Leverage buy now, pay later with PayLater to grow your revenues and convert consumers who might be undecided about your merchandise.
It’s easy to use and has low fees; buy now Pay Later is growing fast. So, you want to decide if you should use the product and this handy guide will help answer your questions and provide all the information you’ll need to offer installment loans online.
How does buy now PayLater work for merchants?
As a merchandise retailer, the PayLater signup process is fast and super easy. You can offer installment loans online without credit or fraud risk. When you sign up for more information, a team member will contact you and to discuss what you hope to achieve using PayLater. PayLater works both in the Passfeed marketplace and with your own eCommerce platform, so you can leverage it in whatever way best suits your aims. Even restaurants can use the service.
If a consumer buys something and wants to use PayLater, they get an option to choose the service when they are completing the purchase. When the consumer receives their item, PayLater will settle with you and assume any credit or fraud risk. Plus, you receive your payment as soon as the merchandise is delivered. Then, PayLater collects the installments.
How does PayLater integrate with the Point of Sale?
There are a lot of point-of-sale platforms and eCommerce options for your merchandise retailer website and PayLater integrates with them all. So, PayLater seamlessly integrates with:
- Island Pacific
- Commerce Vision
If your platform isn’t listed, don’t worry. Contact our customer support team to see how PayLater can integrate into your solution. Then, our team offers thorough support for integration and help is always available if something goes wrong.
How does PayLater benefit your business?
Your business can be enhanced by utilizing PayLater with some of these features:
- Consumers receive a set installment plan. PayLater informs you about purchase installment amounts and frequency to make it easier for potential consumers to decide whether or not they want the merchandise.
- Reach new markets. PayLater gives you the opportunity to benefit from higher sales and the possibility of an increased customer base.
- Increase repeat business. In addition, they are more likely to spend more per purchase. So, the likelihood of repeat customers purchasing from your business increases.
- You get paid right away. As soon as the customer receives their item, PayLater settles with merchants automatically, right away. So, there are no additional processes or delays associated with settlement.
- You have no credit or fraud risk. Although it might seem like PayLater could be high-risk, the service assumes all end-user non-payment risk for every transaction. This removes the risk of extending credit and it takes your time off of collections.
What is the cost of PayLater to your business?
Only PayLater offers a no-transaction fee model with lower than industry standard commission rate.
- There is no transaction fee
- A commission fee is applied per transaction. Although the industry standard is 4-6%, PayLater charges a flat 2% commission.
With competitors charging a flat per-transaction fee, as well as a higher commission, you can rack up the savings by utilizing PayLater.
What are the credit plans that PayLater offers consumers?
Now you’re wondering about the PayLater user experience for consumers. PayLater is like a layaway plan for consumers where they use it to buy items from your store (either on the Passfeed marketplace from your eCommerce platform) and pay the money back later while receiving their merchandise immediately.
Consumers make four payments made over a twelve-week period. If they do not adhere to the payment schedule, they are charged late fees until they have paid off their purchase.
The twelve weeks are interest-free, so the customer only owes the installments that are reflected at checkout.
What are the benefits of PayLater to Consumers?
PayLater is growing fast because of the many advantages offered to merchants and consumers. Here are some of the benefits your customers enjoy:
1. Seamless integration within store
PayLater is seamless within an eCommerce platform’s checkout which makes impulse spending fast and simple. The consumer can easily choose checkout with PayLater instead of the standard options. That’s all – PayLater handles the payment options and sends you notice of the sale. When the consumer creates an account, purchasing through PayLater is almost automatic, so they never have to pull out their card again.
Your customer doesn’t have to shop exclusively on the Passfeed marketplace to use Paylater. PayLater is available to integrate into your existing eCommerce platform.
2. The approval process is instantaneous
Setting up their PayLater account is very simple. It only takes a couple of minutes. The only steps they have to follow are like signing up for any other online service.
- Create a username and password
- Provide your phone number
- Give social security number
- Enter your name and date of birth
- Enter your bank account information
One of the main benefits of the service is the simplicity of sign-up – it’s designed for your customer to sign up quickly at checkout.
3. Zero-interest payments
PayLater charges no interest fees. There are no fees to the consumer if installments are made on time. PayLater is free for users, with the only costs being the price of the purchase.
4. Four installment payment plan
PayLater automatically splits the total amount into four equal monthly payments with the first due 30 days after purchase. These are then automatically charged to the debit or credit card the consumer used when they set up their account.
5. Great alternative to credit cards
Because younger consumers view credit cards as too risky and costly, millennials are 37% less likely to use a credit card than preceding generations. Millennials and Gen Z are increasingly using buy now, pay later products to manage their spending.
How can you start offering PayLater to your customer base?
In order to start offering PayLater to your customers, you just need to fill out the online inquiry form on the PayLater website. Some of the details that you need include:
- The ABN
- Your Point of Sales (POS) provider
- Your average order value
- The total for your annual sales
- The payment platform you use
- Personal details, such as your name and address
- Your industry
- The type of business you have
- What sales channels you use and whether they’re online, in-store or both
If you want to expand your business and offer your customers more payment options without overpaying for fees, check out PayLater and sign up today.