Learn How ‘Buy Now, Pay Later’ is Transforming Online Shopping
BNPL or buy now pay later is a term used by eCommerce stores for online shopping.
The buyers purchase the product without paying the total amount and receive it within days to pay the full amount later. There are various options and flexibilities in the BNPL process, both for the retailers and the customers. Most of the offline stores throughout the world are also shifting to the BNPL process.
Millennials are responsible for this new trend in the eCommerce industry. They are the most enthusiasts and most suffering generation. They want to have maximum from their lives and are focused on great experiences every time. The rise in inflation, maximum debts, and low-wage jobs have made them thrifty. They don\’t like continuously occurring interest on the credit card with difficult to understand terms and conditions.
So hop along and learn How Buy Now, Pay Later transforms the online shopping experience for retailers and customers.
How Does BNPL work?
It is point-of-sale financing at the checkout where the customer can get benefits from this method. The buy now pays latter option means that you can have the product at your doorstep within the usual delivery time of the retailer, but you don\’t have to pay the total amount at the checkout time.
A company pays the whole amount of the product to the retailer at the time of purchase, and the customer gets the time to pay the amount in installment in the upcoming months. Usually, there is no interest in the purchase of most of the products.
Popular Buy Now Pay Later Companies
- Affirm
- Afterpay
- Klarna
- PayPal Credit
- Zip
- Sezzle
BNPL payment options
When you buy a product through BNPL, Affirm provides you with three different payment options as per your ease.
- Pay Later in full; you will get 30 days to pay
- Pay Later Installments; you will get 3 or 4 equal interest-free installments
- 36 monthly payments (interest charges can apply)
Buy now pay later has become an international standard for most online retailers. But now, more sellers are shifting towards this robust method at the physical selling points. In addition, customers can have virtual or physical cards to make their purchases easier and hassle-free even in the physical store to benefit from the buy now pay later method.
