment plans.Affirm Holdings Inc. last year said purchases made with its payment plans were 85% larger, on average.</p><p><blockquote>Afterpay表示，由于付款计划，预计该公司的美国商家今年的销售额将增加82亿美元。Affirm Holdings Inc.去年表示，通过其付款计划进行的购买量平均增加了85%。</blockquote></p><p> Shoppers spend more at Macy’s when they use installment plans offered through Klarna Bank AB, Macy’s CEO Jeff Gennette said on a recent earnings call. Klarna also is helping the retailer attract younger customers, he said.</p><p><blockquote>梅西百货首席执行官杰夫·根内特(Jeff Gennette)在最近的财报看涨期权上表示，当购物者使用Klarna Bank AB提供的分期付款计划时，他们会在梅西百货花费更多。他说，Klarna还在帮助零售商吸引年轻顾客。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/40620bab35c446816da175fb2334c05e\" tg-width=\"435\" tg-height=\"562\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> “The value that most retailers see in buy now, pay later is customer acquisition,” said David Sykes, Klarna’s North America head.</p><p><blockquote>Klarna北美负责人David Sykes表示：“大多数零售商认为先买后付的价值是获取客户。”</blockquote></p><p> Ms. Luedtke, 26, has credit cards now but still prefers installment plans. Just last month, she used them to buy about $40 of Peter Thomas Roth skin-care products and $65 in clothing from Shein.</p><p><blockquote>26岁的Luedtke女士现在有信用卡，但仍然更喜欢分期付款计划。就在上个月，她用它们从Shein购买了约40美元的Peter Thomas Roth护肤品和65美元的服装。</blockquote></p><p> “It definitely influences how much more I buy or would spend,” she said. “It’s easier to pay $200 over so many weeks compared to $200 right now.”</p><p><blockquote>“这肯定会影响我购买或花费的金额，”她说。“与现在的200美元相比，在这么多周内支付200美元更容易。”</blockquote></p><p> Buy now, pay later is a new twist on an old idea. Big retailers have for decades offered installment plans for big-ticket items like washing machines. Today, these plans come in a variety of flavors. Afterpay offers payment plans that shoppers usually attach to their debit cards. Others, like Affirm, also facilitate new loans.</p><p><blockquote>先买后付是对旧观念的新转变。几十年来，大型零售商一直为洗衣机等大件商品提供分期付款计划。如今，这些计划有多种形式。Afterpay提供购物者通常将其附加到借记卡上的付款计划。Affirm等其他公司也为新贷款提供便利。</blockquote></p><p> Interest rates and other terms vary by payment-plan provider. Affirm interest rates range from 0% to 30%, with some 43% of its transactions during its last fiscal year not charging interest at all. The company doesn’t charge late fees. Afterpay doesn’t charge interest but does collect late fees.</p><p><blockquote>利率和其他条款因付款计划提供商而异。Affirm的利率范围为0%至30%，上一财年约43%的交易根本不收取利息。公司不收取滞纳金。Afterpay不收取利息，但收取滞纳金。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/223a1da79b30869fc443b06f41a959eb\" tg-width=\"441\" tg-height=\"556\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Merchants take no credit risk with these plans, but the fees they incur can be higher than on credit-card purchases—often between 3% and 5% of the purchase price, according to people familiar with the matter.</p><p><blockquote>据知情人士透露，商家通过这些计划不承担信用风险，但他们产生的费用可能高于信用卡购物——通常在购买价格的3%至5%之间。</blockquote></p><p> Buy-now-pay-later companies say they can approve more customers than banks, including people who have thin or no borrowing history. Some 53 million adults in the U.S. lack traditional credit scores, according to FICO score creator Fair Isaac Corp.Installment plans are safer, they say, because they are often smaller than credit-card spending limits and approved on a per-transaction basis.</p><p><blockquote>先买后付的公司表示，他们可以批准比银行更多的客户，包括没有借贷历史或没有借贷历史的人。根据FICO评分创建者Fair Isaac Corp.的数据，美国约有5300万成年人缺乏传统信用评分。他们表示，分期付款计划更安全，因为它们通常小于信用卡支出限额，并且按每笔交易获得批准。</blockquote></p><p> Affirm said that it had a net charge-off rate of 1% in the quarter ended June 30, down from 2% a year earlier. Afterpay said it wrote off 0.6% of the total dollars it processed in payments during the company’s fiscal year ended June 30, up from 0.4% the year prior.</p><p><blockquote>Affirm表示，截至6月30日的季度净冲销率为1%，低于去年同期的2%。Afterpay表示，在截至6月30日的财年中，该公司注销了其处理的支付总额的0.6%，高于上年的0.4%。</blockquote></p><p> Working with a web of retailers, buy-now-pay-later companies can create self-contained payment ecosystems. They factor payment behavior into future underwriting decisions. Customers who pay late or not at all risk losing the installment option at other participating retailers.</p><p><blockquote>通过与零售商网络合作，先买后付的公司可以创建独立的支付生态系统。他们将支付行为纳入未来的承保决策中。延迟付款或根本不付款的客户可能会失去其他参与零售商的分期付款选项。</blockquote></p><p> “Most merchants want a partner who has real advantage and real ability to underwrite,” said Affirm CEO Max Levchin. “These are not deeper approvals, but they are different approvals.”</p><p><blockquote>Affirm首席执行官Max Levchin表示：“大多数商家都想要一个拥有真正优势和真正承保能力的合作伙伴。”“这些不是更深层次的审批，而是不同的审批。”</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2f0a5ab7e1c7d6de154b68c230f13b49\" tg-width=\"1050\" tg-height=\"700\" width=\"100%\" height=\"auto\"><span>Affirm facilitates new loans among other payment plans.