#Best Buy Now, Pay Later Solutions for Retailers

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Best Buy Now, Pay Later Solutions for Retailers

If you shopped online last year, you might have heard or experienced one new payment options form that appears more frequently. The previous year, due to the COVID-19 pandemic, people were looking for various options to save money and wanted to buy mandatory things. Overall, you can say individuals are thinking of managing their finances in the ongoing economy.

This is the reason most retailers are adopting the so-called payment option that is buy now, pay later. According to the latest report by Adobe Analytics data, around 215% of the consumers are taking the benefit of buy now pay later woo-commerce from the past year.

So, if you have a retail business and want to increase your sales, then it becomes mandatory to go for top buy now, pay later programs. They are: –

Affirm

Affirm is one of the most satisfactory buy now, pay later services for the retailers that have a close relationship with Peloton. It prequalifies shoppers by delivering longer terms for buying products. However, the transactions with Affirm are done using split pay that breaks the purchases into four installments without any interest.

Apart from that, if you opt for a three-month payment, you will not pay any interest. But in the case of six-month or 12-month, you have to pay an annual percentage rate of 15%. The best part is Affirm never changes its interest rate from the initial.

Klarna

The Klarna is another app for retailers that offers a beautiful shopping experience according to consumer preference. It provides a flexible payment option because of which it has more than 1 million users on its roster. Unlike competitors, it also breaks down the payment into four interest-free payments, but merchants will be paid full upfront.

Moreover, if any of the consumers cannot pay the payment on time, they have to pay a small lieu and be prevented from doing more until the previous amount is settled.

However, the checkout process of Klarna is three times faster than its competitors.

Sizzle

Sizzle is a zero risk buy now pay later woo-commerce payment solution that allows customers to break their payment into multiple installments without any fee. Apart from that, it does not issue credit reports even if the client is not following through with the payment.

Sizzle has integration with most of the apps like Shopify, Magento, BigCommerce, WooCommerce, and many more.

AfterPay

This is another famous buy now, pay later solution for retailers by which your business can grow. It delivers a flexible option to the customers of paying for an order in 4 installments, that is, one payment every two weeks. However, the best part of AfterPay is that the client doesn’t have to pay any fee, as long as they are paying on time.

This tool called AfterPay is adopted by big-box retailers like Urban Outfitters, Free People, etc. Well, if you talk about its most commendable feature, then it offers access to a dynamic network so that store awareness can be built.

Splitit

This tool of buy now, pay later payment option is quite a different solution for retailers. That means it is a card-based program that uses customers’ Visa and Mastercard credit cards. However, it breaks the total cost of purchases made with existing cards into fee-free monthly payments.

Moreover, Splitit delivers its best service without any additional registrations or any application for the clients. If you talk about the merchants, they continuously get payment from the product they have sold. This tool can be installed into an existing website with the help of standard web API, plugin, and embedded code. Also, it offers multiple pricing options to the merchants that start from 1.5%.

The bottom line

Thousands of retailers are indeed adopting the most flexible payment option that buys now pay later woo-commerce to accommodate their clients in a great way. Apart from that, these apps are also helping retailers to increase their sales, conversions, and not the least, and visitors are converting into paying customers.

That means the industry of buy now, pay later is growing like anything generating around $680 billion transaction volume all over the world by the year 2025.

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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