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Buy now, pay later platform Sezzle Inc. has launched a loyalty program that rewards users for paying on time.
The new offering, called Payment Streaks, is part of Sezzle’s free Loyalty Tiers program. The idea is that, with each on-time payment, Sezzle users begin a payment streak that moves them toward reaching the next tier of rewards. Users qualify for the next tier with a rolling 90-day window by making a preset number of buy now, pay later on-time payments. Rewards tiers are designated Gold, Platinum, Diamond, and Onyx.
Sezzle users can earn a variety of rewards, the company says, including entries in monthly giveaways and bonuses for referring friends to Sezzle.
Users who have moved up a tier, but fail to make an on-time payment after doing so, are downgraded a single tier. Gold is the lowest level Sezzle offers. Users who make a payment that for any reason is not processed on or before the due date can maintain their streak by completing the payment on the same day as the payment failure.
Payments below $15, including Sezzle subscription payments, are not eligible for the program, nor are payments returned by the user’s bank for insufficient funds.
Sezzle says it created the program as part of a commitment to encourage financial responsibility among its users and to provide a richer user experience. Information was not immediately available regarding Sezzle’s on-time payment rate.
“Our Payment Streaks feature is designed to reward consumers for their commitment to financial responsibility,” Sezzle chief executive and co-founder Charlie Youakim says in a statement. “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.”
Sezzle is initially launching Payment Streaks in the United States, with plans to launch the program in Canada later this year. Consumers can access the program through the Sezzle mobile app and will be automatically enrolled in the program when opening a Sezzle account, subject to eligibility.
