Today’s customers crave flexibility and control over their finances.
That’s where Buy Now, Pay Later (BNPL) comes in. It lets customers pay for things in smaller chunks instead of all at once.
This makes it easier for them to buy things they want.
For businesses, POS integration with BNPL has a lot of benefits as it can bring in more customers and boost sales.
Let’s look at how BNPL can make a real difference for your business.
Retailers can capitalize on the benefits of POS integration with BNPL to drive revenue growth and create a more engaging and satisfying shopping experience for their customers.
Here are several ways it can help.
When stores offer “buy now, pay later,” more people end up buying things because they can pay in small installments instead of all at once.
This makes it less likely for them to change their minds and leave the website without buying anything.
People tend to buy more expensive stuff or add more items to their cart when they can pay later in installments.
This means stores make more money from each customer’s purchase.
Customers like having options to pay in a way that fits their budget.
When stores offer flexible payment choices like BNPL, it makes customers happier and more likely to come back to shop again.
Some people don’t use credit cards or prefer not to pay everything upfront.
By offering BNPL, stores can attract these customers who might not have shopped otherwise.
Many customers leave their shopping carts without buying because they see the total amount and are surprised.
With BNPL, customers know exactly how much they’ll pay each time, so they’re less likely to leave without finishing their purchase.
Stores that offer BNPL stand out from others because they provide more payment options.
This can attract more customers who like having flexibility in how they pay.
Stores can use BNPL to encourage customers to buy more expensive things by showing them how affordable it can be when paid in installments.
This can lead to customers buying more and spending more money.
In fact, around 2 in 5 people plan to replace their credit cards with BNPL (C+R Research)
Here are the most popular reasons for this.
| Easier to make payments | 45% |
| More flexible | 44% |
| Lower interest rates | 36% |
| Credit cards are maxed out | 33% |
| Easy approval process | 33% |
| Low credit card limit | 22% |
| No interest | 22% |
With BNPL, stores sell products faster because more people buy things and spend more money.
This helps stores manage their stock better and keep their inventory fresh and interesting for customers.
As a product engineering company (with a deep expertise in RetailTech), we offer comprehensive retail POS integration services.
Here is a quick guide, prepared by our integration experts, to integrate BNPL with a retail POS system:
As you already know, integrating BNPL solutions into your retail POS can significantly impact sales and revenue.
Hence, here are effective strategies to maximize its potential.
Highlight BNPL as a payment choice prominently during the checkout process.
Offer crystal clear information on how it works, such as payment installments over time without interest.
For example, a fashion retailer can display “Pay in 4 installments with 0% interest” as an attractive BNPL option during checkout.
Incentivize customers to choose BNPL by offering exclusive discounts or perks.
For instance, an electronics store could provide a 10% discount on purchases made using BNPL.
This not only encourages immediate sales but also promotes customer loyalty to BNPL as a preferred payment method.
Use the data gathered from BNPL transactions to create personalized marketing campaigns.
Analyze buying behavior, preferences, and demographics to customize promotions.
For example, a beauty brand can send targeted email offers for skincare products to BNPL users who have previously bought cosmetics.
Create loyalty programs specifically for BNPL users to encourage repeat purchases.
Offer rewards points, cashback incentives, or early access to sales events.
A sports equipment retailer could introduce a loyalty program where BNPL users earn points for every purchase, redeemable for discounts on future orders.
Decoding the common concerns is essential for ensuring the success, sustainability, and trustworthiness of BNPL integrations within your business operations.
Here are some common challenges alongside best practices to avoid them.
The South Africa-based customer is a prominent provider of digital banking solutions, aiming to provide a top-notch payment solution that’s both superior and user-friendly for consumers and merchants alike.
Challenges
– Consumer Data Sovereignty
– Fraud & Risk Prevention
– Multi-technology Integration
– Transactional Info. Encryption
Key Highlights
– Multi-party transactions
– Historical payment data management
– Consumer credit score analysis
– Automated merchant settlement
– PCI compliant
– Financial reporting and accounting
How We Helped?
We teamed up with the client to create a modern Buy Now Pay Later (BNPL) payment system that works seamlessly with any E-commerce store.
This new solution made it possible for customers to pay without interest and helped businesses sell more.
Result?
– 30% Boost in sales
– 42K+ Active consumer base
– 300+ E-Commerce store integration
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