SCORE Foundation reposted this
Exploring 'Buy Now, Pay Later' for Small Businesses Small businesses are increasingly adopting the 'Buy Now, Pay Later' (BNPL) model to attract customers and boost sales. According to a recent article from the U.S. Chamber of Commerce, BNPL offers both opportunities and challenges for small businesses. Here are the pros and cons: Pros: -Increased Sales: BNPL can drive more purchases by offering customers flexible payment options. -Customer Acquisition: Attracts budget-conscious customers who prefer spreading out payments. -Improved Cash Flow: Immediate payment from BNPL providers enhances cash flow management. Cons: -Transaction Fees: Small businesses may face higher fees from BNPL providers. -Customer Debt Risk: Potential for increased customer debt and potential defaults. -Complexity: Managing multiple payment options can complicate accounting and operations. For companies selling to small businesses, it's essential to educate your clients on how BNPL can impact their operations. Stay informed and help your clients leverage BNPL effectively. Read more about the pros and cons here: https://lnkd.in/eM8DdVZw #smallbusiness #SMB #Startup SCORE Foundation