BNPL, an acronym for the English expression "Buy Now, Pay Later," is a payment solution offered by fintech companies that allows consumers to make a purchase now but pay only later. In other words, BNPL is a type of installment payment model similar to " credit ," which can be implemented in physical stores and online stores like yours with significant advantages.
WHY IMPLEMENT BNPL IN YOUR VIRTUAL STORE?
By deploying the BNPL feature in your online store you can, for example:
- Increase the number of payment methods and thus increase the chances of making more sales;
- Offer another form of payment in installments, in addition to credit cards;
- Receive in cash, which provides greater financial control to shopkeepers like you;
- Increase the purchasing power of consumers with a digital installment plan alternative.
Access to this type of credit is a benefit above all for classes C and D, made up of consumers who most of the time do not have a credit card. Undoubtedly, giving purchasing power through BNPL to these people can boost your online store sales.
HOW TO INTEGRATE THIS PAYMENT METHOD IN YOUR VIRTUAL STORE?
As stated at the beginning of this post, fintech companies provide this payment solution, which function as BNPL platforms. Some of the best-known platforms on the market so far are Afterpay, Billie, Affirm and Klarna, for example. In Brazil, BNPL platforms such as Provu and VirtusPay are emerging.
To implement Provu's BNPL service in your online store, for example, simply fill out the registration form on the Provu website . Then, wait for the fintech team to contact you to finalize the process. If everything goes well, your online store will be able to offer BNPL payments soon, thus attracting more customers and clients.
As soon as you can, click on " Mobile Payment " and discover 5 systems to use in e-commerce!
