Push Your Revenue To Pre-Pandemic Levels With KredX BNPL Solution
As the world continues to struggle with a pandemic-induced economic crisis, businesses are rapidly adopting smart strategies to recover their losses. Recently businesses have developed an open approach towards boosting sales and moving inventory faster to push their revenue to pre-pandemic levels. One of such approaches is the integration of the ‘Buy Now Pay Later’ solution into their payment regime.
Offering credit sales to customers is not an old concept for businesses. However, this BNPL solution, backed by KredX, is beneficial for customers and works in favour of small businesses in more than one way.
Wondering how?
Read along to gain more insight into the same!
BNPL – A Smart Way To Boost Sales
Most customers who make a bulk purchase ask businesses to offer discounts. Also, customers are often on the lookout to secure credit sales at extended repayment terms.
Businesses with substantial cash at hand can offer lucrative discounts and offers on bulk sales. They are also adept at extending products to all their customers on credit. As a result, such businesses not only retain their customers but also clear their inventory smoothly.
Small businesses do not always have the required financial footing to extend such pro-customer offers and discounts. As a result, they often struggle to clear stock as quickly as those businesses allowing credit purchases.
Fortunately, with the integration of payment features such as Buy Now Pay Later, businesses can now allow customers to pay for their purchases later at their own speed. The said payment option is generally zero-cost financing or a low-cost option and accompanies a flexible repayment regime.
This benefits the business in these ways:
- Helps move inventory quicker: This ensures greater revenue and boosts liquidity.
- Attracts new customers: The lucrative opportunity to repay at its own pace draws in more customers and strengthens businesses’ footing in the market.
- Retains existing customers: The pro-customer payment feature helps retain existing customers and gains their loyalty.
- Keeps steady cash flow: These features and associated benefits collectively help businesses to keep their production and sales up and running. Given the current situation, continuous sales and robust earnings are of utmost importance to take any business to its pre-pandemic level of sales.
Needless to say, with this pro-customer and business payment solution, entrepreneurs can revive their sales and recover losses incurred because of the pandemic with ease.
Curious to know how this payment solutionworks? Check the section below.
How Does BNPL Solution Work?
Typically, a BNPL solution is an arrangement where a business collaborates with a buy now pay later finance provider. In such an arrangement, the business offers credit sales.
Here’s how the BNPL solution extended by KredX works out for businesses:
- Businesses sell goods to customers.
- Customers agree to repay for the same later at an agreed date.
- The business extends the BNPL solution to them.
- Both parties discuss repayment schedules and interest.
- The customer gets the option to pay a small portion during purchase.
Meanwhile, the business receives payment from KredX against the transaction. Finally, on maturity, the customer settles the payment with the business.
Most fintech solution providers conduct e-KYC verification that includes customer’s credit checks and financial analysis before offering this alternative payment option. KredX follows a similar system of approving businesses’ BNPL requests.
In essence, KredX follows:
- A hassle-free onboarding process for businesses
- An entirely digital process that does not involve any in-person formality
- Simple documentation and verification to ensure quick approval
Besides these, the fintech platform also offers simple repayment terms. For instance, based on the agreement and customers’ creditworthiness, the platform may ask for EMIs, payment at scheduled intervals or payment in full at the end of the repayment schedule.
Bottom Line
The Buy Now Pay Later solution is still nascent in India and among the small business community. Regardless, the pros and prospects of this alternative payment scheme are undeniably among the best means to push businesses to their pre-pandemic levels.
That said, if you are keen on reviving your sales and keeping your current customer base intact, you may consider integrating this alternative payment feature into your business. Additionally, make sure to look for the BNPL solution from leading fintech companies like KredX to make the entire process smoother and more beneficial.
