With everyone scrambling to get and integrate Buy Now, Pay later payment method, it is only viable for you to add it to your eCommerce site. With increasing competition, divided sales, and the general affinity to money-saving techniques, Buy Now Pay Later or BNPL offers a good and easy way for merchants and customers to get the work out of the way.
To begin with, what is BNPL?
Integrate Buy Now, Pay later payment is a payment option offered by service providers through which customers buy a product and pay for it in installments to the service providers. On the other hand, merchants get the complete amount from the service providers. They have to pay a small percentage to the service providers but others work just fine. It works brilliantly for big things such as electronics, furniture, etc.
Before we look at the steps, let us have a look at what are the advantages of having a BNPL option on an e-Commerce Website.
Increase in Sales
By the option of times installments and purchases made easy, BNPL ensures that there is a boost in sales. Especially in Holiday times, when there is a cash crunch, people are able to afford things they would have been earlier unable to.
With spread-out payments, there is a greater chance of customers buying the product they desired than otherwise. With the lack of interest like on credit cards, BNPL manages to entice customers to buy more which they can afford.
Furthermore, it is also a way to beat competitors. In some cases, if your competitors do not have this option you are able to win over more people. In case they already employ Buy Now Pay Later, your sales would increase by using this option.
Customer-friendly
BNPL is customer-friendly, in which it is mostly clear about what they are asking for and how much it would cost the customers. This option allows for more people to be attracted. Not only is it offering an affordable financial solution, but BNPL also eases people into the e-Commerce world.
BNPL is a way of millennials and Gen Z who are hesitant about using Credit cards and taking loans from the bank. But offering a solution that they can handle and keep within their limits, BNPL is a great way to increase customer service.
Furthermore, BNPL offers a better Credit solution. Instead of credit cards or personal loans, which lead to great rates and big debt, BNPL allows people to buy what when and how they desire.
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Less Cart-Abandonment
Many people browse through the things they want to buy but leave at the last minute due to inflated prices. Furthermore, limited price options also aid in the cases of cart abandonment.
By Integrate Buy Now, Pay later payment, which needs great communication, you are ensuring that the cart abandonment is reduced significantly. With each purchase, there is a growth in sales as well as significant growth in the popularity of the eCommerce Website.
Increase in Customer Life Value (CLV)
Customer Live Value or CLV refers to the amount a single person spends on your story. By adding an affordable payment method, you ensure that CLV rises significantly over the years.
Getting new customers are getting expensive, and it is more important to hold on to the old customers you still have.
Integrate Buy Now, Pay later payment Easy Steps
There is a great number of platforms that merchants can look out for to use the Buy Now, Pay later method. The integration of the steps is easy. Usually, BNPL as a mention is automatically occupied in the ‘payment options’ or ‘other payment options on the website you are using. In case they are not, you can contact the providers and work on how to get the payment method integrated into your eCommerce website.
Affirm
Affirm is perhaps one of the most known names in the BNPL world. It covers all small transactions that are needed. Affirm offers flexible payment options, with no hidden cost. For big purchases, however, the interest does rise up to 30%.
Different sizes such as Shopify and Wix allow for the integration of Affirm in their eCommerce sites. The finance terms can be extended for as long as 36 months. There are usually no fees for late-payments or even the opening or closing of the account, thus making it a very viable option.
Affirm can work with eCommerce Websites, but also works with in-store purchases.
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AfterPay
AfterPay does not approve users’ accounts, but rather approves each purchase, making it more merchant-friendly. Big brand names use AfterPay as a payment method.
This service provider spaces out the installments into four parts, one every two weeks. There is no extra interest if all payments are done on time. However, in case of delay, a small charge of $10 is added.
Sezzle
Sezzle allows for the installments to be broken into four parts over six weeks. There are no extra fees if the customer pays on time, and it does not affect the credit ratings. Sezzle is designed for the customers and has gained massive popularity with time.
It is integrated with different website providers to ease eCommerce sites. The payment is received upfront as well as quickly. Not only that, but Sezzle also allows for story awareness, which helps in customer growth.
Klarna
Klarna is one of the leading service providers. It has business in over 20 countries. It uses two methods, namely: slice it, and pay later.
Slice allows the customer to pay for the purchase in four installments over the course of six weeks. In pay later, the customers receive the full amount of the purchase after 30 days.
Klarna is extremely user-friendly for both merchants and customers. This buy now pay later method allows for big items purchase such as furniture and electronics.
Klarna’s software allows for a chat, which clears out any doubts customers might have before making the purchase. Furthermore, for customers who have already used Klarna before, it comes with pre-filled details and pre-selected payment options to make the process even easier for the customers.
PayPal Pay in 4
A relatively new offering, PayPal Pay in 4 is a branch of already established payment sites, PayPal. Like other providers, it allows for the purchase to be divided into four installments. The period between each installment is two weeks. There is no extra payment nor any rate of interest with this provider, and the close integration with PayPal helps both businesses and customers.
By contacting these service providers and careful integration, businesses can choose the providers which benefit them most and integrate them into their eCommerce Websites. By adding the option of BNPL on their Payment Page, eCommerce Websites allow for customer growth as well as a sure payment.
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