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How Buy Now, Pay Later Affects eCommerce

Thanks to point-of-sale (POS) financing services such as Klarna and Affirm, online shoppers can buy now and pay later, thus enjoying an easier method of making purchases. Did you know that 42% of Gen Z and 69% of Millennial shoppers would opt for buying a product with a BNPL service? Let’s read further to discover more and see how exceptional merchant services providers like eMerchantBroker can help you thrive.

eMerchantBroker & Buy Now, Pay Later Services

First of all, “Buy Now, Pay Later” (BNPL) isn’t a new idea. Today, Klarna, Clearpay, Laybuy are among the main players in the space, and PayPal with “Pay in 3” is already among these service providers as well. Overall, these financial tech companies aim at reducing checkout friction and providing a better customer experience, and eCommerce gets affected in more than one way as a result.

Thanks to BNPL, consumers enjoy an easier, more transparent option of making a purchase. What about the impact of these POS financing services?  They can lead to the creation of marketplaces with their own form of search optimization. Also, they can promote products and make stores and products more distinguished.

On the other hand, Buy Now, Pay Later eCommerce is on the rise. As a result, the integration with eCommerce shopping carts, mobile wallets, and even physical POS systems will be crucial if payment complexity doesn’t go beyond the minimum.

Are you offering the right payment processing services to your customers? In case you need unmatched security and affordability for merchant processing services, work with a true payment expert like eMerchantBroker. This is how you can get easily approved for the latest and cheapest payment processing services tailored to your own financial needs.

What You Missed About BNPL

BNPL is appealing to consumers since they’re looking for flexibility in making purchases. Did you know that Millennials and Gen Z made 60% of their purchases over the internet, which is up from 47% as compared to the figures registered 2 years ago?

On the whole, Buy Now, Pay Later implies the following options:

  • Making a full payment within 30 days without any interest
  • Short term payments with multiple installments, without any interest and price difference
  • Short term payments with multiple installments, without any interest but with a price difference
  • Intermediate term payments with multiple installments, without any price difference but with interest accruing

In case you miss a payment, you may end up with deferred interest or other penalties. This is up to the lender.

So, Buy Now, Pay Later isn’t something new. It helps consumers buy goods on credit and pay for them later, within a set interest-free period, or in installments.

Author Bio:- Blair Thomas has been a music producer, bouncer, screenwriter and for over a decade has been the proud Co-Founder of eMerchantBroker, the highest rated high risk merchant account processor in the country. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books.