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Buy now pay later

The current pandemic has brought about a surge in ecommerce market growth, in which inevitably increased the demand for businesses to collect payments with flexibility options. With the advancement of technology and consumer preferences, it also rapidly evolve the way people make payments. If your business doesn’t adopt new paying methods, you may be missing out on additional revenue opportunities.

One of The most growing popularity payment trend in recent times is the ‘buy now, pay later’ (BNPL) model, also known as instalment payments plan.. This method involves consumers paying a product or service into smaller instalments over time through a payment plan. For services that are delivered over time, such as education, this can also mean paying as you go, instead of paying fees upfront.

The market is shifting, so how can your business benefit from these shifting trends? And how can you narrow down the choices between all the payment providers in the market offering these payment plan solutions?

Why choose a buy now pay later business model?

The benefits of BNPL model are spread between both you and your customers. For your customers, it becomes easier to pay when there’s flexibility options for payment amount, payment frequency, and preferred payment method. With that in placed, your products or services will be more affordable and easily accessible to a wider audience. In turn, you’ll see an increase in demand for your business and even reaching greater revenue.

For your business, the introduction of the BNPL business model can also increase the conversion rate of browsers to customers. This is because the purchasing risk is perceived to be lower when the payments are smaller. With lower risk, you will see that the average order value increases as the budget for your consumers is now spread out over time, and not in a single transaction.

The BNPL business model has proven successful in increasing the uptake of products or services, encouraging bigger purchases, and more importantly, improving cash flow consistency. Choosing the right provider to support your business comes down to finding the right balance between cost, flexibility, accessibility, and customer relationships in order to achieve future growth and stability.

Ezypay offers businesses an affordable way to introduce BNPL to their customers. With features that allow you to remain in control and improve cash flow, Ezypay could just be the right solution for your business.

If you’re ready to see how instalment payments plan can benefit your business, get in touch with us today or explore our features here.

  • April 14, 2021   ⎯   mins read
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