Buy Now, Pay Later

What is Buy Now, Pay Later?

Buy Now, Pay Later (BNPL) is a financing method that allows consumers to purchase products or services and postpone payment for a specific period of time. With this payment system, customers can acquire and enjoy products or services and pay for them in convenient instalments that are usually set in advance, such as 30, 60 or 90 days, although this may vary depending on the provider.

Advantages of Buy Now, Pay Later

Among the main advantages of the Buy Now, Pay Later payment method are:

Greater flexibility and convenience for customers: This payment method allows customers to make purchases without having to pay upfront. It gives them the option to enjoy the products or services before making a payment, making the experience much more flexible and convenient. This method helps customers manage their cash flow better by postponing payments and keeping money available for more immediate financial needs.

Increase in average order value for merchants: By offering this option, merchants may experience an increase in the average value of transactions. This happens because customers might be more inclined to buy higher-value products or services if they can pay later. It can also encourage them to add more items to their purchase, resulting in a higher average order value.

Factors to consider before using Buy Now, Pay Later

It’s important to remind consumers to use this type of financing responsibly, make payments within the established deadlines, and avoid accumulating debt or facing long-term financial issues.

More information about Buy Now, Pay Later

For more information about the Buy Now, Pay Later method, here are some articles that may help you:

Buy Now, Pay Later: what it is and its advantages