What is Buy Now, Pay Later?

When you create an online store, it’s very important to provide your customers with as many payment options as possible. Buy now pay later is a unique payment approach that, as the name says, allows customers to purchase a product in installments. That means they initiate the purchase, pay for one installment and receive the product. Not everyone is able to purchase some products, so having this type of financing without interest or a low amount of interest is a very good idea.

You get to convert more visitors

Paying in multiple installments will bring in more conversions. If a person feels that the price is too high, that leads to cart abandonments. However, buy now pay later makes it easier for everyone to afford even the more expensive products. As a result, the return on investment can be amazing, and in the end everyone will be a lot happier. It’s definitely the right approach, and it’s always worth the effort.

Buyers will end up acquiring more products

A lot of customers will start spending more money on the same item because they have a payment plan in place. For example, if you have 3 courses at $10, $20 and $50 each and only the last one is paid in installments, but it delivers more value, then a lot of customers will go towards the last one because they pay less every month and they don’t feel they spent too much.

Customers Appreciate the idea of having multiple choices

This is not always available, so being able to have multiple choices is exhilarating and it brings in front great benefits. Some customers will just buy a product because it has the buy now pay later option, others just want a single payment and that’s it. So yes, there are multiple buyer types, and as a result there are also different options for everyone to be happy in the long run. Plus, young consumers in general like to buy now pay later, because it’s more convenient and they can afford more expensive items.

Many shoppers ditch their credit cards for Buy Now, Pay Later Options

The reason why that happens is because it makes it easier for a customer to acquire any product he wants. As we mentioned earlier, millennials are a great example here. But in general you will notice there’s less reliance on credit cards, especially if a person can pay in installments.

Conclusion

Thanks to the buy now pay later solutions, customers are able to boost sales naturally and reach a lot of success. It’s never easy to achieve that, but the truth is that with the right solutions and features embedded in the program, results can be extraordinary. It all comes down to using the buy now pay later features and ensure that customers gain access to the best products on the market. It’s a great opportunity for customers to purchase a product without shelling out a lot of money at once. Paying in installments is convenient, easier for most consumers, and it will soon become the future. The faster you start using this feature for your online store, the better!

Best Buy Now, Pay Later Providers

Affirm
Klarna
Afterpay
Zip Pay
Sezzle
PayPal Credit