The Buy Now Pay Later (BNPL) boom has merchants flocking to join this new payment solution to keep up with consumer purchasing trends. The most recognised BNPL player and pioneer, Afterpay, is one of the most adopted BNPL merchants. There are, however, a few downsides to being an exclusive Afterpay Merchant.
Read more to learn why having multiple BNPLs are vital to an Afterpay Merchant.
Gain Access to More Shoppers
Shoppers are the backbone of your business, so why wouldn’t you want 50,000 more? One of the main benefits of BNPL’s is their huge databases of shoppers. These loyal customers constantly hunt for new stores that host their BNPL to ease their shopping experience. Adopting more than one BNPL will increase your shops’ chances of being accessible to a wider range of BNPL audiences. It also allows the opportunity to attract new customers to your store.
More Opportunity for Free Marketing
If you’re an Afterpay Merchant, you have access to a database of over 1,000,000 shoppers, but that database is of no use when you’re competing with 7,200 other retailers for their attention. Advertising spots are expensive, especially for small to medium-sized businesses that don’t have the big advertising budgets to compete with more prominent brands for space. Different BNPLs have various marketing opportunities, so having more BNPL’s allows exposure in different ways.
Prevents Limited Payment Flexibility
As the BNPL market becomes more popular, BNPLs have found new ways to diversify. New players have expanded into a wide range of payment plan lengths and frequencies and offered shoppers different spending limits.
As an exclusive Afterpay Merchant, you only give your shoppers one option: four fortnightly payments and a limit of $1,500. By offering a range of different BNPL players you offer your Shoppers more flexibility to pay off their order how they like. Whether they want to pay it off quickly in weekly instalments or pay it off over a longer-term, you will be able to accommodate that the more BNPL’s you have.
I know what you’re thinking, what other BNPL’s should I have?
Have you thought about Pay It Later? We are an Australian, privately owned BNPL with a growing database of eager shoppers! Our shoppers have up to a spending limit of $1,000* and the option to pay their order off in four weekly instalments. We have competitive fees and pride ourselves on supporting small businesses by giving them plenty of marketing opportunities to our database of shoppers. Sign up today or email support@payitlater.com.au if you have any questions.
*= Differs from Shopper to Shopper and repayment history.