</span></p><p><blockquote><p class=\"t-img-caption\"><span>Affirm在其他付款计划中促进新贷款。</span></p></blockquote></p><p></p><p> Amazon and Walmart Inc. are both working with Affirm. Both have said they want their financial partners to extend credit to more of their customers.</p><p><blockquote>亚马逊和沃尔玛公司都在与Affirm合作。两家公司都表示，他们希望金融合作伙伴向更多客户提供信贷。</blockquote></p><p> Amazon is reviewing proposals, as it weighs whether to replace its longtime card issuer, JPMorgan Chase & Co. Amazon is looking for “commitments to underwrite competitively to widen the acquisition funnel,” the retailer said in a request for proposals reviewed by The Wall Street Journal.</p><p><blockquote>亚马逊正在审查提案，因为它正在权衡是否取代其长期发卡机构摩根大通公司。该零售商在《华尔街日报》审查的提案请求中表示，亚马逊正在寻求“有竞争力的承销承诺，以扩大收购漏斗”。</blockquote></p><p> A desire to boost loan approvals was among the reasons Walmart in 2018 decided to end its decadeslong credit-card partnership with Synchrony Financial.(Capital One Financial Corp. now issues Walmart-branded credit cards.) The retailer made Affirm loans available to most of its customers the following year.</p><p><blockquote>提高贷款审批的愿望是沃尔玛在2018年决定结束与Synchrony Financial长达数十年的信用卡合作伙伴关系的原因之一。（第一资本金融公司现在发行沃尔玛品牌的信用卡。）该零售商向大多数人提供了Affirm贷款次年其客户。</blockquote></p><p> “Our goal is financial inclusion for all,” said Julia Unger, Walmart’s vice president of financial services.</p><p><blockquote>“我们的目标是全民金融普惠，”沃尔玛金融服务副总裁朱莉娅·昂格尔(Julia Unger)表示。</blockquote></p><p> Some banks now offer installment options on their credit cards.Citigroup Inc. saw a sevenfold increase in the dollar amount of credit-card purchases converted to installment loans in July, compared with the same month a year prior, said Gonzalo Luchetti, head of Citigroup’s U.S. consumer bank.</p><p><blockquote>一些银行现在在信用卡上提供分期付款选项。花旗集团美国消费者银行主管贡萨洛·卢凯蒂(Gonzalo Luchetti)表示，与去年同期相比，花旗集团7月份转换为分期贷款的信用卡购买金额增加了7倍。</blockquote></p><p> Synchrony, the largest U.S. store-credit-card issuer, will launch a buy-now, pay-later plan in October. Capital One will test out its own offering later this year, CEO Richard Fairbank said at a conference Monday.</p><p><blockquote>美国最大的商店信用卡发行商Synchrony将于10月推出先买后付计划。第一资本首席执行官理查德·费尔班克(Richard Fairbank)在周一的一次会议上表示，第一资本将在今年晚些时候测试自己的产品。</blockquote></p><p> Wells Fargo & Co. and Bank of America Corp. are exploring adding installment plans on their credit cards, according to people familiar with the matter.Visa Inc. said it has been testing out ways for shoppers to check if they qualify for installment plans when they enter their card numbers at checkout.</p><p><blockquote>据知情人士透露，富国银行(Wells Fargo&Co.)和美国银行(Bank of America Corp.)正在探索在其信用卡上增加分期付款计划。Visa Inc.表示，该公司一直在测试如何让购物者在结账时输入卡号时检查自己是否有资格享受分期付款计划。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/amazon-is-doing-it-so-is-walmart-why-retail-loves-buy-now-pay-later-11631784601?mod=hp_lead_pos10\">The Wall Street Journal</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"WMT":"沃尔玛","V":"Visa","AMZN":"亚马逊","PYPL":"PayPal","M":"梅西百货","AFRM":"Affirm Holdings, Inc."},"source_url":"https://www.wsj.com/articles/amazon-is-doing-it-so-is-walmart-why-retail-loves-buy-now-pay-later-11631784601?mod=hp_lead_pos10","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1168707929","content_text":"Retailers big and small are using installment plans to wring more sales out of shoppers who can’t get credit cards\nShoppers spend more at Macy’s when they use installment plans offered through Klarna Bank, Macy’s CEO Jeff Gennette said on a recent earnings call.\nAlexis Luedtke got her first “buy now, pay later” plan in 2019 after she was rejected for a credit card. She has used at least five more since to buy face cream, T-shirts and birthday gifts.\nInstallment plans are back in style.PayPal Holdings Inc. last week said it was buying Japanese installment payment startup Paidy Inc., following Square Inc.’s $29 billion deal for Afterpay Ltd.Macy’s Inc. and Bed Bath & Beyond Inc. have added the option at checkout over the past year. Even Amazon.com Inc. is doing it.\nOne reason: shoppers like Ms. Luedtke who don’t qualify for credit cards. Buy-now-pay-later companies say they rely less on—and in some cases bypass altogether—traditional credit scores and reports. Doing so allows them to approve more consumers. Shoppers gain the ability to buy things even without cash on hand—translating to higher sales for retailers.\nAfterpay said it expects the company’s U.S. merchants will see an $8.2 billion increase in sales this year because of payment plans.Affirm Holdings Inc. last year said purchases made with its payment plans were 85% larger, on average.