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How It Works – EssencePay

EssencePay is a Fintech company that blends Buy Now, Pay Later (BNPL) financing with a nationwide delivery service, enabling customers to get products quickly while paying for them over time. Whether customers shop online or visit partner merchant stores, EssencePay ensures a smooth, flexible, and accessible path to product ownership.

Overview of EssencePay's Services

EssencePay operates across two primary service layers:

  • BNPL (Buy Now, Pay Later) Financial Solution: Allows customers to purchase essential products (e.g., smartphones, electronics, home appliances) immediately and pay over a fixed installment plan.
  • Delivery & Fulfillment Service: Delivers products directly to customers who prefer not to visit physical stores. The customer bears the delivery cost as an add-on to the BNPL arrangement.

Step-by-Step Breakdown

1. Product Discovery

Customers begin their journey by identifying the product they need. They can do this through two main channels:

A. Online Channel

  • Customer browses products on EssencePay’s digital platform or a partner merchant's e-commerce page.
  • Products are listed with clear pricing, BNPL eligibility, and available payment plans.
  • The customer adds the desired product to their cart and selects the BNPL option at checkout.

B. In-Store Channel

  • Customer walks into a participating EssencePay-verified merchant shop.
  • Merchant staff introduce EssencePay, explain the BNPL process, and assist the customer in applying.
  • The customer can inspect the product physically and receive personalized support.

2. BNPL Application Process

Whether online or in-store, the customer proceeds to apply for BNPL. The process is fast and designed for convenience:

Application Requirements:

  • Full name, phone number, and address
  • Government-issued ID
  • Bank details (Bank name, Bank address, Bank account number, and BVN number) or mobile wallet info

Approval Process:

  • EssencePay runs a quick credit and eligibility check.
  • Approved customers are notified instantly or within a few hours.
  • Rejected applications receive feedback and recommendations.

3. Payment Structure & Terms

Upon approval, the BNPL plan is activated. Here's how the financial side works:

Initial Payment:

  • The customer pays a small upfront amount (typically 20–30% of the product value).
  • This confirms the order and locks in the financing terms.

Installment Plan:

  • The balance is split over weekly, bi-weekly, or monthly payments (based on the customer’s preference).
  • A small service fee or interest may apply, clearly disclosed upfront.

Secure Payments:

  • Payments can be made through:
    • Bank transfer
    • Mobile money (USSD, wallet, etc.)
    • EssencePay app or web platform
  • Automated reminders and payment schedules help customers stay on track.

4. Delivery or Pickup Option

Once the initial payment is confirmed, the customer chooses how to receive the product:

A. Delivery to Customer

  • EssencePay dispatches the product via its logistics network or partner couriers.
  • The customer pays a delivery fee, which is communicated before final confirmation.
  • The delivery team may perform key tasks at drop-off:
    • Identity verification
    • Product confirmation (unboxing and inspection)
    • Capture of delivery proof (photo or signature)
    • Final activation or documentation

B. Merchant Pickup

  • Customer picks up the product at the merchant’s store.
  • The merchant guides the customer through:
    • Final documentation
    • Basic usage instructions
    • Activation or warranty info
  • This method avoids delivery fees.

5. Ongoing Repayment and Engagement

Once the product is received, the customer enters the active repayment phase:

Repayment Process:

  • Customers make scheduled payments as per agreed terms.
  • Reminders are sent via SMS, email, or push notification.
  • Customers can monitor payments via the EssencePay dashboard or app.

Early Repayment (Optional):

  • Customers may choose to pay off the full balance early.
  • Early payment may reduce service fees or unlock future credit enhancements.

6. After-Sales Support

EssencePay ensures that customers are supported after purchase:

Customer Support Includes:

  • Assistance with missed payments or rescheduling
  • Product-related issues (delivery damage, returns coordination)
  • BNPL plan upgrades or refinancing
  • FAQs and account management via the app or support center

Merchant Involvement

Partner merchants are key stakeholders in the EssencePay ecosystem.

Merchant Responsibilities:

  • Display BNPL-eligible products
  • Guide customers through application steps
  • Fulfill product dispatches for delivery or pickup
  • Collaborate with EssencePay on payment confirmation

Merchant Benefits:

  • Increased sales from customers who may not afford full upfront payment
  • Zero credit risk (EssencePay handles repayments)
  • Faster stock turnover
  • Seamless integration with EssencePay systems

Trust, Transparency & Technology

EssencePay uses secure fintech infrastructure to:

  • Protect customer data
  • Track deliveries in real time
  • Automate payment collection
  • Maintain compliance with financial regulations

Why EssencePay?

  • Buy Now, Pay Later – Own products without full upfront payment
  • Fast Approval – Get a response within minutes
  • Flexible Terms – Choose what works for your income
  • Home Delivery – Get products delivered anywhere
  • Trusted Merchants – Shop from verified, high-quality partners
  • Secure Payments – Safe and reliable technology

EssencePay is redefining convenience — offering not just access to products, but the freedom to pay over time and the power to choose how you receive them.

...Live smarter. Shop easier. Pay flexibly...