Buy Now, Pay Later (BNPL) allows customers to buy something online, but pay for it after delivery. A BNPL payment can be made in installments over a period of time or as a full payment at a fixed date. Thus, the payment method is a novel variant of purchase on account, for short-term financing of goods.
No traditional banking institutions have to be involved when paying in BNPL installments. What’s more, some BNPL companies even refrain from charging interest rates – a practice that banks still adhere to.
With the economic downturn threatening the margins of online fashion retailers, Buy Now, Pay Later can be a tool to keep customers happy in spending.
In this article, we will have a look at the how and why. We will cover…
- Why the fashion industry is under pressure and how BNPL can help
- What the core advantages of Buy Now, Pay Later are
- What options you have when trying to get a Buy Now, Pay Later solution for your platform