‘Buy now, pay later’ – this is the new concept that is ruling the world of online credit shopping of late. Slowly but steadily, it is paving its way into the list of payment options on many reputed online shopping portals. If you are an avid online shopper, you might have come across this beneficial mode of payment while ordering things online. However, if you have not, it’s time to gain some knowledge about this interesting concept and get an idea of how you can benefit from it. For those of you who are hearing about this online payment schemes like ePayLater for the first time, here are few crucial facts that you need to know.
Order Things Online and Pay Back within a Pre-Defined Time Limit
‘Buy now, pay later’ shopping model is a very innovative concept that allows online shoppers to buy products now and pay back the outstanding amount on a later date. This time period depends on the provider. For instance, ePayLater gives a credit term of 14 days for its customers to pay back after they make a purchase.
Well, the convenience that such a model offers to users cannot be described in words, especially for individuals who are concerned about their empty wallet during the month end. It’s no doubt a boon for such people – something that has been redefining the way in which credit businesses function in the country.
The Registration Process Is Quick and Simple
If you have just read the first fact and are excited about this mode of payment, you would certainly be eager to try the payment option right away. If so, you are likely to be wondering how to register and get approval. The registration process is very quick and simple. Unlike credit cards that take several weeks to be approved, you can get instant approvals for ‘Buy now, pay later’.
ePayLater makes use of advanced algorithms in order evaluate an applicant’s creditworthiness, which in turn helps in predicting the repayment behavior of the applicant. On the basis of this evaluation, the applicant is assigned with variable limit on spending. This whole process takes a few minutes and hence is quick and simple.
The Credit Term Is Interest Free
What makes for ‘Buy now, pay later’ shopping a lucrative credit option for shoppers is that they get to enjoy an interest-free credit term. ePayLater offers interest-free credit term of 14 days for individuals. Businesses can get interest-free credit term of up to 45 days. An interest is imposed only if the user misses repayment on the specific date.
‘Buy Now, Pay Later’ Shopping Is Beneficial for Both Shoppers and E-Commerce Businesses
‘Buy now, pay later’ shopping is beneficial not only for the online shoppers, but also online shopping portals. While buyers gain from several benefits like interest-free credit term, secure payment process, easy registration, and instant credit online shopping, the eCommerce businesses also benefit from increased sales and reduced abandonment of virtual carts.
This Is a Secure Payment Option
The security that this mode of payment offers to online shoppers is unparalleled as they don’t have to enter any confidential details like credit card or debit card information. They don’t even have to enter sensitive data like customer ID or password either as in the case of net banking. All that they have to do is authenticate the transaction using a one-time password that they would receive to the registered mobile number. Thus, it is a completely secure process.
Elucidating the benefits of ‘Buy now, pay later’, Akshat Saxena, the co-founder of ePayLater says – “This payment method opens up a highly innovative perspective on shopping online. The flexibility involved in purchasing and simultaneously cutting down the risk by delaying payments can lead to even higher popularity of e-commerce. Thanks to this concept that has helped purchase decisions to be made easily. This kind of solutions has already been implemented in PVR, IRCTC, Industry Buying, and more.”
Digital transactions like non-cash payments and electronic payments are steadily turning out to be better alternatives for cash transactions. Having a credit card in your wallet is not something unusual; today, individuals effortlessly make use of contactless cards. Innovative ideas like ‘Buy now, pay later’ that promise great convenience and usability are the keys to developing a competitive improvement in the ever-dwindling finance market.