How rooting its customer experience in hotels and airfare enables Sunbit to make an impact
Tearsheet
SHEHZIL ZAHID | SEPTEMBER 07, 2021
- Sunbit is a buy now, pay later solution that’s making a name for itself in the service industry market.
- Sunbit’s customer experience mantra centers on flexibility, making it easy and doing it with a smile.
Big things have been happening in the buy now, pay later sector as providers seek to dominate payments and more. Apple is reported to launch its own installment program called Apple Pay Later, Square recently announced its plans to buy Afterpay, and last week, Amazon announced a partnership with Affirm to offer installment payments on purchases over $50.
The strategy is simple. BNPL market penetration in the U.S. remains relatively low and providers are doing whatever they can to expand their reach and for good reason. BNPL providers like Affirm and Afterpay have the stature and brand recognition to attract big names in retail and make key partnerships to expand their presence. That forces smaller competitors to improvise.
Sunbit is one such provider. The BNPL has thrived on a strategy to penetrate the service industry market by focusing on small or medium-sized merchants with a local presence. Sunbit can be found in one in four auto dealership service centers, in addition to optical practices, dentist offices, and specialty healthcare services. While its 7,400 merchants pale in comparison to Afterpay’s approximate 100,000, Sunbit is no slouch. In its latest funding round, the BNPL raised $130 million, launching its valuation to $1.1 billion.
But Sunbit isn’t looking to rest on its laurels. Its chief customer officer Bill Walsh says the next step is to bolster the customer experience journey to woo prospective customers and grow its merchant base. To do that, he’s leaning heavily on philosophies rendered from the hospitality industry.
