One of the most popular trends in the current consumer market has to be buy now, pay later schemes. As a buyer, it’s clearly advantageous to be able to experience a service or receive a product before you actually part with your hard earned money, but what are the advantages from the other side? There are numerous benefits of BNPL for businesses, especially those operating with B2B structures. Making sure that your business can maintain a consistent sales cycle is so important, especially when the markets are getting tougher and tougher to stay competitive in. Keep reading to find out more about how your company could benefit from using this method regularly.
1. Speedier Sales Cycle
When you introduce a buy now, pay later scheme for your business, it improves the sales cycle drastically. Instead of a sales cycle that lasts for several days, you can expect it to lower down to just thirty to forty five minutes. With B2B BNPL, there’s a huge acceleration in the speed of the customer buying because it takes away the issue of having cash there and then. Having a BNPL solution in place will also help to enhance customer confidence as they aren’t parting with their money right away too.
2. Boosted Conversion Rates
When there is an option to pay in installments, it’s no secret that a customer is more likely to follow through with a purchase. This is because there is less risk involved with a buy now, pay later plan.
3. Enhanced Cash Flow
As a business, you will instantly receive cash from the sale right away. It doesn’t matter if the consumer hasn’t paid the buy now, pay later lender yet; the cash will immediately come to you once that initial purchase amount has been agreed.
4. Wider Customer Reach
With effective buy now, pay later schemes, you are opening up the doors to a whole new customer base. Those who may not be able to afford these products and services outright can now become a part of your target demographic. Your target consumers are also much more likely to purchase items with a higher price tag because the cost can be broken down into more affordable installments.
5. Improved Customer Experience
Most customers would agree that their experience is improved when they have more control over their payment options. Making a conscious effort to improve customer experience, can not only enhance your reputation, but it can also encourage them to buy from you again. Putting the control into their hands is a powerful move which should never be underestimated.
It’s clear to see that buy now, pay later schemes are here to stay. Not only are they incredibly popular, and becoming more and more trusted by buyers, but they also allow your business to grow in an effortless way. As well as reaching wider audiences, you can also improve the experience of your customers, boost your sales cycle and improve the reputation of your brand. So if you’re considering BNPL for your business, now is the perfect time to start.
