Buy Now Pay Later (BNPL) is a tried and tested strategy for moving bigger-ticket items off the shelves and into your possession. It comes as no surprise then that millions of people use it worldwide every day! This means you can shop at your favourite stores, local malls or anywhere only and then choose to check out using the BNLP method. The information you will find below will provide some insight into BNPL, our software and the benefits of using it along with some key features.
Buy now, pay later apps allow you to make purchases online and pay them off over time in weekly, bi-weekly, or monthly instalments. These apps sometimes charge interest, much like a credit card, but they may offer "interest-free" periods. If you pay off your balance before the period ends, you can avoid paying interest altogether.
Although this at first glance may appear risky, according to a report by consumer-credit-rating agency Experian1, “Consumers continue to manage credit well and the average credit score climbed seven points since 2020 to 695, the highest point in more than 13 years.”
Collection of debt can be viewed as a seamless part of ongoing maintenance for active accounts, therefore debt collection becomes an opportunity for positive engagement. Below are a few points of advice we offer to companies that will be faced with debt collection:
In order to ensure smooth administration of BNPL credits, a reliable BNPL management system is required for BNPL providers. Our system has been recognised by financial sector professionals and guarantees loans are issued easily and quickly. Some benefits of our software include:
If you would like to find out more about CREDITONLINE's BNPL Loan management system and how it can support your business, please contact our team or book a free demo.