Reasons Why Buy Now Pay Later is the Right Option for Your Business

Buy now pay later is the perfect way to expand your business's reach by leveraging consumer credit. Even if you have no sales, Buy Now Pay Later is an option for businesses who do not wish to dilute their equity shares. Buy Now Pay Later allows customers to buy equipment they need now, and pay for it with a post-purchase payment plan that suits them.

Buy Now Pay Later offers offer the customer the ability to defer payment on goods and services until they are able and willing to make a purchase. Buy Now Pay Later plans vary: some allow dividing payments over several months; others weeks or even days – but all Buy Now Pay Later guaranteed approval plans allow customers the flexibility of making that purchase when they; not necessarily when you want them to. Buy Now Pay Later also gives businesses the ability to expand into new markets and increase revenue by inviting customers without access to credit to make a purchase using Buy Now Pay Later as an alternative payment method.

Businesses should be aware that Buy Now Pay Later is not a sale, it's a finance product; despite Buy Now Pay Later being very convenient for both business and customer, Buy Now Pay later plans must be suitable and realistic - otherwise you could find yourself victim of Buyer Remorse: where the Buyer realises they cannot afford – or do not want – their purchase after all – leaving you with stock on your hands and cash flow problems.

A full appreciation of Buyer Remorse can only come from understanding that Buy Now Pay Later is the Buyer's "right to return". Buy Now Pay Later helps customers change their minds about a purchase without any fear or risk that they will be penalised for doing so

Businesses should not offer Buy Now Pay later as "hassle free." Buy Now Pay later plans must be professional and well-structured, otherwise you will lose custom before you even begin. And remember: Buyers are very put off by obscure Buy Now Pay Later fees, hidden costs and other post-purchase conditions. It is important to remember that Buyer Remorse can only occur if the Buyer doesn't understand how Buy Now Pay Later works. Businesses must therefore provide clear explanations of how Buy Now Pay Later plans work before the Buyer makes a purchase.

Businesses that offer Buy Now Pay Later stand to gain from increased revenue and a broadened customer base. Buy Now Pay Later guarantees your business a steady flow of income, with no need for once-off massive advertising campaigns or other initiatives. Buyers will always prefer Buy Now Pay Later over cash on delivery because Buy Now Pay later requires Buyer authentication without putting them in contact with anyone who can take their money directly. Buyers cannot commit fraud or allow themselves to be exploited if they are authenticated by the Seller themselves. And since Buyers never have to pay full price when using Buy Now Pay later, they're more likely to spend more than they would on purchases.

Businesses must secure Buyers' Buy Now Pay later plans with Buyer Authentication. Buyer authentication is Buy Now Pay Later's most important selling feature, and also its most powerful risk management tool. Buyer Authentication provides Buyers with more security than cash on delivery; it reduces credit card fraud by asking Buyers to enter their personal information directly on your website or app, before they make a purchase. This way you get the information you need without putting your buyers at risk of direct financial interaction with someone who can take money off them. Companies that offer Buyers the option of entering an Authentication Code instead of paying for each purchase are more likely to get repeat business.

Purchase Order Financing

With Purchase Order Financing , businesses can finance their daily operations using Buy Now Pay later as a Buyer's "right to return" and Buyer authentication. This way, you never need to worry about money ever again; Buyers can now pay for your products or services after the fact using Buy Now Pay Later. The Buyer has the option of paying up front if they want to – but this is not required by law and it may put them at risk of committing fraud so it isn't advised.

Businesses that finance their daily operations with Buy Now Pay later face higher risks than those who do so with cash on delivery, because BNPL requires Buyers' authentication and creates Buyer Remorse: one false move could be financially catastrophic for your business – especially invoices go unpaid or Buyers default on Buy Now Pay later. Buyer Remorse can occur when Buyers are not clear about how Buy Now Pay later works, so businesses must provide Buyers with clear explanations of how Buy Now Pay later plans work before the Buyer makes a purchase.