{"id":7712,"date":"2022-02-21T07:23:00","date_gmt":"2022-02-21T07:23:00","guid":{"rendered":"https:\/\/www.kredx.com\/blog\/?p=7712"},"modified":"2023-12-05T09:04:14","modified_gmt":"2023-12-05T09:04:14","slug":"how-can-you-accelerate-your-business-with-buy-now-pay-later","status":"publish","type":"post","link":"https:\/\/www.kredx.com\/blog\/how-can-you-accelerate-your-business-with-buy-now-pay-later\/","title":{"rendered":"How Can You Accelerate Your Business With Buy Now Pay Later?"},"content":{"rendered":"\t\t
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The healthcare crisis that crippled the global economy since the end of 2019 created an environment where traditional modes of business cannot properly function. The introduction of the Buy Now Pay Later service acted as a boon for the growing cash crunch and the demand for contactless shopping\/purchases.<\/span><\/p>

Buy Now Pay Later is a new payment facility that allows individuals to shop without paying anything upfront. Instead, one can pay at a future date as per their convenience. This necessity automatically led retailers\/merchants to adopt <\/span>Buy Now\u00a0Pay Later Business<\/b><\/a>\u00a0model to align with consumers\u2019 demand. The repayment facility at a later date undoubtedly benefits consumers. However, many businesses are sceptical about the advantages of adding this facility to their modules, getting the cash and managing business operations.\u00a0<\/span><\/p>

This piece will thoroughly explain the benefits of integrating the Buy Now Pay Later facility and its ability to give a business the necessary traction; read on.<\/span><\/p>

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Buy Now Pay Later: Definition And Working Method<\/b><\/h2>

As the name suggests, Buy Now Pay Later (<\/span>BNPL<\/b>) enables consumers to purchase anything online, and instead of paying the amount upfront (at zero to low-interest rate), they can do the same in instalments over some time.\u00a0 \u00a0\u00a0<\/span><\/p>

BNPL is short-term financing that allows consumers to buy anything anytime without waiting for salary\/accumulating the total amount. This payment facility is becoming increasingly popular among Millennials or Generation Z, who do not have a credit card and can purchase anything instantly.\u00a0<\/span><\/p>

BNPL as a payment facility works in a similar way as it does for a business. Wondering how?\u00a0<\/span><\/p>

When customers purchase a product, they get it instantly, and the product amount is converted into EMIs.<\/span><\/p>

On the other side, businesses that sell these products instantly get the product amount. Here, they need not wait for ages to receive payment from customers or doubt if at all they will get the same. Instead, they can plan their finances and function as they used to do.\u00a0<\/span><\/p>

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Buy Now\u00a0Pay Later\u00a0Accelerates A Business: How?<\/b><\/h3>

Read on to know how\u00a0<\/span><\/i>Buy Now<\/i><\/b>\u00a0<\/span><\/i>Pay Later\u00a0<\/i><\/b>can<\/span><\/i>\u00a0<\/i><\/b>accelerate a business:<\/span><\/i><\/p>