What is the buy now pay later payment solution?
BNPL, the abbreviation for Buy Now Pay Later, is a type of payment solution that offers the customers to buy any product and make the payment in the future. There is a third party that conducts this payment method. This payment method offers the customers an adjustable payment scheme and with a given time by several installments. The main attractive fact of the buy now pay later payment method is, the customers do not have to pay interest most of the time and there are no hidden charges.
Buy now pay later payment method is getting famous day by day specifically in the case of online shopping. This payment method has brought several significant advantages for the customers. Now they can continue their shopping without thinking about whether they have all the money. They do not have to pay the full price at once. They can pay later in installments without paying any extra charges or very little interest.
This is advantageous to the retailers too as the customers are buying the products without any hesitation and this payment procedure is attracting more customers. This payment method has great use during this pandemic. More or less everyone is facing a financial crisis during this situation. Therefore having a payment method like buy now, pay later is such a relief for everyone. Now nothing can stop them from shopping. The retailers are getting more customers as well.
If you have a business of furniture and you are a holder of an Ecommerce Website, you should think about the implementation of the Buy Now Pay Later Furniture payment solution to it. Applying this payment method to your Ecommerce Website will help your business to grow in many ways.
How to implement the buy now pay later payment method to your Ecommerce Website?
There are several options for making payments such as paying in 30 days or making the payment in small installments for a long time.
The various scheme of the buy now pay later payment method:
There are different payment schemes that the Buy Now Pay Later Furniture offers the customers. These schemes are as follows:
- Make the full payment in the next 30 days of purchasing a product
- Making payment in small installments for 3 or 6 months. There are usually 4 to 6 equal installments and most of them are interest-free or of very little interest.
- If you buy something of bigger value, the price can be divided into 36 months’ payment. In this case, extra charges are to be applied in the form of interest.
The user experience of the buy now pay later payment method:
When shopping online, the customers choose their desired items. When they place the order for that item, it comes to the payment option. Here they can get various options such as debit or credit card, UPI options, net banking, etc. Here they can obtain another payment method which is the buy now pay later payment solution. This payment solution offers various payment schemes that we have discussed earlier.
Make payment later at the point of sale:
Not only for online shopping, but you can also actually use the buy now pay later payment option in offline shopping too. The customers can choose the buy now pay later and pay in the next 30 days, in installments or via financing. This payment method helps the customers to access an extra payment method that is more convenient for them and allows them to pay later without paying any extra costs.
How the buy now pay later method is beneficial?
The buy now pay later method is beneficial for both retailers and customers.
- Customers benefits: The customers can continue their shopping even if they have less money in that time. They can pay whenever they want and do not have to pay any interest.
- Retailers’ benefits: When customers get this much flexibility in payment, they are more likely to continue their shopping. Therefore the sale gets increased. It is a benefit for the retailers. Other than that, they can earn more customers’ trust when they put forward this payment method.
There is an overview of Buy Now Pay Later Payment Solutions. You can implement this method for your Ecommerce Website.