![]() Once you’ve registered and activated your MONEI account, you can configure various payment methods including credit card, digital wallets, and installment payments via our partnership with Cofidis. Set up your BNPL system in three quick steps:ġ. Letting shoppers make installment payments can improve your e-commerce conversion rate and customer satisfaction. ![]() How does buy now, pay later work?Īs an e-commerce merchant, you can add buy now, pay later options to your checkout by working with a payment gateway that supports installment payments.įor example, we partner with Cofidis to make it easier for you to accept payments in installments and your customers can enjoy pay later options.īuy now, pay later is particularly advantageous if you sell larger ticket items like fitness equipment, furniture, or home appliances. It produces a win-win for you and the customer because you get paid right away, but they can pay over time. What it means for you as an e-commerce business is that you still get paid in full through a partnership with a financing company. Installment payments are generally paid in three, four, six, or 12 months until the total value of the order is paid off. Whatever the term used, they all ultimately mean the same thing: consumers get to buy a product, have it delivered, and make payments over time. Some of the terms you may have heard include installment payments, shop now pay later, pay in 4, or deferred billing. The option of “Buy Now, Pay Later” (BNPL) has been around for many years so it’s accumulated a number of descriptions. ![]() In this article, we’ll take a closer look at what buy now, pay later is, how it works, the benefits of BNPL, and examples of e-commerce businesses that are getting it right. ![]() This option of online payments is ideal for younger audiences - specifically those who have no credit cards or don’t want them. There are also many benefits to merchants, including increasing your conversion rate, attracting new customers, and staying competitive. In addition to allowing customers to pay their full order amount over a period of time, pay later options have no additional fees or interest. In 2020, the use of installment payment options grew by 55% in Spain. Buy now, pay later has become a popular payment method among online shoppers - especially since the pandemic hit. ![]()
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