Including but not limited to: your name, your address, your date of birth, a current phone number and your social security number. When you’ve selected the buy now pay later option, you’ll be directed to an application for BNPL within the checkout API.This application will most likely ask for a selection of personal information. When you’ve selected the items you want to purchase and have arrived at the checkout portion of your shopping experience, you’ll be given the usual assortment of payment methods as well as the option to split your purchase into smaller amounts and pay for them over a specified period of time. Different companies will use different BNPL clients (which we’ll discuss later in the article) and the BNPL process can be slightly different for each.īNPL is a payment method, so to even be given access to using it, you’ll have to be purchasing something through an online portal. We’ll walk you through how BNPL works–in most cases–for an online shopping experience. How does buy now pay later work?īNPL isn’t a complicated process, but there are still a number of steps when making a purchase using BNPL in the online realm. This short guide will walk you through of all of that. Many stores offer BNPL for in-person purchases but the glut of BNPL shopping these days takes place in the realm of ecommerce.Īnd though BNPL isn’t a complicated process from the outset, due to its increasing popularity as a payment method, there’s increasing importance in understanding the basics of how it works, why it is so popular and what the best options are for buy now pay later sites. Buying goods through a buy now pay later program can, and often does, come with associated fees and interest rates hike if a buyer is unable to make the BNPL payment when it comes due. BNPL is often referred to as an “installment loan” Then, using a credit or debit card and through one of the many buy now pay later apps that exists, the company will, over a period of equal increments agreed upon at checkout, deduct the amount of money still owed until the item has been fully purchased.īNPL isn’t just for tangible products though, it can be applied to travel, health care or any other number of purchases. Simply put, buy now pay later is exactly what its nomenclature describes: the ability for a customer to fully purchase a product in the moment but only pay for a small amount of the cost upfront. In the midst of the pandemic though, when shoppers were resigned to their homes and were making most of their purchases online, a growing number of online companies created new technology to allow consumers the ability to make purchases in scheduled chunks. For decades shoppers have been using “layaway” plans in department stores to purchase products in increments over a period of time. The concept of Buy Now Pay Later (or BNPL) isn’t a particularly new one.
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