Buy Now Pay Later: What are the benefits?

Posted by Team Finaxar on Sep 9, 2020 8:30:00 PM

It’s no secret that business owners are facing unpredictable shifts in how consumers are spending their money. From big-ticket items to improving overall sales, the concept of ‘Buy Now Pay Later’ shows no signs of slowing down. Moreover, Buy Now Pay Later services have emerged as one of the popular payment methods taking over credit and debit cards.

‘Buy Now Pay Later’ is trending amongst consumers, suppliers, and platforms globally. Finaxar Pay is a buy now, pay later service made specifically for business-to-business (B2B) transactions.

Although what is the overall benefit of offering Buy Now Pay Later to B2B buyers and suppliers? 



Benefits to buyers 


  1. Eases cash flow problems: Buy Now Pay Later eases cash flow problems for customers as they get the freedom to purchase what they want and control their spending with the flexible credit term.
  2. Improve user experience: Buy Now Pay Later gives the flexibility to buy what you need. It is a win-win situation wherein customers purchase their big-ticket item without paying the whole amount upfront. 
  3. Flexibility: By offering Buy Now Pay Later service, the buyers feel a sense of freedom and flexibility into them. This helps in maintaining healthy cash flow and taking control of their businesses.
  4. Affordable: It is a feasible and affordable option for buyers as it allows consumers to divide the amount of your purchase over time without paying any interest before the end of the delayed payment period. 
  5. Instant Credit: Buy Now Pay Later gives you instant access to funds with an easy and flexible checkout with merely a single click. 
  6. Easy: It's an easy and secure payment option to purchase items that a buyer needs. All it takes is to select Finaxar Pay at checkout and Finaxar team will do the rest.
  7. No fees: The customers can purchase what they need and pay within a specified time period. There are no upfront payments or hidden fees applicable. 
  8. Minimal documentation: It’s a great and reliable option in case of emergencies or unexpected purchases as it's quick with no additional interest. The buyer has to submit a few documents for a better understanding of your company. 


Benefits to suppliers 

  1. Improve cash flow: The supplier gets up front and full payment in no time. This helps the supplier in getting paid early and can free up funds to grow and expand the business. 
  2. Increase repeat customers: The buyers will tend to purchase more and in bulk, if given a credit term for a month. This will also aid in retaining customers.
  3. Increase in sales: The ‘Buy Now Pay Later’ option bridges the gap between the sale and the customer’s final payment boosting cash flow for the business owner. This drives sales and order value making it easy for customers to purchase goods or services.
  1. Higher transaction value: The buyer will spend more money when they are given the ‘Buy Now Pay Later’ option. This boosts the transaction value considerably.
  2. Improve buyer loyalty: The Buy Now Pay Later option perhaps prevents buyers from going elsewhere. Trust and good communication can strengthen the supplier-buyer relationship and reinforce loyalty. 
  3. Gain new buyers: Offering Buy Now Pay Later to the buyers is a win-win for the suppliers. It helps them in getting more new customers as there are no upfront fees to be paid. 
  4. Optimise accounts receivables: It offers fast credit approval, reduces collection risk and lets the supplier focus on core business.

The takeaway

As the world adopts digital culture, more consumers favour buy now pay later than ever before. It provides immediate access to the things you wish to buy while easing financial stress. If you’re looking for an easy-to-use payment option then Finaxar Pay, a flexible payment option is your best bet.