Technology Best Practices for Buy Now Pay Later (BNPL)

Buy now, pay later allows you to make a purchase and receive it right away, but pay for it over time, usually in four to six installments. BNPL is somewhat similar to layaway, but one significant difference is that although layaway allows shoppers to pay slowly over time, they don’t receive their purchases until all the payments are made. BNPL allows customers to take home their purchase immediately.

Consumers are attracted to pay later account BNPL because they often offer lower interest rates than credit cards. For example, while credit card interest rates can range from 18% to 21%, BNPL interest rates can be significantly less. In fact, if you repay the price of what you bought within the delay period, you often won’t pay any interest at all.

Point-of-sale loans (PNLs) are an effective way for merchants to increase sales, build customer loyalty and acquire new customers. Customers who receive BNPLs are likely to spend more, visit a merchant more often and make higher average purchases compared to those who do not.

The scan qr code android is an easy solution to manage your finances. BNPL provides a savings plan, which is basically a loan you can use whenever you want, with the ability to pay off in installments over time and deposit penalties for missing payments.

These consumers can miss a payment quicker than they’d like to admit. To prevent this, it’s best not to buy products that have easy-to-miss installment plans. If you feel yourself getting into trouble before your next payment is due, contact the retailer or service provider immediately and ask if you can modify your plan.

If you are a merchant and looking for ways to grow your business, BNPLs can help. Our network offers enhanced cross-selling opportunities, incentivised customer acquisition and tools to build direct relationships with customers, helping you get more from every spend.

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