Flexible payments are a huge plus if you want to take your company to that next level. The great thing about flexible payments is that a customer can pay for goods whenever they want. The need for flexibility tends to extend to payment preferences.
Most customers expect to be given multiple spending options when they checkout on a website. This comes down to 66% of millennials and 54% of those from Generation X. The best spending option of choice would be Buy Now and Pay later.
What’s Buy Now Pay Later?
Buy Now Pay Later, or BNPL is a flexible method and it gives you the chance to split your payment into multiple payments. You can do this over a matter of weeks or you can do it over a few months if you want.
The merchant will receive the full payment right away and they will fulfil the order as they normally would. That being said, the customer doesn’t have to pay for it right away, so they get all of the benefits without having to lay out their money.
When you look at the fact that the BNPL provider assumes all payment liability and fraud, it’s safe to say that this offers the best of both worlds. Merchants happen to receive full payments upfront and they can do this without any of the risks.
Thanks to the buy now and pay later option, the popularity of online stores has surged and so have finance options.
Right now it looks like things are not slowing down either. The Buy Now and Pay Later options have doubled in popularity over recent years and customers have reported that they use them regularly.
Different Payment Methods within the Casino Sector
Different payment methods started appearing within the casino sector. Casinos accepting Neteller payment methods have rocketed over the years and a lot of this comes down to the fact that customers now expect it.
Customers do not want to log on to a site and then realize that they do not have the options that they originally wanted.
This is why flexible payment options are increasing in popularity so much. Of course, Buy Now and Pay Later often involve some kind of finance agreement but at the end of the day, it’s not hard to see that this has really rocketed in popularity in general.
Credit Cards are Trending Down
If you look at the trends that have started, you will soon see that a lot of them stemmed from the Great Recession. The last decade or so has seen the rise of credit-averse shoppers who have experienced a total of two recessions.
They have also had to battle through the cost of living and they are somewhat skeptical of using credit cards too.
They are twice as likely to not take a credit card with them when compared to the older generation and they say that not having a credit card is one f of the reasons why they do not have a solid credit history.
Why Buy Now Pay Later is Surging
When you look at millennials you will see that they are not the only generation that is turning over to credit cards.
Now, one in four of them use Buy Now Pay Later to avoid using a credit card. 44% of shoppers choose this as an option for flexibility and when it comes to fair business practices, you will soon see that a lot of users trust this more than they do credit card companies.
The pandemic has had a huge influence on this and it looks like the rise of online shopping has had a part to play as well. Most shoppers have used this as an option to pay for goods throughout the pandemic.
eCommerce Transactions
45% of global transactions, wallets, and Buy Now, Pay Later options are rising.
They are also helping to kick credit cards to the curb. At the end of the day, credit cards are still sitting in the second spot but it would seem that things have surged in popularity. Things are going to continue to grow as well.
Reaching a Bigger Audience
Buy Now and Pay Later is catering to a distinctive set of customers and it would seem that some of them cannot afford to buy the item in question up-front. At the end of the day, it would seem that a lot of users also want to be able to enjoy shopping and enjoy the convenience that it has to offer.