There are 4 reasons Buy Now Pay Later is worth a try for online sellers: 1. Increase SalesThe temptation to make a purchase with no up-front costs is hard to resist. Therefore, the Buy Now Pay Later feature can help online sellers increase their sales.
Even though there is a Buy Now Pay Later agreement, the seller will still get paid immediately because the installment / pay later agreement is between the lender and a certain buyer.
More Customers Will Be Tempted To Buy
Since people don’t have to pay an upfront fee, you’ll have more opportunities to attract new customers to your store.
3. Can Build Trust
Some customers hesitate to make purchases online for fear of being dissatisfied or disappointed with their products.
By offering Buy Now Pay Later as a payment option, customers can purchase without committing to paying the full amount. They will have the opportunity to request a refund if the product does not meet their expectations. This Will Prevent Cart Abandonment
The Baymard Institute says that about 6% of abandoned baskets are due to a lack of alternative payment procedures. By adding Buy Now, Pay Later to your checkout method, you can see a significant reduction in cart abandonment as people don’t have to pay the full amount when they order an item.
When You Should Not Add Buy Now Pay Later To Your Payment Method
If Buy Now Pay Later is one of your primary payment options. You could run into problems later if you receive negative media coverage.
Some people complain that while the Buy Now Pay Later payment option allows customers to get products without any upfront costs
it also results in larger arrears in the long term due to certain interest rates that customers don’t have to pay if they buy goods in cash.
Another thing that could generate negative media coverage is the view by some critics that the Buy Now Pay Later solution is a way to trick customers into taking on more debt than they need.
If you want to incorporate Buy Now Pay Later into your eCommerce store, we recommend limiting how you market it.
Don’t make it the front line of your business. Make BTB Directory it visible in your payment options, but if possible. Mention only those customers you know are interested in purchasing high-value items.