What is Buy Now Pay Later Software?

INTRODUCTION

Buy Now Pay Later software allows vendors to offer flexible payment options to consumers. Increased spending, narrowed marketplace competition, and improved brand trust are benefits of a Buy Now Pay Later application, and these solutions easily integrate into existing websites, even those already well established. 

Buy Now Pay Later software extends an installment payment option to customers who may not otherwise have access to credit. Merchants enjoy the benefit of confident new leads and consumers, while consumers enjoy an alternative to high-interest traditional credit cards. 

FEATURES OF BUY NOW PAY LATER SOFTWARE

MULTI-CHANNEL SUPPORT

Merchants operating with both a digital and a brick-and-mortar storefront can take advantage of Buy Now Pay Later software. Quality Buy Now Pay Later applications offer seamless transition between websites, mobile applications, call centers, and other POS circumstances. 

MULTI-LENDER OPPORTUNITIES

Merchants utilizing Buy Now Pay Later software are enabled to expand a customer base as consumers are not limited in creditor options. Reputable Buy Now Pay Later applications offer a global network of credit providers, many of which do not behave in the same manner as or in cooperation with traditional lending companies.  

FLEXIBILITY IN E-COMMERCE

Buy Now Pay Later software is suitable for large-scale corporations or start-up businesses. WooCommerce, Shopify, and Magento, with others, are supported as well as custom websites and enterprise hosting solutions. 

TRANSACTION REPORTING

Merchants can view POS reporting, including sales, refunds, and upsells based on live reporting.  This expedites and streamlines order verification and reconciliation. 

BENEFITS OF BUY NOW PAY LATER SOFTWARE

CUSTOMER ACQUISITION

Buy Now Pay Later software encourages otherwise hesitant customers to spend money with your company. The perception of a low up-front investment is enticing to consumers who would otherwise shop elsewhere. 

INCREASED OVERALL SALES

Merchants choosing to implement Buy Now Pay Later software may experience increased overall sales due to a reduced hesitancy of buyers to invest in large-ticket items. Increased order value is also directly linked to the implementation of Buy Now Pay Later software. 

NARROWED COMPETITION

Retailers offering Buy Now Pay Later software services have fewer competitors in their space. The option to pay later may also give consumers the option to try a service or product before committing. 

INCREASED CLV

Buy Now Pay Later software may increase CLV, or customer lifetime value. Consumers who have access to financing are more likely to return to a merchant for future business needs. Customer loyalty, retention, and referral are natural effects of Buy Now Pay Later software. 

NEW REVENUE STREAM

Most Buy Now Pay Later software services allow merchants to collect interest on purchases as revenue. In this way, Buy Now Pay Later opens new streams of revenue to merchants and retailers while simultaneously strengthening and expanding a loyal customer base.