Buy Now – Pay Later, Who’s Who?

In the Buy Now Pay Later (BNPL) industry there are a number of players and it can be very confusing to know which one is best for you or your customers. To help you navigate this industry I have prepared this article for you.

What is a BNPL?

It is basically an installment payment services. As a consumer you purchase a good or service from a seller at a fraction of its price upfront, and then you agree to pay off the remainder in a set period of time. Normally there are no charge, no interest fees or penalties. In addition in most cases you do not have to pass a credit check or have a certain credit score.

Why are there BNPL?

Its really simple, merchants or sellers want to close the sale with a consumer and BNPL product majorly increase a consumer hitting the buy button.

Who are the top BNPL?

  • Afterpay – is one of the biggest and most accepted BNPL services, mainly because it is so easy to use. The site partners with over 50,000 retailers. Payments are usually made every 2 weeks.
  • Sezzle – is one the quickest services to sign up for. It even has a reward program called SezzelUp which can help boost your credit score. Payments are made over 6 months.
  • Klarna – the largest services in Europe, now in the US market. Has partnerships with 200,000 + merchants in many countries globally. Its famous partners include ASOS, Sephora, and Macy’s. Payments can be made 6, 12 or 36 months
  • PayPal Credit Called Bill Me Later – Limits its BNPL amount to $98.99 but there is no specific time required to pay the amount off.
  • PayPal Venmo – In addition PayPal also have Venmo for purchases above $98.99 also with no set time to pay off the installment.
  • Affirm – is one of the largest BNPL and is the installment solution for Open Table and fashion retail purchases. Affirm may charge an annual payment rate (APR) of up to 30 percent depending on your application. case. The nice thing about Affirm is it will send you reminders via text and email to make sure that you don’t forget to make the next payment.

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