‘Buy Now Pay Later’ gives you another option to use your money. With PayLater, you can shop what you want first. While paying the purchases in installments later, you can enjoy your favorite immediately.
As you can see, you do not need to bring cash, debt card or credit card. Just use one PayLater APP, shopping online or in a retail store is never so easy.
Now we will help you go through PayLater, so you can know what does ‘Buy Now Pay Later’ mean. And why PayLater has become more and more popular, how you can use it to increase your business sales.
What is PayLater?
‘Buy Now Pay Later’ is one of the most popular online payment methods. As the literal meaning showed, PayLater allows you to shop your products and take them back to home first. No matter you purchase what you want online or offline in the retail stores, you do not need to pay anything on the spot.
Contrarily with PayLater by Passfeed, you only need to enjoy your goods at home first. And pay them later in monthly installments( twelve weeks).
What’s more, The twelve weeks are interest-free.
No doubt ‘Buy Now Pay Later’ has become the leading payment methods now. Customers do not need to pay any interest if they pay back on time before the deadline.
In fact, ‘Buy Now Pay Later’ has a great vogue at eCommerce and online stores few years ago. Now it comes to offline too, helping retailers, restaurants, hotels & other business owners grow their sales.
How to Buy Now Pay Later?
Many companies offer this ‘Buy Now Pay Later’ function, such PayLater by Passfeed. It is easy for you to sign up with APP, then go shopping what you want.
While you checkout, you may find a new option to pay your products in installments later. With a breakdown detail, you can review your installment plan. So you can know the amounts you need to pay later, and when should you pay.
Why you need to use ‘Buy Now Pay Later’?
Now you have already known what does ‘Buy Now Pay Later’ mean, but you may concern why we need it. So let’s find what benefits you can get if you use PayLater together.
To Retailers, eCommerce, or other Business Owners
1. You can get real-time payment
As we said above, customers can pay their money later, so how about the merchants? Can they receive the payment immediately? Sure even with ‘Buy Now Pay Later’, the merchants still can get their full payment in real time,once they deliver the merchandise. PayLater will help merchants collects the installments later, so you do not need to worry about how to get back your payments.
2. It improves your customers experience
Generally speaking, customers would like to buy what they can afford. Otherwise customers will just do window shopping, but with ‘Buy Now Pay Later’ customers will feel more comfortable. Customers can take their the things they want back to home first. And they do not need to consider whether they have enough money or not. PayLater help merchants solve this issue, let customers feel they can afford what they want with a great shopping experience.
3. It boosts your business sales
With ‘Buy Now Pay Later’, customers trend to do more shopping, even they overrun the budget. Due to PayLater, many merchants say they have boost their business sales.
4. It attracts your potential customers
Also retailers & merchants tell us they have attracted more potential customers with PayLater. The idea of ‘Buy Now Pay Later’ helps most business owners attract their potential customers, who may not know their shop before. By word of mouth, customers will share the benefits with their friends. Now, more and more customers are seeking stores or online shops with PayLater service, you should not miss the chance.
5. It increases repeat business
No doubt every merchants want to turn customers to be their loyal customers. Increasing the rate of repeat purchases is their daily target too. Before it may be not easy, but now with PayLater you can get a better solution. According to the research, most business owners has increased their repeat business sales.
To Customers
As you can see, business owners can get many benefits of ‘Buy Now Pay Later’, so how about the customers?
1. You are using the most popular online payment method
‘Buy Now Pay Later’ is driving the trend of online payment, especially for the younger. As a customer, you can use the most fashionable payment gateway, which is convenient to pay over time.
PayLater, as a modern payment gateway, offers you the freedom of shopping without credit cards.
2. You do not need to pay with a Credit Card
Although credit card is still one of the popular payment gateway, you may not have one. In fact, not everyone has a credit card. Also sometimes the process of applying credit cards is too complex.
Fortunately, ‘Buy Now Pay Later’ gives you another choice to pay without a Credit Card.
3. ‘Buy Now Pay Later’ lets you enjoy products at home first
With PayLater, you can bring your purchases back to home first and enjoy them immediately. PayLater weakens your difficulty at checkout, it helps you enjoy what you want.
Without Paylater, you may need to purchase your favorites after saving enough money.
4. You gain a beeter User Experience
Sure we want to make the purchases faster with a simple payment plan. With ‘Buy Now Pay Later’, your buying process is seamless with the retailers or online stores. Before checkout, you can easily make the purchases with financing.
5. Everything is affordable without interest fees
After using PayLater, you can find afford everything. Actually, most of us would like to avoid interest fees. While you are making the purchase decision, you may check whether you need to pay extra fees or not. But with PayLater, you can afford all things you love with no interest fees.
Summary
As you can see, ‘Buy Now Pay Later’ is not only right for business owners but customers too.
If you are a owner of a retail store or a eCommerce site, PayLater will help you boost your business sales, improve customers experience. If you are a customer, PayLater offers you more chances to shop, and more convenience to pay.
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