ThriveCart is set to unveil ThrivePay Installments, a new payment option, positioning itself as an alternative to traditional Buy Now, Pay Later (BNPL) services. The platform, which enables no-code sales and payments, aims to allow customers to split purchases into monthly installments using existing credit lines. The move comes after ThriveCart secured a $35 million investment in 2023.

This new product intends to tap into the large pool of available consumer credit. U.S. consumers currently have an estimated $4.1 trillion in pre-authorized credit, with approximately $3.3 trillion unused. By leveraging these existing credit lines, ThriveCart anticipates achieving authorization rates roughly double those of some BNPL providers. The service will apply to both digital and physical purchases.

ThriveCart has already processed over $8 billion across 70 million transactions. The company believes ThrivePay Installments will be especially effective for higher-ticket digital offerings, an area where BNPL approval rates often face challenges. This could provide a significant boost to merchants by simplifying the payment process and increasing sales conversion rates for their products.