Buy Now, Pay Later (BNPL) is a payment option that is fast gaining popularity among merchants and consumers in recent years. BNPL allows customers to pay for purchases in instalments, or defer payment until a later date. While this flexible payment option is not new, it has been given a fintech makeover in recent years and now it is a game-changer in the e-commerce space.
By breaking down the price of a product into more a manageable payment schedule, BNPL helps consumers overcome their hesitation when faced with the full price of a product. This makes it easier to make a purchase decision – a shopping behaviour that is backed up by research. A PYMNTS* study found that nearly two-thirds of consumers are more likely to shop at stores that offer BNPL options, and about two-thirds said that BNPL allows them to make purchases more frequently.
This makes BNPL a game-changer for online retailers, as it has the potential to help merchants increase sales, move items with larger prices, and improve conversion rates – leading to overall better revenues.
Boost Connect’s BNPL solution has several features that not only make it more attractive for consumers to decide on a purchase, it also makes it a stand-out solution for merchants looking to increase sales.
Below are key features of Boost Connect’s BNPL solution that help merchants be more effective in converting their customers to increase sales.
- White Label Solutions
The BNPL Solution powered by Boost Connect allows business owners the flexibility to ride on Boost Connect’s BNPL platform or apply their own preferred brand identity. White-labeled BNPL has its advantages. Merchants can help strengthen customer confidence and recognition of their brand, which can lead do long-term customer retention and loyalty.
- Quick Decision
Boost Connect’s BNPL provides for real time approval for customers, so they do not need to wait days to know the status of their application for BNPL facilities. This is a great mitigation solution for cart abandonment, as customers can quickly make purchase decisions without any hassle involved with other types of conventional payment plans.
- Track Spend
Customers can also easily track their payment activity online in real time with Boost Connect’s BNPL solution. This enables them to simplify their budgeting even when they buy higher priced products. With Boost Connect’s BNPL option, consumers can manage their cash flow with deferred payments and zero-interest payment plans.
Boost Connect’s BNPL solution allows merchants to create flexible Instalment plans to meet their customers’ specific needs. They can create longer repayment plans to capture more customers from lower income segments, by making more products accessible to them. Or they can create shorter plans, with higher repayments to retain some exclusivity. There is a lot of flexibility to suit every business strategy.
As you can see, there are various factors and considerations involving merchants, consumers, and solution providers to make BNPL work for merchants. The key to successfully implementing BNPL for merchants lies in engaging the right partner who is able to provide a solution that fits their specific needs and goals.
Get in touch with us today, and let us show you how we can tailor a BNPL solution to fit your exact needs and goals.