Taking the World by Storm: 4 Things You Need to Know About the Latest “Buy Now Pay Later” Online Trend
Back in the days when online shopping came into light in most parts of the world, customers welcomed it because of its choices and conveniences. However, it didn’t take long before customers started coming across different challenges.
Problems hit the e-commerce industry as the cart abandonment rate increased. This is when Cash on Delivery came into existence. Customers quickly dived into the new advancement because they neither wanted to pay upfront nor provide their bank details.
The new advancement made customers start buying even from lesser popular sites. India’s government then decided to make the economy cashless.
Then another need was felt for those who offered Cash on Delivery – without necessarily involving cash. This gave rise to a new concept called, “Buy Now Pay Later.”
The concept now gave customers the freedom of purchasing, and paying later, though, the concept never started immediately.
The concept of Buy Now Pay Later has now become popular in most parts of the world. Below are four things you need to know about the latest Buy Now Pay Later online trend.
1) No Upfront Payments
Imagine how long you’d always queue at the bank to withdraw cash. It’s tiresome and boring. Or let’s take it from this other angle, you are in a supermarket counter and you have to pay upfront. So, you take out your card to make payments. In the process, you waste a lot of valuable time trying to match the card details.
Instead of going through all the hassle, you can opt for Shop Now, Pay Later with ePayLater, and pay 14 days later. The best part is that you can always shop online using this method (ePayLater.)
2) Their Charges
If you pay on time, you won’t be charged any interest fee on Buy Now Pay Later services.
If payment was to be deducted from your account and you don’t have money in your account, you’ll have to incur late payment charges. For this reason, it is recommended that you always have the right amount in your account when payment is due.
Remember, you will still pay some interest to your credit card provider if you delay in your payment. Are you willing to fork out all those interest?
3) How Your Credit Rating Could be Affected
Most Buy Now Pay Later Services don’t scrutinize your credit history. However, your credit history may affect you in future when you delay in payment because they can report you to credit reporting agencies. The credit agencies could even worsen the situation by making it hard for you to borrow from anywhere in the future. The best thing to do is to adopt Buy Now Pay Later services if your credit history is good enough.
4) Advantage over Cash on Delivery
More and more customers have now turned to ePayLater and abandoned Cash on Delivery options. Why? Because the service tries to eliminate the hassles of handling cash. So, you don’t have to worry about your orders when you’re away, maybe on a vacation.
Now that you are well acquainted with Buy Now Pay Later services, try it out and you’ll love the perks. In case you need any information, make Google your friend and you’ll realize how awesome Buy Now Pay Later services is just awesome.