Buy Now Pay Later Software

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.

What is Buy Now Pay Later?

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.”

What about the customers that miss payments?

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:

  • 1. Have thought out strategies for collections
  • 2. Restructure interest payments
    • a. The ability to set and reset interest rates can be the difference between collecting and not.
  • 3. Track promises to pay.
    • a. Keeping a record of responses through integrations between the financing platform and messaging applications can help collect responses and facilitate more effective collections.
  • 4. Get easy access to customer history
    • a. Other integrations will ensure that everything about the client’s history with the business is on hand for help with collections messaging.
  • 5. Leverage phone scripts for all phases of collections/communications
    • a. If your workers know what to say and when to say it, you will gain an advantage over all vital components of the collections process for truly effective financing software.
  • 6. Classify Debt
    • a. Classifying Debt into separate categories, whether by amount, duration, or any other characteristic — is important both for collections and strategic planning.

Why choose CREDITONLINE Buy Now Pay Later software?

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:

  • Customisable configuration of our BNPL administration system. Our system is simple and easy to use, employee training will also be provided by our team of experts.
  • Flexible and fast configuration when new products or business processes are introduced. At CREDITONLINE we believe it is important to use systems that grow with your business.
  • Reduced risk thanks to an integrated automatic client scoring system helping you and your team make better decisions.
  • Save time and money thanks to our automated software that allows for fast loan decisions.

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.

Frequently Asked Buy Now Pay Later Questions

Is it a good idea to use a BNPL app to pay for online purchases?

In most cases, BNPL apps offer great deals as long as you pay off your loan on time. Overall BNPL has introduced a flexible and convenient way to finance your online shopping.

Do you need a credit check to use BNPL?

Most buy now, pay later companies only require a soft credit check for approval, which doesn't affect your credit score. However, others may conduct a hard pull of your credit, which could knock a few points off your score temporarily.

What are the alternatives to buy now pay later?

For example, you can apply for a credit card with an interest-free deal on purchases and spread the cost of paying for items over several years without paying a penny in interest. The advantage of a credit card over buy now pay later is it can be used in most stores so you can spread the cost of several items rather than just one.

How does CreditOnline help manage buy now pay later loans?

CreditOnline helps business and employees manage buy now pay later loans by fully automating the process from loan origination to loan repayment. With our countless integrations and team of programmers even the slightest changes can be implemented into the customers needs.