If becoming a digital store felt overwhelming, what we’re about to discuss may make you sweat. Don’t. It’s an up-and-coming topic developing in the changing world of ecommerce merchandising. It addresses how to collect on what you sell, and how to make it easier for your customers to buy.

Dubbed “BNPL” for short, the concept of Buy Now; Pay Later offers payment plans for goods–something that was once only a reality for big retailers offered through proprietary credit cards, or by accepting bank cards. That’s still a way to go, but what if you could ease the pain of customers who really want what you have, but are constrained by a temporary financial shortfall?

In the era of a global pandemic, creative financing has taken on various forms; experts believe the shutdowns have advanced ecommerce developments by up to five years. As shopping online has exploded, strategic agreements with underwriters mean even small businesses can entice buyers with offers to pay in installments.

Flexible payment methods are attractive to nearly 60 percent of consumers who purchase online. Those numbers might incentivize your decision to explore the possibilities. Though not without limitations, it’s at very least a marketing tactic that accommodates tough times.
Offering payment flexibility requires a direct integration through your point-of-sale system, and that initial step is big. Some players providing this service include Affirm, Afterpay, Klarna, and Quadpay. PayPal, perhaps the most prolific online payment platform, announced in August that it would begin a launch.
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One study analyzed data of BNPL programs over a three-month period, reviewing almost a half-million transactions across more than 300 retailers. They included the above five platforms. Here’s what they found:

• PayPal represented a vast majority of transactions, totaling 65 percent.
• Afterpay ranked second with 10 percent.
• Affirm gobbled up 6 percent of online BNPLS
• Klama represented 5 percent, and
• QuadPay lagged last with 2 percent.

Life – and business – would be a lot simpler if a successful customer interaction ended in a sale. For too many, a lingering drama unfolds with customers who use the legendary payment service, PayPal, to facilitate their transaction.

PayPal, a behemoth originating from the early days of eBay, offers a relatively smooth transfer of funds from buyer to seller, and provides industry-standard security in the process. When a sale goes awry, however, it can be a nightmare to deal with – especially if you have a customer who may just be attempting to defraud you.
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As an online seller, the benefits of accepting PayPal payments are impossible to overstate. First, PayPal processes about $100 million worth of payments each year. Second, the percentage of ecommerce shoppers, and others, who have PayPal accounts is very high. Most are comfortable with the technology and will readily turn to its convenient service. Merchants including a PayPal payment button on their checkout sites may realize a greatly increased chance of making the sale.