Buy now, pay later - the trend revolutionising customer experience

The latest trend sitting on the eCommerce market throne is the concept of “Buy now, pay later”, which focuses on simplified payment processes for online shoppers. An increasing number of online platforms are now offering the attractive option of shopping now and paying afterwards.

There was a time when consumers had to tediously save up in advance for things they wanted to buy. Then came the era of credit cards during which consumers could buy products by swiping their credit cards, despite having to repay with high-interest rates. Now, with the introduction of “Buy now, pay later”, shopping online has become easier on the wallet and interest-free.

This blog will take you through the vast array of benefits that can be enjoyed by leveraging a “Buy now, pay later” approach. We advise you to read now and shop later after you are armed with the necessary information.

The simplest and fastest way to pay

Checking out from ePortals is a hassle for online shoppers considering the lengthy payment gateway processes. “Buy now, pay later” makes it absolutely simple and fast to check out after shopping. With this payment method, you don’t have to feel daunted about registering your debit card or credit card details, thus making things simpler and hassle-free for you.

As a lovely bonus, there are no steep interest fees that will be incorporated into your bill. In short, it is a secure method for online payments.

Enough Time to Pay with Buy now, pay later

Another exciting thing about such payment methods is that you get enough time to pay the amount. Most popular “Buy now, pay later” services give you a generous period of time to pay them, giving you time to sort out your finances accordingly without forcing yourself into debt.

No doubt you’ve heard of the likes of AfterPay, ZipPay and Zipmoney - services that allow customers to pay later for things they want right now. They all offer a similar service with slightly different fees and payment structures that may make them more or less suited to your needs. This is something to keep in mind when you’re looking to make a decision.  

Buy now, pay later is so easy to use

Through “Shop now, pay later”, online stores are able to offer virtual credit and this payment method acts like a merchant-specific wallet. Once the customer is registered with a service, all he has to do is enter the one-time password at checkout. That’s it! The transaction is complete.

What’s not to love about “buy now and pay later”? It lets you seamlessly buy what you want, when you want it, online or in-store without having to pay upfront. Even better, they come with interest-free periods, automated deductions from selected debit or credit cards, and reminders to make sure payments are not missed. There’s no time wasted on complex forms or finance approvals—customers simply sign up online or in-store with just a few personal details and their card details.

A wide array of choices

Customers get more choice, as they can now afford options. Rather than going for only what you can pay for out of your savings, you can take home what you really want. This service means customers simply experience less friction in their buying process. They don’t have to wait, miss out, or awkwardly discover they don’t have enough money for their items at checkout.

Customers can make multiple purchases in a month and settle all these transactions at once on a later date. It also facilitates the ease of doing transactions with multiple merchants.

Key takeaways

The benefits to customers and retailers have fueled the growth of this payment methods. Afterpay, for example, is now offered by 16,500 retailers in Australia just three years after launch. By one estimate, 30% of Australian shoppers use it. These buy now, pay later services are the new-age version of the lay-by, except the third-party companies typically assume all the financial risk.

With these many benefits, “Shop now, pay later” is certainly an easy and innovative payment option for your daily purchases. Once you have added all that you want to your virtual shopping cart, the final checkout and payment process is just a click away. Enjoy shopping online for what you want, when you want, without the need to pay upfront.

For more information about this revolutionary payment method, visit Simple Deals.