Buy Now Pay Later

Help your users spread a large purchase into several installments by offering a Buy-Now-Pay-Later solution through Canopy!

The example configuration below shows you how, with no-code, you can set up an entire BNPL product in Canopy that is ready to start onboarding borrowers. In this example, you can send us the below payload and Canopy will know to create A BNPL product with 4 weekly payments.



Example: A BNPL product w/ 4 weekly payments#

In this case, their payments will be due five days from today, and then every seven days after that for four weeks. Their entire loan will be amortized over the four week window.

Through our Offer Presentment Workflow, for example, you may want to give the borrower the option to pay off the loan over 4, 6, or 8 weeks and allow the borrower to pick one option.

If you'd like to be a bit more advanced and figure out the many ways to tweak the configurations of your product, you can check out our Product Config Tips and Tricks. This lets you do fancy things like:

  • Charge various fee structures for borrowers
  • Set grace periods for missed payment penalties
  • Automate account status changes for late payments
  • And more!

Buy Now Pay Later: Request Payload Example
{
"effective_at": "1900-01-01T12:00:00+00:00",
"external_product_id": "", // Some ID unique to your system (optional)
"product_overview": {
"product_name": "BNPL 4 Week Standard",
"product_type": "INSTALLMENT",
"product_short_description": "4w6apr.",
"product_long_description": "Bed sales BNPL 4 week plan.",
"product_color": "#0000FF"
},
"product_lifecycle_policies": {
"billing_cycle_policies": {
"cycle_interval": "7 days",
"cycle_due_interval": "-2 days"
},
"default_attributes": {
"default_credit_limit_cents": 999999999
}
},
"promotional_policies": {
"promo_len": 0
},
"post_promotional_policies": {
"post_promo_len": 4,
"post_promo_am_len_range_inclusive_lower": 4,
"post_promo_am_len_range_inclusive_upper": 4,
"post_promo_min_pay_type": "AM",
"post_promo_default_interest_rate_percent": 8,
"post_promo_apr_range_inclusive_lower": 6,
"post_promo_apr_range_inclusive_upper": 10
}
}

You can also adjust some specifics for each borrower. As you onboard each individual borrower, you just need to let Canopy know:

  • The borrower's information (name, last name, etc)
  • Some unique info to the borrower's loan
    • Purchase Amount
    • Interest Rate
    • Term Length (this product defaults to 4 weeks, but can be unique to each borrower)
    • And more! Example: Make sure all payments are due on Tuesdays


To learn more about why we chose these specific configurations and all the options available for this product construct, check out Configuration Tips for Products.