Until recently, private-label credit cards, layaway and, in the case of large retailers, co-branded credit cards were the only “in-house” financing options merchants could offer to consumers. However, an alternative to these options — buy now, pay later (BNPL), also known as pay-over-time — is not only available, but is catching on fast with merchants and consumers alike. When deciding whether to introduce a BNPL program in addition to or instead of traditional card-based financing and find the right solution for their business, retailers must consider the demographics and preferences of their customers. Once they have opted to move ahead with BNPL, they must also follow a strategic approach to structuring and promoting their program if they are to achieve the best results from their efforts.
Read on to find out more about how to determine if BNPL is the right path for your business and how to best board the BNPL train.