Pay in 3 (three split payments within 3 months).Most merchants offer the same options, with typical instalments being: With fast approval behind them, the customer now has the option to select the terms of payment – i.e., the term and payment amount. The beauty of Buy Now Pay Later in ecommerce web design is that at this stage, the approval is usually almost instant. From time to time, some vendors will conduct hard credit checks, but 9 times out of 10, the vendor only performs a soft credit check or asks for ID verification. Customers need to go through certain checks to obtain credit – though they are nowhere near as vigorous as other forms of unsecured lending.
#Online shopping websites buy now pay later free
It’s worth noting that at this point, the interest free payment options aren’t approved. If the customer wants to pay by spreading the cost, they’ll need to select the Buy Now Pay Later option. When a customer hits the checkout, they are presented with the payment options as normal, but with the additional option to spread the cost through the BNPL provider. TIP: This is why it’s usually a good idea to advertise on the home page and product pages that you offer BNPL so that customers are aware whilst browsing. We say almost the same as Buy Now Pay Later has been proven to increase sales and so customers may just well spend more time browsing after discovering BNPL is an option. In fact, the shopping experience is almost completely the same until they hit the check out point. The process for the customer is rather simple too. You see, Buy Now Pay Later schemes are offered to merchants via third-party providers, so once you’ve chosen your provider and opted in, only minor changes to your eCommerce site will be required – site structure and age dependent of course. It may seem like a lot of development work would be involved, but that’s not always the case. Offering Buy Now Pay Later to your online customers is a lot simpler than you may think. How does Buy Now Pay Later work in eCommerce? What’s more, unlike standard credit facilities, there’s usually no interest payable (more on this later), making it a really attractive offering to shoppers. It’s a flexible payment option designed to help customers buy products and spread the cost, rather than paying a large amount upfront. What is Buy Now Pay Later (BNPL)?īuy Now Pay Later pretty much does what it says on the tin – allows shoppers to buy items now but pay for them at a later date. Once you’re all read up, you’ll be in a position to decide whether using buy now pay later for your ecommerce website is the right option.
Implementing Buy Now Pay Later within Magento 2 eCommerce websites.Our preferred Buy Now Pay Later providers.Benefits to the end-customer and business.How Buy Now Pay Later works in eCommerce?.With so much ‘good chatter’ going unheard, we’re here to tell you everything you need to know about offering Buy Now Pay Later payment methods to your customers on your eCommerce website. In fact, it’s now thought to be at around £2.7 billion, with around 5 million people purchasing products this way – clearly an option customers wanted to see introduced. In 2020, the UK’s adoption of BNPL products alone nearly quadrupled. Whilst some of the industry chatter highlights more of the ‘perceived’ cons of Buy Now Pay Later, the facts can’t be argued with… And it’s called Buy Now Pay Later.Īlarm bells ringing? Hold those feelings. But it is the latest way for eCommerce businesses to meet the ever-changing needs of their customers. It’s not completely new to shoppers and in all honesty, it’s not ground-breaking. Word on the street is there’s a new payment option taking the eCommerce world by storm. An in-depth look at what Buy Now Pay Later is and whether it’s a good payment option for ecommerce businesses to offer their customers.
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