Shopping at the right time can help an individual make good savings in the long run. However, at certain times, people do not have a lumpsum amount for this or are not ready to pay huge interest fees on credit card bills. During such a situation, BNPL would be quite handy for customers. BNPL is a payment service through which customers can buy any product or avail of a small loan and pay it back in a series of installments without any interest fee.
Buy Now Pay Later is easy to use, and the approvals for the same are completed much quicker as compared to traditional loans or credit cards.
It has been observed that since 2019 there has been an increase of more than 30% of people switching to Shop Now Pay Later. Also, in the covid time, people wanted a flexible way to repay their amount, and Shop Now Pay Later gave them these offers.
Must Read: Buy Whatever You Want Online While Shopping for Women With the Added Cushion of Buy Now Pay Later
How BNPL catalogs help in online shopping
● Pay by installments – Many times, we are short of cash, and using a credit card is no good as a huge interest rate must be paid off with each installment. However, with Buy Now Pay Later service, customers can pay by installments without any interest rate. The number of installments is pre-decided by the customer and the vendor before starting off the service. It is also to be noted that the number of installments for the same amount can vary from vendor to vendor. If a customer misses the installment date, they are charged an interest fee pre-decided between the vendor and the customer at the time of signing up.
● Better offers – Better Business with good profit margins – Many businesses are seeing that their customer acquisition cost is getting lower with them introducing Buy Now Pay Later as a payment option. Businesses have also stated that there has been an increase of 20% to 30% in order value per customer who use Buy Now Pay Later service. Due to this, many small and large-scale businesses are now offering more offers for customers who use this as a payment option. This, in turn, is also helping customers as they can afford many things quite easily and cheaply.
● Ease of access and faster transactions – In today’s time, most people have smartphones equipped with the internet. Buy now Pay Later service can be easily accessed through smartphones. This makes it easier as the transactions can be completed with just one tap and customers need to go around with cash or credit cards. The transaction speed is quite good, and it takes less than 3 seconds for a transaction to finish, thereby saving time for both customer and business.
● No need for large amounts – Often, customers have to miss out on good deals or offers as they don’t have a lumpsum amount to buy certain products, thereby buying them later at a loss. With split payment options from Buy Now Pay Later services, customers need not have huge cash with them at any point in time. Any good shopping opportunity can be very well utilized by the customer, thereby making good profits for them as well.
● Zero Interest fee – One of the most attractive features of Buy Now Pay Later is the zero interest fee on the borrowed amount. Customers can make good savings if they shop at the right moment and then pay the installment at the right time. The interest fee is only applicable if a customer misses their installment. This interest fee is pre-decided between the vendor and the customer at the time of availing the loan.
Must Read: Apply for the Buy Now Pay Later Facility With Guaranteed Approval
There are more than 100 Buy Now Pay Later companies around the world offering the same service. Having Buy Now Pay Later service will surely help you save a lot in the long run, and BNPL service will quickly overtake the credit card industry. Many Gen Z and Baby Boomers are now becoming the prime customers for both online and offline platforms, and they prefer Buy Now Pay Later service as it is easier for them to acquire and does not require credit history. The companies are addressing the challenges faced by the system, and in the long run, Buy Now Pay Later will also be overtaking the credit card industry. So if you have not taken Buy Now Pay Later service, this is the best time to get in as more and more businesses are getting into this with good opportunities.
Must Read: A Retailer’s Guide to Buy Now Pay Later Apps
