Buy Now Pay Later offers an attractive route for customers looking for an alternative payment method to cash and online sellers looking to increase their customer base and provide a better experience to their target audience. In this post, we’ll explain what Buy Now Pay Later is all about, how it works, the ins and outs, and whether it’s an option worth considering for your online store.
List of content
Buy Now Pay Later Determined
Buy Now Pay Later is exactly what it sounds like. This is a point-of-sale financing solution so customers can choose an installment plan to buy products instead of having to pay the full amount up front.
In recent years, Fintech has emerged strongly in its challenge to solve the common problem of using high-fee credit cards database and APR through Buy Now Pay Later solutions. These are offere to customers for a small fee.
Buy Now Pay Later has been around for years but it’s only recently that a few companies have popularized it with younger shoppers. It works like a charm due to the fact that many people have not built up their credit to get a credit card. So, it makes for an attractive financial solution for large purchases.
How Does Buy Now Pay Later Work
If you are a Lazada seller, your customers can use Buy Now Pay Later via installments. To do that, they can apply to the following lenders:
Buy Now Pay Later is entirely between the customer and the lender. That way, you will receive full payment for your product even though the customer will use an installment plan as a payment option.
If you are a Shopee seller, your customers can pay for your products via GCredit. This means that cash users can pay for your product using the credit available on this platform.
The process resembles the way payments BJB Directory are charged to a credit card. Payment will be charged to the buyer’s GCredit and then the buyer can pay the Gcash within 30 days. Customers do not need to pay for it themselves after purchasing the product.