Give your customers an additional, even more convenient way to pay
Buy now, pay later (hereinafter - BNPL) is a deferred payment option for customers, allowing them to pay in three equal instalments. This service is in high demand from consumers who need the products or services you offer now but are currently not willing to pay the full amount. "Statista.com" forecasts that global sales of BNPL services are expected to nearly triple by 2026, reaching USD 576 billion. The latest instalment payment method is not only changing people's shopping habits, but also offers a number of benefits for e-businesses providing this service.
How does the BNPL work?
The customer chooses a product or service and selects the BNPL payment method. If the creditor approves the request, the e-shop receives full payment immediately and the customer pays for the purchase later, in three instalments, without interest and no additional charges if the customer is not late with any of his payments.
The advantages of the BNPL include making it easier for consumers to pay for higher-value items such as furniture and home appliances, as well as unexpected expenses such as car repairs, medical expenses or other necessary higher-value items.
Why is the BNPL not only good for shoppers, but also for e-businesses?
• You will increase sales. Customers will be able to buy the goods or services you offer immediately. Flexible payment options ensure that customers can buy goods more conveniently, easily and quickly - avoiding time-consuming saving or searching for cheaper alternatives.
• Grow your customer base. By integrating an additional payment option, you are likely to attract new customers who previously did not shop with you because they were not willing or unable to pay for the goods or services you offer in one go.
• You will receive your money immediately. Your business will receive the funds as soon as the customer's application is approved and the loan agreement is signed.
• Gain a competitive advantage. Offer your customers more convenient ways to pay for goods in your online shop and avoid customers leaving your shop for competitors, or maybe just attract new customers with an additional payment option.
With more and more people, especially in a recessionary period, looking for ways to manage their spending to avoid potential financial challenges, it is clear that the demand for this service will grow. Buy now, pay later gives customers more flexibility, allowing them to buy the goods they want within their means. Integrating this service can be an effective step to help your e-business take off.
Interested in integrating Buy now, pay later payment option? Contact us to learn more about the benefits of this service for your e-commerce.