Shop Now Pay Later: Why Every Retail Business Should Promote This Concept

As a business owner/ manager, there are so several things you need to do to ensure that everything is running smoothly and your customers are happy. These include product branding, packaging, displays, inventory management, sales, marketing, etc.

Most merchandisers will do almost everything right but forget one crucial factor — deciding the ideal payment method to implement. They always assume that decision is not so relevant and will not affect the business in any way. But this is not true. In real sense, the payment method you choose will have a direct impact on sales. It's one of those decisions that make or break your business. Driving traffic to your store or online website will never be enough until they can convert. And that means giving them what they want, including the payment method.

Most customers prefer the best buy now pay later payment solution because it's easy and more convenient. The option allows them more time to pay for their purchases by dividing the payments into equal monthly instalments. To achieve that, merchants have to provide the credit card POS a technology designed to support debit and card payments.

The shop now, pay later, is also known as Buy Now, Pay Later (BNPL) and is one of the fastest-growing payment methods available. It's also one of the most popular and effective ways for merchants to maximize their sales. Every retail business should promote this concept, and in this article, you will discover why.

- You Get Zero Credit Risk

One reason to use the portable POS machine to help customers to buy now and pay later is that you have nothing to lose as a retailer. The payment provider will pay for the whole amount upfront on behalf of the customer, transferring all the credit risk to themselves. It leaves you with nothing to worry about in case of any delays or late payments.

- It's a Perfect Way to Increase Your Customer Base

As stated above, most customers prefer the shop now, pay later payment option because it's easy and convenient. Therefore, they are likely to purchase from retailers who provide virtual POS services than those who do not have them. By doing so, you get to maintain the customers you already have and also attract new ones to increase your customer base as a whole.

- To Boost Your Conversion Rate

What follows after you increase your customer base? Your conversion rate increases too. It means your profit margins increase. According to statistics, BNPL has the potential to boost your conversion rate by 30% or even more.

- To Encourage Repeat Purchases

When customers get what they want, they are more likely to keep coming for more from you unless otherwise. The same case applies to BNPL services. As long you continue satisfying their needs with your credit card POS services, your customers will remain loyal to you and enhance repeat purchases. That will translate into even more sales and profits for your business.

- To Encourage Impulse Buying

With the freedom to buy now and pay later, customers are more likely to make unplanned purchases; that means more expenditure. Providing BNPL services creates an avenue for customers to spend that money in your store. That will translate to more sales and profit.

Conclusion

If you still do not offer the BNPL payment option to your customers, make sure you do. And now you know why. Not only does it benefit you, but also your customers; that makes it a perfect recipe for success.