What is buy now, pay later (BNPL)?
Buy now pay later is where customers make purchases and get their items or services without having to pay for them upfront; rather, pay at a later date in installments. Many businesses partner with cashew to offer the shop now pay later service at their stores and you should too! Rest assured; you are paid in full upfront by the BNPL companies, who bear the risk from customers by offering this service. cashew is great with this as customers have the option to pay in a 3, 6, or 12-month installment payment plan. Customers tend to prefer this payment method as it is interest-free; and, therefore, only pay the price for the item or service without any additional costs. In fact, customers favor businesses that offer this service and would keep coming back!
As a business owner, take advantage of BNPL benefits
There are so many benefits of BNPL that would do you good as a business owner.
The option to shop now pay later draws in customers as it’s extremely attractive to them, knowing they can finally buy products they wouldn’t otherwise have bought if they did not have the shop now pay later option.
At times, monthly expenses can come in the way, but not with BNPL, as customers would be more willing to buy items above their monthly budget since they can spread out the cost over a period of time by paying in installments.
What are the benefits of BNPL?
Everyone likes flexibility, particularly financial flexibility. cashew buy now pay later for businesses at your store would increase sales as customers can buy stuff without having to pay for it from their pocket at the time of checkout. Customers like the power along with the flexibility as they can manage their cash flow in a better way. The idea of installment payment is super eye-catching and would therefore attract customers, particularly younger people, as products are more affordable in this way, being less of a blow as the full amount doesn’t flow out of their pockets in one go. This is great news for you, as your sales would increase because customers would not wait to save up enough money, rather they would buy straight away!
Abandonment of cart reduces
Before customers even get to the checkout, they've most likely decided how to make the payment for the items. When customers shop and if the final total in their basket is above their budget, they would most likely hop off the page and abandon the cart. However, knowing they have the option of purchasing the items without having to pay for them now would be a win for the customers as they would be more willing to make the purchases and pick cashew’s shop now pay later as their payment method while checking out. This is also a win for businesses as it increases sales. The Buy now pay later business model is, therefore, a fantastic option for businesses.
Trust and credibility
New customers would trust your business if you offer installment payment with buy now pay later services. If it’s the customer’s first visit to the store, they would be more willing to take a risk and try out the products without having to pay upfront out of their pocket, as they can also have a hassle-free return and refund experience. This helps build trust and credibility for businesses enticing the customers to come back and make further purchases, as they know their needs will be met.
A competitive edge
Offering buy now pay later to customers is a great way to remain competitive because of the financial benefits for customers. It is a competitive advantage for the business as customers would prefer coming back rather than going to other businesses. cashew’s shop now pay later is being taken up by a lot of businesses, which further increases competition. Hence, offering this service would be more of a plus for businesses.
People these days would rather shun credit cards and gravitate towards shop now pay later payments. Download the cashew shop now pay later app for IOS and for Android to discover more. Customers like to spread out their costs. Let them have that opportunity and increase your sales!
Fintech Trend of 2021