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Buy now, pay later (BNPL) is on the rise. BNPL is an alternative payment method that allows shoppers to break up the total cost of a purchase into affordable installments, spread out over time. Here are six reasons why your store should start offering BNPL: 1. YOUR CUSTOMERS ARE LOOKING FOR BNPL OPTIONS. More consumers are now taking advantage of pay-over-time options when they are available. In 2023, online merchants saw a significant increase in purchases made with BNPL, with volume up 42.5% year-over-year. 2. BNPL IS A GROWING MARKET. An estimated 93.3 million consumers are expected to use BNPL in 2024. American Banker reported that the BNPL market in the US could reach as much as $8.3 billion by 2028. 3. YOU DON’T WANT TO BE LEFT OUT. BNPL is being adopted more and more by online retail giants, like Amazon.com — further accelerating its growth and making the option far more familiar to consumers that shop online. 4. IT DOESN’T HAVE TO BE COMPLICATED. Adding yet another payment type to the back end of your website doesn’t need to be daunting. There are options to help simplify the process. For example, merchants can add BNPL options to their existing checkout experience using pre-built ecommerce integrations, like the Affirm Payments extension for WooCommerce. 5. STREAMLINE YOUR CHECKOUT EXPERIENCE. Using a BNPL integration streamlines the purchase process for the growing number of customers who prefer to pay over time. Keeping consumers on your site and moving towards checkout is important. A seamless checkout experience can also help reduce cart abandonment. 6. GET IT WHILE IT’S HOT. With summer often a slower time for businesses, there’s an opening for merchants to get BNPL up and running on their site, before the Back to School rush floods in (and then it’s Black Friday before you know it.) For more reasons to offer BNPL sooner than later, read this blog post by our friends at Affirm: https://lnkd.in/gGK_crkz

  • Time to offer buy now, pay later now.

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