\nShoppers spend more at Macy’s when they use installment plans offered through Klarna Bank AB, Macy’s CEO Jeff Gennette said on a recent earnings call. Klarna also is helping the retailer attract younger customers, he said.\n\n“The value that most retailers see in buy now, pay later is customer acquisition,” said David Sykes, Klarna’s North America head.\nMs. Luedtke, 26, has credit cards now but still prefers installment plans. Just last month, she used them to buy about $40 of Peter Thomas Roth skin-care products and $65 in clothing from Shein.\n“It definitely influences how much more I buy or would spend,” she said. “It’s easier to pay $200 over so many weeks compared to $200 right now.”\nBuy now, pay later is a new twist on an old idea. Big retailers have for decades offered installment plans for big-ticket items like washing machines. Today, these plans come in a variety of flavors. Afterpay offers payment plans that shoppers usually attach to their debit cards. Others, like Affirm, also facilitate new loans.\nInterest rates and other terms vary by payment-plan provider. Affirm interest rates range from 0% to 30%, with some 43% of its transactions during its last fiscal year not charging interest at all. The company doesn’t charge late fees. Afterpay doesn’t charge interest but does collect late fees.\n\nMerchants take no credit risk with these plans, but the fees they incur can be higher than on credit-card purchases—often between 3% and 5% of the purchase price, according to people familiar with the matter.\nBuy-now-pay-later companies say they can approve more customers than banks, including people who have thin or no borrowing history. Some 53 million adults in the U.S. lack traditional credit scores, according to FICO score creator Fair Isaac Corp.Installment plans are safer, they say, because they are often smaller than credit-card spending limits and approved on a per-transaction basis.\nAffirm said that it had a net charge-off rate of 1% in the quarter ended June 30, down from 2% a year earlier. Afterpay said it wrote off 0.6% of the total dollars it processed in payments during the company’s fiscal year ended June 30, up from 0.4% the year prior.\nWorking with a web of retailers, buy-now-pay-later companies can create self-contained payment ecosystems. They factor payment behavior into future underwriting decisions. Customers who pay late or not at all risk losing the installment option at other participating retailers.\n“Most merchants want a partner who has real advantage and real ability to underwrite,” said Affirm CEO Max Levchin. “These are not deeper approvals, but they are different approvals.”\nAffirm facilitates new loans among other payment plans.\nAmazon and Walmart Inc. are both working with Affirm. Both have said they want their financial partners to extend credit to more of their customers.\nAmazon is reviewing proposals, as it weighs whether to replace its longtime card issuer, JPMorgan Chase & Co. Amazon is looking for “commitments to underwrite competitively to widen the acquisition funnel,” the retailer said in a request for proposals reviewed by The Wall Street Journal.\nA desire to boost loan approvals was among the reasons Walmart in 2018 decided to end its decadeslong credit-card partnership with Synchrony Financial.(Capital One Financial Corp. now issues Walmart-branded credit cards.) The retailer made Affirm loans available to most of its customers the following year.\n“Our goal is financial inclusion for all,” said Julia Unger, Walmart’s vice president of financial services.\nSome banks now offer installment options on their credit cards.Citigroup Inc. saw a sevenfold increase in the dollar amount of credit-card purchases converted to installment loans in July, compared with the same month a year prior, said Gonzalo Luchetti, head of Citigroup’s U.S. consumer bank.\nSynchrony, the largest U.S. store-credit-card issuer, will launch a buy-now, pay-later plan in October. Capital One will test out its own offering later this year, CEO Richard Fairbank said at a conference Monday.\nWells Fargo & Co. and Bank of America Corp. are exploring adding installment plans on their credit cards, according to people familiar with the matter.Visa Inc. said it has been testing out ways for shoppers to check if they qualify for installment plans when they enter their card numbers at checkout.","news_type":1,"symbols_score_info":{"PYPL":0.9,"AFRM":0.9,"V":0.9,"AMZN":0.9,"SQ":0.9,"WMT":0.9,"M":0.9}},"isVote":1,"tweetType":1,"viewCount":784,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":2,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/885431808"}
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