A deferred payment service, often referred to as a “buy now, pay later” (BNPL) solution, allows consumers to acquire goods immediately while distributing the cost over a series of installments. Several retailers have integrated these services to broaden customer accessibility. One such example involves utilizing a BNPL service for purchases made at a major home improvement retail chain.
The incorporation of installment payment options can broaden a retailer’s customer base by enabling individuals with varied financial resources to make purchases. This approach can also foster increased sales volumes and higher average transaction values. Historically, deferred payment plans were primarily offered through traditional credit lines; however, the emergence of BNPL services provides an alternative, often with less stringent credit requirements.
