Start making the greatest use of BNPL

Start making the greatest use of BNPL

Whenever you are purchasing any stuff either online or walk-in store, what different payment options do they offer? First is cash, second is through any card-based payment either credit or debit. And the third major payment method is through online wallets or net banking. But now, the payment methods aren’t limited to these. There is one more attractive payment method i.e. buy now pay later. This payment system allows you to purchase the item right now. And then pay the amount later in a stipulated interest-free period without any credit card system.

You may find the BNPL system very similar to credit cards, but still, both of the payment methods can not be compared with each other. Also, buy now pay later is gaining high popularity amongst individuals of every age group.  It has emerged as the most effective and convenient option of making payment without worrying about its cost. As per reports, the Indian e-commerce market is expected to grow by $99 billion by the year 2024. During the same time, the buy now pays later system holds the power of acquiring a total of 9% share from a jump to 3%.

Working of BNPL

With the buy now pay later application, you are allowed to make your desired purchase and pay for it in a week time, bi-weekly, or even in monthly installments as well. Same as a credit card, it charges interest too. But if you want to avoid paying interest over your purchases, then you should be required to repay the whole amount in a particular interest-free period. Moreover, the interest rates of BNPL generally depend on company policies. When heading towards the payment gateways, you may find the buy now pay later option in many e-commerce giants. The interest-free period of BNPL is divided into 4 equal installments.

• You are required to pay the first one during the purchasing time.
• While the other three installments can vary from time.

However, failing to make the payment on time means you need to bear interest and late fee charges. Therefore, not making the payment even after the delay might also affect your credit score. That’s why it’s suggested to use BNPL effectively and make the payment on time. So that, it may not put any effect on your credit score. And if you have any bad impact on your credit score, then it may show on your credit record for over 6 years.

It simply means that in the future if you brought up your home on loan, mortgage, or credit card. It might be possible that your application will not get approval. And it’s because you have a negative credit score in your credit record. But make sure to not over-purchase things with the BNPL payment method. As it can also put an impact on making your credit score negatively. This is how buy now pay later works effectively and efficiently.

This is how you can start making the best and great use of buy now pay later schemes and their products. If you are ready or interested to implement a BNPL payment system in your business. Then it’s important to connect with ULIS FINTECH today. They offer the best, most trustworthy, and reliable buy now pay later product. You will truly engage your customers in your business with the BNPL services. Connect with them through their website at www.ulisfintech.com or you can also discuss the business model through their mail id care@ulisfintech.com