In the past two years of global healthcare and economic crisis, people willingly or unwillingly started relying on online shopping. In such cases, when consumers get the chance to split their large purchases into smaller instalments through BNPL (Buy Now Pay Later), the acceptance rate increases almost instantly. This scenario paves the way for businesses to recover from the economic slowdown and grow with increased clientele and sales. The assurance of growth multiplies when businesses get massive help from online BNPL Solution providers like KredX. Read on to know the working procedure of KredX Buy Now Pay Later for businessand how it can help companies grow.
How Does BNPL Solution From KredX Help A Business?
KredX BNPL Solution helps grow business in many ways. These are as follows:
Expanding Customer Base
Buy Now Pay Later for merchantsis a great tool to attract new customers and expand the business. Wondering how? Through the BNPL program, buyers can convert their high-value purchases into easy instalments and select the period as per their convenience. Thus, existing customers will continue to shop from that particular merchant, and window shoppers will join the program due to the flexible payment facility.
Increasing Average Order Value
The flexibility to split purchase value into instalments allows customers to shop more. Previously, consumers had to wait for their salary, or save for a long time to purchase a pricey product. Now, they can purchase multiple high-value items and pay at a later date. Hence, the average order number rises, increasing the overall sales.
Maintaining Cash Flow
By integrating KredX BNPL Solution at checkout, business persons can sell products and get the money instantly (without waiting for their customers to pay) from the BNPL provider. On the other hand, buyers can purchase products without paying anything upfront and pay at a future date as per their convenience. Thus, businesses can reduce the risk of insufficient cash flow, manage inventory, pay employees, restock products, process them for sale, and continue this cycle. Businesses can easily secure these benefits and offer the same to a customer by fulfilling the eligibility criteria of KredX.
What Is The Eligibility Criteria to Avail BNPL Solution From KredX?
The simple eligibility criteria of KredX are as follows,
MSMEs or businesses that are operational for minimum 6 months
Buyers from Proprietorship/Partnership/Private Ltd
Buyers who have a CIBIL Score of more than 600 and are New-to-Credit
How To Integrate BNPL Solution From KredX?
Online businesses can integrate KredX BNPL Solution by following the steps mentioned below:
Step-1: Fill up the form with correct details and sign up for the agreement to start the process.
Step-2: Provide essential data to quickly complete API integration with the platform.
Step-3: After successful integration, BNPL appears as a payment option at checkout.
Step-4: Once the process commences and buyers purchase products through BNPL, merchants can receive payment for the products sold in less than 2 minutes.
Businesses operational offline can integrate KredX BNPL Solution by following the steps mentioned below:
Step-1: Fill up the form with the right information and sign up for the agreement to initiate the process.
Step-2: Provide necessary documents and data to whitelist buyers.
Step-3: Onboard your buyers on the KredX BNPL app.
Step-4: After customers start purchasing products, merchants can receive payment in less than 2 minutes.
Getting an instant financial facility for business is easy with KredX. The quick API integration hassle-free digital process allows merchants to enjoy the benefits of Buy Now Pay Later for business, i.e., attract new customers, manage inventory, ensure steady cash flow thus taking their businesses to the next level.
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