Can Buy Now, Pay Later help during the cost of living crisis?
Written by Marketing Team
Merchants and consumers can BOTH benefit from Buy Now, Pay Later in the cost of living crisis – here’s how…
The UK, along with much of Europe, is facing an unprecedented constriction in consumer spending. With interest rates soaring and prices rising, the retail industry is bracing itself for a harsh winter – perhaps even a recession.
But even during tough times, consumers will still need to make big purchases. And when they do, they’ll be on the look-out for solutions that help to facilitate those purchases with the lowest barriers to entry.
Buy Now, Pay Later (BNPL) and Short-term Interest-free Credit (STIFC) fit that bill. By offering consumers the opportunity to secure a purchase (avoiding future price rises) and split the cost, with nothing extra to pay, Buying Now and Paying Later could incentivise customers to make the purchases they may have otherwise deferred.
For merchants, this represents a way to keep the stream of business flowing. For consumers, it’s an option that can support their lives and lifestyles. It’s a win-win for both sides.
Our new whitepaper, Can Buy Now, Pay Later help during the cost of living crisis?, sets out our argument for why now is the right time for merchants to implement and promote checkout finance. As a way to support their own businesses, to build trust with customers, and to give consumers easier access to the products they need and want.
Download it here, free, today – and discover why now is the perfect time to get started implementing checkout finance.
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