In the last couple of years and especially in the wake of the pandemic, there has been a significant shift from traditional credit-based shopping to the ‘Buy Now Pay Later Credit’ option.
Abbreviated as BNPL credit, this payment flexibility has single-handedly helped many retailers in coping up with low footfall, lack of demand, and dwindling sales after the Covid-19 outbreak.
What is Buy Now Pay Later Credit?
BNPL credit is an unconventional credit option that allows customers to pay for products in predetermined, interest-free instalments over a specific payback period.
So they can make the purchase right away but pay for it later and there is usually no interest or processing charges levied as long as the payment is completed within the stipulated term. While regular credit card EMI payments incur interest, most BNPL credit options are interest-free for the customer.
Buy Now Pay Later Credit was initially offered by a handful of e-commerce giants, but its popularity has increased manifold to also include many brick-and-mortar establishments today.
The best POS machine India for physical stores is being considered as the one that facilitates BNPL credit along with other important digital payment modes.
Why ‘Buy Now Pay Later Credit’ is Essential for Business Growth Today?
No matter what kind of business establishment you own, you cannot isolate yourself from this post-pandemic BNPL credit revolution that has not only taken the ecommerce world in its stride, but is also becoming increasingly popular amongst regular stores. Here are the main reasons why BNPL credit is integral for your business to grow.
Higher Conversions
When you extend such a flexible and largely interest-free credit option, the likelihood of abandoned shopping carts in e-commerce stores, or customers shying away from purchases in brick-and-mortar stores due to lack of income is minimal.
Increase in Average Purchase Value
Since customers are empowered to buy whatever they want, knowing that they don’t have to pay the entire amount at once, it encourages them to go ahead with high-value shopping without worrying about their budget at present.
Especially during the festive season, when the demand for expensive household appliances, consumer electronics, and expensive gift items increases, the BNPL credit flexibility eases them into making the desired high-denomination purchases without hesitation.
Higher Outreach
Reaching out to untapped market segments becomes a lot easier for you as a retailer, when you offer unconventional and customer-friendly payment options.
Repeat Visits
When you have installed the best POS machine India that enables all the digital payment choices (including BNPL credit) as required by customers, they are bound to have an excellent checkout experience.
This will directly increase the likelihood of repeat visits and purchases in the long run. The repeat visits will also help you enrol higher number customers into your loyalty programmes and referral programmes.
Secure Payments
Rather than relying on fraudulent credit options, opting for ‘Buy Now Pay Later Credit’ is 100% safe and secure, since this credit payment mode has been integrated into the EPOS software provided by the most trustworthy POS service providers.
As a retailer you don’t have to worry about payment defaults because the payment is auto-debited from the customer’s account every month. All sensitive information has end to end encryption, thereby eliminating the possibility of any data fraud or security hazard.
Superlative Customer Experience
At the end of the day, your business growth goes hand in hand with how happy you make your customers. With BNPL credit, their need for instant gratification is fulfilled, whilst minimizing the unpleasant budget issues incurred while shopping.
When you allow them to make interest-free credit purchases without maxing out their credit cards, it becomes a highly appealing prospect that they will not want to miss out on.
Conclusion
In your quest to identify and procure the best POS machine India as a retailer, don’t forget to opt for a POS solution that facilitates the BNPL credit payment facility.
In many ways, the increasing reliance on ‘Buy Now Pay Later Credit’ has disrupted conventional payment options, and is paving the path for a radical new world of retail growth fostered by customer loyalty, increase in average purchase value, and enhanced customer lifetime value. It is a win-win situation for both customers and retailers, in the harsh economic aftermath of the pandemic.