BNPL - Shopping With New Payment Method
Feb 03, 2022 - 4 MINS READ
BNPL – The Customer is Supreme
The E-commerce industry is in high popularity since the year 2020. And most online e-commerce businesses are gaining popularity. That’s why payments are also transforming. According to the reports, not only online purchases are gaining interest. But around 59% of the customers are continuing shopping with new payment method i.e. buy now pay later. There are no wonders in saying that this point of sale credit is proving to be the most convenient yet effective form of making payments. When there is any festive season happening around, most individuals choose to make their desired purchase with the BNPL system.
Those businesses offering payment with buy now pay later are seeing high engagability amongst the customers and also making their business a renowned brand. BNPL model aims at making the customers supreme instead of making the businesses supreme. It offers different benefits to customers irrespective of the size and type of the business. Some of the benefits buy now pay later offers to customers are underlined in the blog below
Advantages of buy now pay later to customers
Payment can be made in small installments
You may know that BNPL works similarly to the credit card system. That’s why there is no upfront cost involved in the buy now pay later. At the time of purchase, you need to make only some amount of payment say 25% of the actual amount. While the rest amount can easily be paid up to 2 weeks in equal percentage same as the purchase time. Meanwhile, there will be no interest charged if the payment is made on a timely basis.
Better customer experience
Those businesses that offer BNPL as their payment option can collect a better customer experience. If the customer is getting a flexible payment option for purchasing their favourite item, then they will give a 5-star rating to the business. Hence, customers can easily shop their desired product online hassle freely.
Item received before making full payment
Customers are getting the benefit of collecting their orders even before making full payment. Hence enable them to use the stuff anytime they required. As they have selected the buy now pay later option during the checkout. They will only need to pay some of the amounts as per their guidelines after confirming their order. However, the rest of the payment can be done on installment basis.
If a customer is able to make their payment by a particular time, then there will be no interest charged on the amount. The interest-free period will only long up to 15 days. Therefore, afterward, customers are required to pay some interest charged on the amount. This interest rate is very much than that of a credit card. The interest rate is always different in all the companies.
Unlike the credit card system, the BNPL method allows you to sign up to the application easily and quickly with just a few taps. You don’t need to follow any difficult process to sign up for the BNPL product. Also, you don’t need to pay any kind of processing fees to start using the BNPL app.
These are some of the benefits offered by BNPL to the customers. Being a retailer or wholesaler too, this system offers numerous benefits. Hence no matter whether you are a retailer or a customer, this BNPL model is something to offer. If you are interested to apply to buy now pay later in your business, then you can avail of ULIS FINTECH BNPL service. Their BNPL model will truly make your business renowned amongst customers of every age. Connect with them today www.ulisfintech.com