#8 Reasons Why Your Online Store Need Buy Now Pay Later Now

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8 Reasons Why Your Online Store Need Buy Now Pay Later Now

These days due to advancements in technology, there are a number of ways by which people can pay online on various e-commerce sites. Among many options, the buy now, pay later option is getting high popularity, especially on pandemic days. If you look at the report of the year 2020, this payment option has grown around 55% all over the world.

However, the best part of this option is that it allows customers to pay the amount over time without any additional fees or any interest. Upon that, the buy now, pay later option also offers several benefits to the merchants, as it helps increase conversion rates, stay competitive, and have the power to attract new customers.

But before we discuss some of the best reasons why your store needs the buy now, pay later option, let’s find out what is buy now pay later big commerce?

Well, this option called buy now, pay later has been around in the business world for years, and it can be described in several ways. Like, shop now pay later, pay in 4, instalment payments, or deferred billing.

Whatever, you can say all of them have the same meaning, that is customers will buy any of the product, have it delivered, and they will make payments over time. Mainly, instalments are generally paid in three, six, four, and 12 months until the merchant pays the total amount.

Now the question is why you should add a buy now pay later big commerce option in your store?

So, let’s discuss the top 5 reasons for doing it: –

Helps in increasing sales with buy now, pay later

When merchants allow customers to spread payments, then there are high chances of buying products. That means if the customer account is empty and if they are confident to pay later or in the next few weeks, then it is a handy idea to capture the client then and there.

Overall, it can be said that sometimes people feel a need to make a purchase mentally and emotionally but financially not. In this case, the buy now pays later option is like a boon for them which they will surely grasp.

Minimum risk for the merchant

If you look at the buy now pay later option from the merchant perspective, the most concerning part is payment after the client receives the order. But, with BNPL, this risk is minimised as the merchant will receive the full payment upfront. That means BNPL providers will take full responsibility to tackle every situation like non-paying customers, etc. Upon that, some of the BNPL providers also cover the risk of charge sheets and also fraud. So, you can say the buy now, pay later option is like a win-win situation.

Helps in attracting new customers

Buy now pay later big commerce option will attract every type of customer to the store who are looking forward to buying your product but those who don’t want to spend the full amount in one go. However, this option is true when people don’t have to pay charges like on credit cards.

So, you must say the buy now pay later payment option has grown the businesses in a new form.

Buy now pay later is quite an affordable option.

These days no one wants to take debt and pay extra fees on behalf of buying any product. That means when people plan to buy anything significant, the first and the last thing that comes to their mind is paying interest. According to the report of Bread found around 73% of the online shoppers have experienced stress about how they will pay hefty interest.

In this situation, the buy now pays later big commerce option is quite effective where shoppers can enjoy various things at 0% interest.

Helps in building trust

It is good to have an excellent content marketing strategy for your e-commerce site. No doubt you are getting plenty of visitors on the site where no one is buying your product. So, if you want sales to enter into the world of the buy now pay later option. It offers less up-front commitment, which leads to excellent customer experience and, most important, trust in your business.

So, use the buy now pay later concept to build growing and ever-green relationships with your clients. Once they start to know you fully and like you, they will start trusting you.

Decrease in cart abandonment

According to the latest report, around 6% of people browsing for various products and services abandoned their carts due to a lack of many payment options. However, the number one reason for this is extra charges apart from the purchase, like shipping fees.

So, if you offer various payment options like buy now, pay later, they will surely buy the product, and there is a decrease in cart abandonment.

Excellent customer experience

It is true that people love shopping, but side by side they also want a superb shopping experience every time they shop. So, if you want more and more customers over time, the very first thing you can do is build a platform that can do the desired task for you. However, it can be in loyalty programs, reward programs, or any other nice to have.

No hidden fees

As a business, reducing hidden fees can also help create transparency and trust between customers and companies. According to the latest report, around 63% of consumers abandon their cards due to hidden charges like shipping fees.

So, in order to make your customers happy, eliminate the hidden fee by opting for the buy now pay later big commerce option.

The bottom line

The pandemic is on; staying safe with the help of digital payment is one of the excellent and most acceptable ways to get new customers. Apart from that, offering many payment options to the clients will also boost the client experience and help convert readers or visitors into shoppers. So, trust some good e-commerce gateway to make all the business payments safe and secure.

Author Bio:

Allison Janney is a Sales & Marketing Manager at ChargeAfter. She would like to share content on Finance Industry like Point of Sales financing, Buy now Pay later, consumer financing & Ecommerce financing for valuable reader.

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