An Insight into the Usability of Pay Later Apps for Businesses

BNPL or Buy Now Pay Later, is a payment method that allows you to make a transaction without needing to pay out of your own wallet. To avail of this facility, you simply register with a firm that provides this service, and they pay you when you make transactions which are usually buying products online.

However, after the lending institution pays in your name, you must repay the money within a certain time frame. In comparison to a personal loan, the BNPL system charges no interest. You can either pay it in one single payment or in no-cost EMIs. If you do not make the payment within the specified repayment period, the lender may levy interest on the borrowed money.

This model has dramatically changed the landscape of lending in the Indian market as it is accessible to both end customers and businesses. Today, there are many pay later apps that even offer instant personal credit to businesses to help them overcome their liquidity shortages. The post further discusses the benefits of pay later apps for businesses.

Instant Credit

Unlike business or personal loans that have a rigorous evaluation process to assess the credibility and eligibility of the applicant, availing of instant personal credit via these pay later apps is simple and hassle-free. All you need to do is download their app, register on it, and provide the required details. The app after evaluating your profile provides an instant credit of a certain amount.

Better Interest Rate

As compared to a personal or business loan, no interest is charged on the amount borrowed from a pay later app. These apps offer credit at zero cost for a certain time period and after that charge interest that is lower than personal or business loans.

PAN Indian Credit Network

Pay later apps like ePayLater as a PAN India credit network and ties with many renowned merchants. So, if you are a retailer, you can buy products in bulk at the best prices and sell at a good margin to make better profits. This app also allows you to onboard your local distributor which is a great advantage to your business.

So, this is how, as a business, you can leverage pay later apps to your benefit.

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