Evaluating the Benefits of Buy Now, Pay Later Concept

Evaluating the Benefits of Buy Now, Pay Later Concept

The latest trend ruling the eCommerce market is the concept of ‘Buy now, pay later’, which focuses on simplified payment process for online shopping, thus improving the flexibility. An increasing number of online portals are offering the option of shopping now and paying afterwards. This is not only beneficial for the shoppers, but also for the merchants.

There was a time when consumers had to save up in advance for things they wanted to buy. Then came the era of credit cards wherein they could buy the products by swiping their credit cards, but later while repaying they had 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.

If you want to gain from Shop now, pay later’, online stores today offer many such options. All that you have to do is order the products online and check out using this option. You will receive the invoice through mail after which you will get few days’ time to pay back the money without any interest. In simple words, it is a credit card without plastic and interest rate. This concept offers a lot of benefits for the shoppers as well as merchants. Read on to find out what they are.

Buy Things Now, Pay Later

As the name indicates, the greatest advantage of this concept is that shoppers can order things online now and pay the amount within few days. ePayLater is a good example of this form of contemporary digital payment. So, all that you have to do is shop today, enjoy the purchase and pay later.

Interest Free

This is the best part of ‘Shop now, pay later’. Online stores gives shoppers the option of buying now and paying later under their payment options. This mode of payment is completely transparent without any hidden fee. Unlike credit cards that charge high rates of interest, ‘Buy now, pay later’ is a boon for credit shopping.

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. Furthermore, you don’t have to feel daunted about registering your debit card or credit card details on the eportals, thus making things simpler and hassle-free for you. In short, it is a secure method for online payments.

Enough Time to Pay

Another exciting thing about such payment methods is that you get enough time to pay the amount. Most popular ‘Buy now, pay later’ services like ePayLater give an interest-free credit period of 14 days. For business customers, it’s even better as they get up to 30-45 days credit term to repay.

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 like ePayLater, all that he has to do is enter the one-time password at checkout. That’s it! The transaction gets completed.

Multiple Purchases

Customers can make multiple purchases in a month and later settle down all these transactions at once on a later date. It also gives the ease of doing transactions with multiple merchants. So, this is more of a superfast and no-frill payment option.

Talking about the immense benefits, Akshat Saxena, the co-founder of ePayLater says – “Offering flexibility with making subsequent payments is beneficial for both consumers and etailers. So, it is important for this payment method to be included as a standard payment option on ecommerce portals.”

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. So, enjoy online shopping of what you want, when you want without the need to pay upfront.

Shop now, pay later service is an appealing payment option for customers and merchants alike.

Author: sarora

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