The idea of a BNPL or a buy now pay later system isn’t necessarily a new concept, but in recent years technology has allowed the concept to progress further. It makes those big-ticket items a lot more accessible for those on lower incomes. Offering a BNPL service can be transformative for your business by drawing in more customers and, therefore, more revenue. Let’s get into it.
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Finding the Right Fit for Your Business
First things first, you need to find a BNPL provider that will cater to your needs. Think about the volume of transactions that you are anticipating and the size of your business overall. Where is the provider located? Do they have a base in your country of operation?
Check out their reviews from other users to get a better idea of how they conduct business. There are a lot of buy now pay later providers out there like Cashew Payments.
Flexibility of Choice
Convenience and choice are huge factors for consumers when it comes to deciding where to spend their money. Flexibility is what the BNPL system is based upon. So when it comes to finding a provider for your business, you should check out what sorts of options they offer in terms of payment plans. Do they have a good variety of plans spanning different time periods, or do they offer a few standard choices?
Exposure & Marketing
A lot of BNPL providers also have apps that can be accessed by customers. The apps then detail all of the brands that use said provider. Choosing a provider like that can dramatically increase your reach, bringing in more customers. In addition, partnering with a BNPL provider that promotes its partners as a standard is one of the easiest ways to market your business to new customers.
On the other hand, you need to ensure that you are also advertising the fact that you are offering your consumers a buy now pay later program. How else are they meant to know that you are offering this service? Promoting your flexible payment options can go a long way in drawing more customers in. So remember to include this information when constructing your marketing materials.
This form of payment scheme is likely to increase in use as time goes on, but its use is still on the smaller side. This means that by offering this to your consumers, you are likely to benefit from their repeat business. Furthermore, if you ensure that the process is simple and easy to access, then your consumers will want to keep using it.
You need to ensure that you have chosen the right provider. Your customer’s experiences with your BNPL provider can have the opposite effect if it is harder to use, confusing or seems a little suspect. As mentioned above, reading reviews is great, but in addition to reading reviews posted by businesses, you should also look into reviews from the consumers too.
At this point, it seems like choosing to adopt a buy now pay later scheme is simply a matter of when and not if. It can be great for businesses when used properly, but it can also be detrimental. In most cases, it comes down to the provider, so be sure to do your research and pick the best one.