Bumper International, a company focused on automotive payments and car repair financing, has received authorisation from the Financial Conduct Authority (FCA) to offer consumer credit lending in the UK.
With this regulatory approval, Bumper is now able to introduce additional credit options alongside its existing buy-now, pay-later (BNPL) service.
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The company plans to launch PayLonger, a new product designed to allow customers to pay off larger car repair bills over an extended period.
Bumper CEO James Jackson said: “Securing FCA authorisation not only reinforces our commitment to responsible lending and consumer protection, but unlocks exciting new opportunities for Bumper – particularly the ability to develop longer-term credit products that offer greater flexibility and affordability for customers facing substantial repair bills.
“This is a milestone moment for Bumper as we look to launch our PayLonger product, continuing to accelerate our growth and empowering our dealership partners to deliver even better support to their customers.”
Bumper’s service enables vehicle owners to search for nearby service partners by entering their vehicle registration and postcode.
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By GlobalDataCustomers may apply for a credit limit up to £5,000 for automotive repairs and related costs. Instant decisions are provided upon application, and approved users are given a code to present to their selected service partner.
The repayment plan is set up at the time of booking.
Bumper provides several payment options that integrate with dealership management systems.
Customers can delay payment for 30 days with Pay in 30, spread costs over monthly instalments with PayLater, pay directly from their bank account to reduce transaction fees, or use major credit and debit cards, as well as Apple and Google Pay.
These options are embedded throughout the car servicing process, from vehicle health checks and dealership management systems to online bookings and customer relationship management systems, enabling flexible payments from initial enquiry to sale.
