The undeniable need
Funds have always been the biggest obstacle that stands in the way of both customers’ satisfaction and retailers’ growth. To overcome this obstacle, companies came up with installment systems and easy payment processes in the early 1920s to encourage customers and potential consumers to take action and buy more. Following this immense shift, a huge increase in purchasing rates, customer loyalty, and retention has reshaped the future of financing solutions.
Despite the huge increase, purchasing power couldn’t keep up with the rising supply; down payments were still an issue. This challenge, however, introduced the BNPL to the market.
Buy now, pay later
The new payment method isn’t hard to understand. You simply purchase products on the spot, then pay for them on installments.
Consumers started to feel safe and empowered once this method hit the market. They have become more willing to purchase costly products without being concerned or hesitant. The given clarity in terms of interest plans and installment duration has majorly affected the behavior and thinking of modern consumers. Now, you can easily compare payment plans, calculate the interest based on the number of years and total amount, and reach a decision accordingly. BNPL has become now the only logical choice that would pop into a consumer’s head when it comes to shopping in general or big-ticket items in particular.
What are the benefits of BNPL as a payment method?
- 1. Instant need satisfaction as consumers own their items immediately.
- 2. Some super apps provide non-bank installment plans with a seamless and a convenient payment process.
- 3. In case of an emergency purchase, spreading the payment can be a life-saver.
- 4. Some retailers offer interest-free payments if the customer chose a short-term plan.
- 5. Increased customer loyalty.
Buy now, pay later by Halan
Purchasing products online is almost never a problem, finding a suitable payment plan for unbanked customers, however, is. Halan offers non-bank installment plans for mobile phones, electronics, home appliances, furniture, and two and three-wheelers and more. In partnership with thousands of vendors, we provide installment services with minimum to zero down payment and a simple paperwork process.