As Buy Now Pay Later continues to emerge as an ever-growing trend, it is slowly but surely replacing consumers’ everyday credit cards. We all know the many benefits of Buy Now Pay Later for business, including increased order value, growth in sales, improved customer lifecycles, and more. It is clear why businesses offering this service allow for more personalised and accommodating shopping experiences for their consumers. So, why deny them the opportunity?
Well, there are still a few things holding some businesses back from joining this new wave of finance. This is why we have prepared the following article to unpack the common concerns surrounding partnering with a Buy Now Pay Later provider. So, if you own a business and are hung up on joining the Buy Now Pay Later trend, then keep reading.
‘I feel like integration will be too difficult for my business to implement’
Integrating a Buy Now Pay Later payment option involves the implementation of tools and technologies. In order to get everything set up, this can be confusing for businesses to install without assistance. Not to mention, integrating this into a business’s prior checkout process involves some changes to be made and adjusting over time. All of this can often add up to the overall expense incurred by the business.
Pay It Later is a Buy Now Pay Later solution which allows Shoppers to make purchases at their favourite online retailers and pay off the purchase automatically over time. Pay It Later makes integration simple; first, Merchants fill out an easy application form, then a set of detailed instructions are sent out on how to implement the Buy Now Pay Later service into their store. Not to mention, a customer service representative is available up until and even after integration is finalised.
‘I’m worried my business won’t be elgible for accredidation’
Besides integration challenges, not all BNPL services will accommodate every business. In order to sign up, businesses must meet a specific set of criteria to qualify for this payment method. This is usually based on the type of industry the business operates under, the products they provide, and whether the Buy Now Pay Later wishes to associate with this or not. Specifically, businesses such as certain adult industries may not be eligible for all providers.
Pay It Later has a commitment to providing niche, small businesses with opportunities. Thanks to Pay It Later’s smaller Shopper to Merchant ratio, this service is able to provide greater exposure to their database.
‘I feel like my small business won’t get recognised amongst all of the other larger companies using BNPL’
The leaders in the Buy Now Pay Later realm are highly saturated in Merchants; from start-ups and small companies to medium and large enterprises. Often, these services tend to prioritise the more well-known companies with greater marketing budgets. Therefore, positioning their marketing efforts more towards these businesses. This means small businesses are often left behind and ‘pushed under the rug’ when it comes to gaining exposure.
As mentioned previously, Pay It Later has a strong focus on catering for niche, small businesses. Pay It Later offers a range of marketing solutions for its merchants, from free to paid options available:
- All Merchants are offered a free position on the store directory online
- Merchants are included in the ‘Merchant Alert’ email campaign, which is sent out regularly, at no cost to Merchants
- There are also a range of other opportunities to be included in email campaigns overtime for free exposure
- Paid options come under the ‘Priority Placement Program’. This includes social media spotlighting, priority site placement, a featured merchant banner, blogs and more.
‘I’m concerned my customers will get into financial problems’
Buy Now Pay Later services are consumer-friendly financial solutions, as they help consumers to manage their cash flow by allowing them to pay off their order in instalments rather than all upfront. However, if consumers do not manage their finances correctly, this can result in some financial difficulty. This is why it is crucial for Buy Now Pay Later services to offer financial support and alternative payment plans.
With Pay It Later, if any Shoppers are experiencing financial hardship, they are able to reach out to the support team for assistance. For a small fee, a suitable payment plan can be implemented which is catered to a Shoppers personal needs. Pay It Later wishes to ensure that consumers are educated and capable of managing their own finances.
‘There are so many providers and confusing terms… I’m feeling overwhelmed’
Buy Now Pay Later services have different terms depending on the provider. Considering the Buy Now Pay Later trend is still growing and developing it can also be confusing for businesses to understand which provider is best to choose.
It is crucial that businesses conduct thorough research on the advantages and disadvantages of each suitable BNPL provider before making any decisions. Make sure to consider the following:
- Payment terms in accordance with your budget
- Ease of use and ability to qualify
- Associated financial and marketing benefits for your business
As mentioned throughout this article, Pay It Later offers a range of effective solutions as a Buy Now Pay Later provider. If you want to find out more about what we have to offer, click here. Or, if you like what you just read, sign up for free and try us out today.
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