Expanding your business is a never-ending journey, and anything that can help you with that is an opportunity you should jump on to. With enough and more options for you to take up, one rather promising opportunity is the Buy Now, Pay Later service.
About Buy Now, Pay Later
Alternatively known as BNPL, this service, when integrated with your business can lead to a significant surge in orders and your overall revenue. It lets your customers buy a product or avail of service from you and pay for it later. This takes away the burden of on-spot payment and can thus boost the buying motive.
For a business, this means it can help drive more sales and convert prospective buyers into actual buyers. Although the buyer pays for it later, the BNPL service provider settles your payment instantly. This means you don’t have to wait at all for your payment.
Now that you know how Buy Now Pay Later can help you grow your business, here are some pointers to keep in mind.
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Understand how BNPL can help you
The first thing to understand before you opt for a BNPL partner is to determine how it can help your business. Most financing services are mainly directed toward customers that are interested in your products or services but are apprehensive about making full payment upfront or do not have adequate resources.
When you provide your customers with the option of financing or a Buy Now, Pay Later service, it acts as instant gratification and encourages them to buy your products or services.
BNPL services provide them with an instant line of credit that they can use to buy from your business.
BNPL service providers provide you with an instant payment that is not affected by the repayment of the credit they offer to their customers.
Most Buy Now, Pay Later apps such as Freecharge are flexible, take very little time to complete payment, offer a good amount of credit, and save the customers from the hassle of OTPs or PINs to make a payment.
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Choose the right financing partner or BNPL provider
There are various players in the market to choose from. You should weigh out the pros and cons of all of them and then make a decision. Some top Buy Now, Pay Later apps in India to consider are:
Freecharge
You can integrate Freecharge Pay Later in your online or offline business to provide your customers with ease of payment. Customers can instantly get interest-free credit every month with a repayment cycle of up to 30 days. Your customers can use Freecharge Pay Later as a mode of payment to buy your products or services. It is also convenient to use for your customers as it allows one-tap payment and saves them from the hassle of entering PINs or OTPs to complete payments.
For offline payments, you can get your unique Freecharge QR code from the Freecharge Business app. Your customers can scan this QR and pay using Freecharge Pay Later.
LazyPay
LazyPay is another BNPL platform you can consider integrating into your business. It is available on both iOS and Android platforms so you can target a large customer base. You can integrate LazyPay into your online payment gateway for seamless payments. Your customers can directly choose LazyPay at the time of payment and pay for your product or service.
Simpl
Simpl ensures easy transactions and has an easy interface for both the customers and business owners. It also lets you integrate a one-tap check out option into your online payment gateway. You can further enjoy seamless integration with your favourite platforms and payment providers such as Razorpay, shopify, etc.
There are various other BNPL and customer financing platforms available for you to use in your business. Onboarding these can significantly help you grow your business and customer base.
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Integrate BNPL apps into your business
Once you have decided on which BNPL or customer financing works best for you, the next thing you must do is get it integrated into your payment system. Online businesses can blend BNPL apps directly in their checkout process. Most BNPL apps can be integrated with your current payment gateway and provide a seamless and additional mode of payment for your customers.
For offline businesses, you can avail of features like QR codes that your consumers can scan from their phones and pay directly from the respective BNPL app. The amount from these transactions can go either directly to your bank account or digital wallets.
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Advertise Your Financing Options to Your Customers
After all the ground-level work is done, you must let your customers know of the new payment option you have made available for them. It is only then that you will be able to reap the benefit of providing your customers with such an option,
Prominently advertise financing and the availability of BNPL in your store, on your website, on social media, and of course word of mouth, so that customers know about this option upfront.
This approach can turn inactive or apprehensive customers into actual buyers, especially when they are holding back from availing of your services or bing your product due to lack of funds.
Combining customer financing into your marketing mix can also facilitate shoppers to pick your brand over your competitors.
Bottom Line
In today’s dynamic world where the customer is king and queen, you have got to offer the best services that you can to your customers. Customer financing and BNPL platforms are one upcoming avenue to explore and integrate into your business.
Many buyers today don’t have the funds necessary to make instant purchases. BNPL services give shoppers the ability to buy products today and pay for them over time while increasing your store’s sales and transaction values. Make the most of customer financing by choosing a financing partner that meets the needs of your business and its customers.
