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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