These Buy Now Pay Later Apps In India Deserve Your Attention For All The Right Reasons

Buy now, pay later India schemes are here to stay for a while, observe market analysts.

The ecommerce industry, experts predict, will witness over 20% growth this year. They have introduced a new payment mechanism as part of this ongoing campaign. Known as shop now pays later schemes, they make shopping a pleasant experience for an average consumer. Almost all players in the field offer such schemes. And most lenders provide their own apps. This way, consumers can install an app on their smartphones and sign up for the scheme. If the lender approves an application, the person can buy the big-ticket item he had been

dreaming of. 

These buy now pay later apps deserve your attention for the following reasons: 

1. They bring big-ticket items to an average consumer.
2. They offer easy access to a line of credit to the amount you agreed upon with the lender.
3. They offer no-cost equated monthly instalments.
4. Your lender ensures the utmost transparency and speed while shopping.
5. These schemes don’t affect your credit score: Most of the lenders who offer buy now pay later India schemes don't do a hard check on credit cards. This has only a minimal impact on your credit score.
6. They ensure utmost speed and convenience: Having a buy now pay later app is the most convenient way to shop. Create an account with the lender, fill up the online application form; done. Your lender will take care of the process. In a general scenario, you get approved within 24 hours of applying for the same.

Advantages for small businesses

If yours is a small business, buy now pay later apps to help you in the ways given below:

1. Helps you streamline your flow of money

You may find it difficult to pay for the goods and equipment you need upfront. A buy now pay later scheme lets you do the same in small instalments. This gives you better control over your revenue.

2. It lets you customize your mode of payment as per your requirements

There may be times when you find it easier to pay in smaller instalments for six months after purchasing equipment. Or you may want to pay based on the flow of your income. Whatever is your requirement, there is a payment plan for you with B2B lenders.

3. It assists in your efforts to reduce the load on other forms of finances

Opting for a buy now pay later India scheme lets you set aside your credit card. It even reduces the load on your bank balance. You can buy the equipment or furniture you need and pay for them later.

4. Ensures a smooth shopping experience

All you need to do in a buy now pay later scheme is to install the app on your Smartphone. And you can shop as much as you want. Even a huge purchase becomes a breeze with the pay later option. 

5. It helps you reach out to millions

Integrate the buy now pay later India scheme into your business. And you will attract new customers who stayed away from making a purchase due to the high price. This way, you let them buy expensive items in interest-free installments. And your customers are sure to reward you with more sales. 

6. You minimize the instances of cart abandonment

As per the statistics, the cart abandonment rate among Indian consumers is 51%. This often happens because of inability to pay upfront. And when it comes to buying online, shipping cost is a hurdle that often discourages average consumers. 

Be mindful of possible risks 

Buy now, pay later apps put big-ticket items within your reach. But be sure to evaluate your finances before signing up for it. If you fail to repay the loan within the stipulated time period, you will start paying interest. And it is going to be quite high. And if you default, the penalties and other charges would drain you completely. 

If your lender decides to report it to credit card bureaus, your CIBIL score will nose-dive. 

If you are a reliable borrower, buy now pay later apps are definitely golden opportunities that you cannot afford to miss.