The retail environment is more challenging than ever and merchants are looking for alternatives to help drive sales, without taking on additional costs. At the same time, there is a rising number of conscientious consumers that are looking for more flexible and responsible ways to pay.
Financially savvy consumers are turning to Buy Now Pay Later (BNPL) as an alternative to costly credit card purchases. Financial service providers like PayJustNow are reshaping the payments landscape, enabling consumers to conveniently finance their online and in-store purchases with an interest free BNPL payment plan.
BNPL offers enormous growth opportunities for retailers and massive savings for consumers. It is a responsible and rewarding alternative to credit and is designed to ease the burden of debt. Shoppers can now pay for products as they earn money, with no threat of growing charges.
Offering a clear and compelling value proposition for all, PayJustNow helps merchants broaden their consumer base by offering risk-free payment alternatives. It offers a payment plan where customers only pay a third of the purchase price and the balance over two equal monthly instalments - with no interest and no costs.
PayJustNow CEO Craig Newborn says BNPL is by far the smartest option for responsible consumers. "We have experienced significant growth since lockdown, with more than 32 000 consumers, over 400 brands and adding 50 new merchants every 3 weeks.”
"BNPL is a no brainer, it's a win-win for consumers and merchants alike. Merchants are realising significant value with zero risk and no cost to the consumer. This means consumers now have access to additional purchase power that they would have lost on paying the interest associated with traditional credit facilities," he explains.
The company has a strong consumer focus and strives to reduce financial stress by offering instant hassle-free financial solutions. These payment plans are also designed for people new to the consumer market that are usually charged the highest interest rates. The appeal lies in the frictionless and predictable consumer experience.
There is growing demand, especially among younger consumers, for transparency. New generation consumers don't want complicated interest charges or associated fees. Uncomplicated 'no strings attached' payment plans will automatically result in faster adoption.
"The chance to split up payments instead of paying the full amount upfront is appealing to many consumers today, especially for those who don’t tend to use credit cards and may find them intimidating," he concludes.
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