The looming recession, inflation that continues to rise, and the aftermath of covid-19 have lowered the financial security of many households. As a result, paying in installments or at a later date is becoming a necessity for a growing portion of the population.
Whether it is to escape debt, pay for bills, or to purchase new products, buy now, pay later (BNPL) providers are becoming an increasingly popular way to pay. Both companies and service providers can benefit from providing more flexible payment options to their consumers to improve customer experience. BNPL is said to be revolutionizing the retail banking industry.
Our senior solution architect, Jeroen Dekker, and Bernhard Bruns, senior project manager at Lowell, one of the largest credit management companies in Europe, discussed how smart financial software can help commerce, billing, and collections companies incorporate "Pay Later" options into their existing system infrastructure. In this webinar hosted by Tom Parker, a senior journalist from Credit Strategy, a company that provides a community for credit professionals, the latest trends concerning pay later were discussed. The key takeaways from this webinar are as follows:
- Industries for which offering payment flexibility is an extremely interesting service are those with long-term relationships and a sense of social responsibility. This includes government agencies, insurance, and utility companies
- There is almost no difference between a BNPL and a traditional invoice; in both cases, you receive a product or service before you pay it. The only distinction when you choose tof pay later, the request to pay arrives when you make the purchase.
- Offering consumers the option to pay later is key to helping them out a little during difficult times. By doing so, you can strengthen the long-term relationship with your customers. And doing so in an easy automated manner provides a smooth process for both; your company and your customers.
To learn more about how you can better accommodate the changing needs of your customers, and offer them the flexibility they need to improve customer experience, click on the link below. Subscribe to our newsletter to find out when our next webinar on flexible payment options is.