Bealls Enlists Buy Now, Pay Later Through Sezzle As BNPL Adoption Expands

Department-store chain Bealls Inc. is adding buy now, pay later as a payment option at its more than 650 stores nationwide. The provider is Minneapolis-based Sezzle Inc.

The Bradenton, Fla.-based chain, which operates stores in 23 states, says it is adding the payment option to provide holiday shoppers more flexibility in paying for their purchases and to help improve customer retention. Sezzle offers several payment options including Pay in 4 and Pay in 2 models.

“The timing of the partnership aligns with the holiday shopping season, allowing Bealls shoppers to manage their budgets more effectively and finance their holiday spending responsibly,” a Sezzle spokesperson says by email.

In 2023, Sezzle processed more than $1.8 billion in BNPL volume, the company says. Through Sept. 30, Sezzle had processed $1.6 billion in BNPL volume, a 37.8% increase compared to the prior year.

A recent study from Sezzle reveals that more than half of holiday shoppers plan to increase their spending during the 2024 holiday season by using BNPL loans to help stay on budget. Total U.S. BNPL volume is projected to reach $18.5 billion this holiday season, according to Adobe Digital Insights.

During the 2023 holiday-shopping season, online shoppers took out $16.6 billion in BNPL loans, then a record high and a 14% year-over-year increase, according to Adobe.

Overall, BNPL remains a strong and growing payment option, A recent study by research firm eMarketer projects BNPL spending in the United States will increase 20% in 2024. In 2025, BNPL spending will cross the $100-billion mark for the first time, according to eMarketer forecasts, totaling $108.4 billion, a 15% increase from 2024. The research firm projects existing BNPL users will average $1,185.50 per user in 2025.

Among consumers, Millennials are expected to be the largest cohort of BNPL users, accounting for 36.5% of users in 2025. Among Gen Zers, BNPL use is forecast to increase 12.4% next year, according to eMarketer. One factor driving the use of BNPL among these demographics is that BNPL allows users to increase their purchasing power without the need for a high credit score, the study says.