• Home
  • Politics
  • World
  • Business
  • Science
  • National
  • Entertainment
  • Gaming
Wednesday, June 7, 2023
  • Login
No Result
View All Result
NEWSLETTER
Complex Time
  • Business
  • Health
  • Automobile
  • News
  • Technology
  • Travel
  • Fashion
  • About us
  • Write For US
  • Contact Us
  • Business
  • Health
  • Automobile
  • News
  • Technology
  • Travel
  • Fashion
  • About us
  • Write For US
  • Contact Us
No Result
View All Result
Complex Time
No Result
View All Result
Home Business

What is the point of BNPL?

by Jason Robin
September 26, 2022
in Business
0
What is the point of BNPL?
0
SHARES
67
VIEWS
Share on FacebookShare on Twitter

There is no doubt that BNPL is the flavor of the season – having been adopted by many eCommerce companies, banks, and retailers. This short-term credit allows first-time borrowers to make their purchases with ease while taking advantage of it. In contrast to other credit options, BNPL does not require credit history. Buy now pay later has become even more popular since the COVID-19 pandemic hit. 

BNPL is supported by different online payment apps. In the checkout page of your favorite online retail store, you will see the option to choose this payment method. They offer customers an option of paying for their purchases interest-free. More than one-third of US consumers have used the service in the past few years, so the rise has been significant.

Is there any benefit to buying now and paying later? Read this article to find out. 

Diving Deeper into How BNPL Works

Apps supporting the shop-now-pay-later payment method enable users to buy online and pay over time in equal installments. They can choose to pay each week, bi-weekly, or monthly. 

If a customer purchases $300 from an eCommerce store, there are several payment options available to them. Choosing the BNPL option will allow the customer to make monthly payments of 50 dollars, interest-free. In accordance with the payment company’s policies, customers may be required to make a minimum down payment. 

It is therefore possible for customers to avoid late fees or interest as long as they pay on time. However, this still differs from using a traditional credit card, which requires monthly interest payments.

Benefits of BNPL Payments

The BNPL payment method has some distinct advantages. Here are a few of them.

  • By splitting up their payments into easy EMIs, users can make an expensive item more affordable since they can make small payments.
  • Since the pay-later method does not require a hard credit pull, qualifying for the BNPL program is less of a hassle. It is helpful for people who don’t have a good credit score.
  • Due to its simplicity, the payment method can be understood by most people. The transparent nature of the app makes it more convenient.
  • Customers can also manage their cash flow with the help of easy-to-follow EMI plans. Easy-to-follow EMIs are usually within their budget.

It is important to know, however, that this credit option is not for people who wish to improve their credit score. Even if you pay within the due date, Buy Now, Pay Later does not improve your credit score. Before applying, it is imperative that you understand all terms and conditions.

Wrapping Up

Buy now pay later rules and regulations vary among companies, although they are based on point-of-sale installment loans. It is an excellent way to avoid hefty direct payments by completing your full payment in a split-up manner.

Jason Robin

Jason Robin

Jason is a professional blogger and marketer, who frequently writes about custom packaging, technologies, news and health to help businesses understand and adapt new ways to reach and inspire their target audience.

Next Post
Important factor to Consider when buying an E-Bike

Important factor to Consider when buying an E-Bike

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • imposters season 3

    Imposters season 3: Release Date, Cast And More Updates

    0 shares
    Share 0 Tweet 0
  • Ironmouse Face Reveal: Bio, Height, Medical Condition & More

    0 shares
    Share 0 Tweet 0
  • Veibae Face: Relationship with Dream IRL!!! (Face Reveal)

    0 shares
    Share 0 Tweet 0
  • Mystalk: Instagram Viewer Easily Access Fun content

    0 shares
    Share 0 Tweet 0
  • Trigoxin: Is the Movie ‘Run’ based on a True Story?

    0 shares
    Share 0 Tweet 0
The impact of cultural bias in nursing and how nursing education addresses it

The impact of cultural bias in nursing and how nursing education addresses it

June 6, 2023
Peaky Blinders Season 7

Peaky Blinders Season 7: An Epic Drama-Filled Finale

June 6, 2023
Ohsnap

Ohsnap | Phone Grips & Accessories reviews

June 5, 2023

Pages

  • About us
  • Contact Us
  • Privacy Policy
  • Write For US

Recent post

The impact of cultural bias in nursing and how nursing education addresses it

The impact of cultural bias in nursing and how nursing education addresses it

June 6, 2023
Peaky Blinders Season 7

Peaky Blinders Season 7: An Epic Drama-Filled Finale

June 6, 2023
Ohsnap

Ohsnap | Phone Grips & Accessories reviews

June 5, 2023

About us

Our valuable team members have initiated The Complex Time as a media guest post channel, in this modernized era, we can certainly infer the importance of media and cyber channels. We have a leading motive to gather all the information and put them together on a right platform. We entertain a wide range of news collections such as world news, Health news, trending fashion, business news, educational news, technologies and general niche.

  • About
  • Advertise
  • Careers
  • Contact Us

© 2020 Complex Time

No Result
View All Result
  • Home
  • Politics
  • World
  • Business
  • Science
  • National
  • Entertainment
  • Gaming

© 2020 Complex Time

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In