The so-called “buying now and paying later” concept, which is called BNPL in short, has turned into a go-for option for many merchants and consumers. Let’s read below to see what PayPal offers in this regard and how BestPaymentProviders.co.uk can help you with merchant-processing services.
Buying Now & Paying Later: BestPaymentProviders.co.uk
Thanks to BNPL, consumers can purchase the products they need now and pay for them later. The reason why merchants find BNPL quite appealing is that they get an opportunity to enlarge their customer base and increase sales without raising costs and dealing with higher risks.
This is a fine opportunity especially now, when the world is faced with the COVID-19-related financial crisis. Both businesses and customers are going through incredibly challenging times they’d never expect. The situation isn’t problematic for those in the eCommerce field since people are doing purchases online because of COVID-19.
COVID-19 has also changed the way people pay for their purchases. As a result, the adoption of “buy now, pay later” payment programs at checkout has grown unprecedentedly. With all this being said, it’s critical for merchants more than ever before to work with a true payments-comparison professional in the UK like BestPaymentProviders.co.uk.
This is how you can find the most advanced, safest and cheapest merchant-processing services in the country to be able to fight the current financial crisis without major headaches.
BNPL Program From PayPal
PayPal has introduced short-term financing services with no interest. Other special services are available as well. Customers can find pay-later options with PayPal Checkout, without the need to pay extra costs.
PayPal’s new service is similar to those offered by Clearpay, Klarna, and Laybuy. However, each of them comes with their own specific differences associated with repayments and late fees. Pay-later offers include:
- Pay in 4: in this case, buyers can pay in 4, interest-free installments.
- PayPal Credit: this one has to do with a revolving line of credit that buyers can use to pay over time.
According to PayPal data, merchants can use PayPal’s BNPL program to the best if they promote it throughout their site. This refers both to the homepage, category pages, product pages, shopping cart, as well as checkout pages.
In conclusion, PayPal offers a new “buy now, pay later” or BNPL scheme. This is a fine option both for merchants and customers, especially now when COVID-19 has created unprecedented financial challenges.
Author Bio: Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of payment experts like BestPaymentProviders.co.uk. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie with ice-cream on his backyard porch, as should all right-thinking people.