{"id":27576,"date":"2021-03-01T15:41:31","date_gmt":"2021-03-01T11:41:31","guid":{"rendered":"https:\/\/www.middleeastevents.com\/blog\/?p=27576"},"modified":"2021-03-01T15:41:31","modified_gmt":"2021-03-01T11:41:31","slug":"the-rise-of-the-buy-now-pay-later-service","status":"publish","type":"post","link":"https:\/\/www.middleeastevents.com\/blog\/the-rise-of-the-buy-now-pay-later-service\/","title":{"rendered":"The Rise Of The Buy Now, Pay Later Service"},"content":{"rendered":"

The buy now, pay later trend has taken off around the globe. Over the past few years, companies like Afterpay in Australia have let shoppers take home the products they can\u2019t afford to pay all at once. These services are growing in popularity, especially among millennials, who\u00a0tend not to own credit cards<\/a>. Meanwhile, retailers benefit by offering another payment option at the POS that helps them move products quickly out of their inventory.<\/p>\n

]Under traditional layby (or layaway) programs, of course, a customer makes a deposit on a product and completes payment over a fixed period. The retailer, meanwhile, sets aside that product in their store until payment is complete. This can be a mixed bag for retailers. Yes, laybys can get\u00a0customers to return to the store<\/a>\u00a0over the payment period (and get customers to buy when their credit is tight). However, there\u2019s always the chance that the customer won\u2019t finish the payments. That leaves a product to sit in a retailer\u2019s inventory unsold, perhaps even to become obsolete.<\/p>\n

The growing alternative<\/h3>\n

With buy now, pay later, the customer also pays over a set period but takes the product home at the time of purchase. By giving customers what amounts to a loan, these services assume the risk to retailers of default payments. Moreover, they get products out of the retailer\u2019s inventory at the time of purchase. The benefits to customers and retailers have fueled the growth of these services. Afterpay, for example, is now offered by 16,500 retailers in Australia just three years after launch. And\u00a0by one estimate, 10% of Australian shoppers use it<\/a>.<\/p>\n

Afterpay earns most of its revenue by charging retailers a small percentage of a buy now, pay later sale. Afterpay makes a complete payment to the retailer at the time of purchase\u00a0while letting the customer pay Afterpay in four installments.<\/p>\n

CIN7<\/a>\u00a0integrates with\u00a0Afterpay<\/a>, allowing retailers in Australia to give customers a happy alternative to credit cards and traditional lay by programs to make a purchase. Retailers, particularly in fashion and apparel, use CIN7 to keep stock in line with orders across multiple channels, all in a single, management platform. Click below to find out how CIN7 can benefit your multichannel retail business.<\/p>\n

\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

The buy now, pay later trend has taken off around the globe. Over the past few years, companies like Afterpay in Australia have let shoppers take home the products they can\u2019t afford to pay all at once. These services are growing in popularity, especially among millennials, who\u00a0tend not to own credit cards. Meanwhile, retailers benefit […]<\/p>\n","protected":false},"author":1,"featured_media":27577,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-27576","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.middleeastevents.com\/blog\/wp-json\/wp\/v2\/posts\/27576","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.middleeastevents.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.middleeastevents.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.middleeastevents.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.middleeastevents.com\/blog\/wp-json\/wp\/v2\/comments?post=27576"}],"version-history":[{"count":1,"href":"https:\/\/www.middleeastevents.com\/blog\/wp-json\/wp\/v2\/posts\/27576\/revisions"}],"predecessor-version":[{"id":27578,"href":"https:\/\/www.middleeastevents.com\/blog\/wp-json\/wp\/v2\/posts\/27576\/revisions\/27578"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.middleeastevents.com\/blog\/wp-json\/wp\/v2\/media\/27577"}],"wp:attachment":[{"href":"https:\/\/www.middleeastevents.com\/blog\/wp-json\/wp\/v2\/media?parent=27576"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.middleeastevents.com\/blog\/wp-json\/wp\/v2\/categories?post=27576"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.middleeastevents.com\/blog\/wp-json\/wp\/v2\/tags?post=27576"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}