BNPL selling points are becoming one of the biggest drivers of growth for modern businesses. As more customers look for flexible payment options, buy now pay later (BNPL) solutions are helping merchants increase conversions, boost average order value, and close more sales.
There’s no shortage of payment options for consumers to consider at checkout. But few have matched the flexibility and usefulness of Buy-Now-Pay-Later. BNPL has exploded in popularity, and many retailers and consumers are reaping the benefits of a more flexible payment method. BNPL allows customers to purchase goods through set payments over time, usually without interest. In turn, retailers find it easier to sell big-ticket items and attract more sales when they offer BNPL.
If you’re interested in selling BNPL to a merchant, some of them may not be aware of the opportunities it can bring. Here’s everything you need to bring up during a BNPL conversation with a client to secure a sale.
Increased Options Means Higher Customer Satisfaction
Over half of all consumers abandon their purchases before they make it to checkout. If you’re turning away customers that could otherwise pay with a different option, you’re guaranteeing that they fall into that category. And because the need for BNPL options is multiplying, a consumer who prefers using it could just cause them to look elsewhere.
When a merchant offers BNPL, they’ll notice more than just higher sales—they’ll see that customer loyalty and satisfaction also increase. A flexible payment option shows consumers that you’re willing to work with them to help them get what they want. And in the end, the retailer wins as well, securing a sale that could have otherwise walked out the door.
BNPL Targets Lucrative Demographics
Gen Z and Millennials are attracted to more modern payment options, including BNPL. While older consumers who use flexible payment options are also growing, Gen Z, in particular, has seen a surge in BNPL use.
Retailers who want to appeal to these demographics will see incredible benefits from having a BNPL payment option. And retailers who already appeal to these groups will be left behind if they don’t offer one sooner rather than later. All consumers are using it to spend more with merchants as well. The installments empower the consumer to have more control and confidence over large purchases.
As payment methods seem to pop up daily, merchants could be understandably suspicious about an overly zealous approach to BNPL. But the numbers don’t lie: BNPL is starting to be heavily favored over credit, and customers are warming up to it quickly. If merchants stick to the old tried-and-true ways, they could lose revenue and customers to other businesses who’ve opted to change course. Everyone wins if you can help retailers see the clear advantages of BNPL and ease any of their worries during your sales pitch.