Lay-buying Christmas presents has become a distant memory due to the Buy Now Pay Later (BNPL) industry’s rapid growth, allowing customers to receive their products or services before paying them off.
From established to start-up, keep reading to find out how Buy Now Pay Later companies can make your life easier!
Overview of Buy Now Pay Later Companies
The launch of Buy Now Pay Later juggernaut, AfterPay, dramatically shifted consumers expectations at the checkout. Driving millennials to seek out more convenient ways to purchase impulsive items. Merchants have also been cashing in on the new payment method, which has caused BNPL’s to find new ways to differentiate themselves to stand out in this now cluttered market.
Efforts to differentiate has seen Buy Now Pay Later companies offer various payment frequencies and different lengths in payment plans. Further, some Buy Now Pay Later’s have provided the opportunity to pay off everyday expenses such as living costs and monthly bills.
So how can Buy Now Pay Later Companies benefit you?
Benefits and Tips for Shoppers
No longer will you have to wait until payday to buy that new outfit! BNPL’s have allowed Shoppers to purchase whenever they want with no interest or sign up fees. Simply sign up with your preferred Buy Now Pay Later company and get to shopping!
Buy Now Pay Later Companies can be tricky to navigate, so we offer the following tips to make your Buy Now Pay Later journey a successful one!
- Set reminders in your phone when payments are due: This will help you avoid any late fees by ensuring you have sufficient funds in your account before your next payment is due.
- Choose a Buy Now Pay Later that works for you: If you know you get paid weekly, you may want to choose a Buy Now Pay Later that has weekly payment plans over fortnightly to ensure it works with your cash flow.
- Don’t use too many BNPL’s at once! Having more than two BNPL’s running simultaneously can mean you will lose track of the money leaving your account. This may leave you without sufficient funds to make payments.
Benefits and Tips for Merchants
A simple and easy solution to reduce the amount of cart abandonment at your stores! No longer will customers reach your checkout and realise they can’t afford those new shoes.
Buy Now Pay Later companies have now allowed more customers to purchase from your store and allows a point of difference over your competitors.
As a Merchant looking to integrate BNPLs, there are some things you have to be aware of:
- Have multiple BNPL Companies: Each BNPL offers a different payment experience for your customers, offering multiple ensures there is a BNPL to suit all your customers’ needs.
- Market your BNPLs: This will ensure your customers know there is a BNPL option at checkout, therefore, increasing the chances of them checking out your store over your competitors.