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Drives Online Sales: Online sales in particular are boosted by offering BNPL.

Popular BNPL service Afterpay claims that using its services increases average order value by up to 18%.

Encourages Higher Customer Spend: BNPL is useful for financing larger purchases and can help customers afford more expensive items, even if they don’t have a credit card.

Benefits of BNPL For Businessesīuy now, pay later for small business offers many benefits, which, in a nutshell, are more sales and bigger sales for your business!īNPL is especially popular with younger shoppers, iPhone users, and online shoppers. For example, Square merchants can accept Afterpay payment at their POS or online store. Some POS systems even have BNPL acceptance built-in. Often, merchants will only accept one or two types of BNPL services and may advertise this payment method at their stores or on their websites.

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How Does Buy Now, Pay Later Work For Merchants?Īs a merchant, accepting BNPL works similarly to a credit card, in that you’ll receive the full amount of the purchase even though that total won’t leave the customer’s bank account at the time of purchase. BNPL can be used for both online and in-person purchases. While BNPL has received some criticism for causing young consumers to spend outside their means, and similar to credit cards and other electronic payments, they carry some risks to merchants as well. BNPL makes expensive purchases more affordable, which could entice customers to spend more than they might otherwise. What Is Buy Now, Pay Later For Small Business?īNPL is a type of consumer loan that allows customers to finance a purchase in installments-usually four installments in total.

Is Buy Now, Pay Later A Good Option For Your Business?.

FAQs On Buy Now, Pay Later For Business.

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Buy Now Pay Later Risks For Merchants (And How To Avoid Them).How To Become A Buy Now, Pay Later Merchant.

How Does Buy Now, Pay Later Work For Merchants?.What Is Buy Now, Pay Later For Small Business?.

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