Buy now, pay later is not just for consumer commerce anymore. An increasing number of B2B buyers are opting for interest-free deferred payment agreements, and NetNow's Buy Now, Pay Later solution can help sellers unlock their B2B sales potential.
Offering customers the option to buy now and pay later can increase the number of sales a business makes. Customers are more likely to make a purchase when they know they can defer payment or spread it out over several months without any interest.
When customers know they don't have to pay for their purchase in full at the checkout, they are more likely to increase the number of items in their basket or opt for higher-value items, leading to a higher average order value (AOV) or basket size.
Implementing a Buy Now, Pay Later solution can also lead to higher conversion rates, as customers are more likely to make a purchase when payment terms are flexible and convenient. This solution can be especially beneficial for B2B e-commerce stores struggling to keep customers from dropping out of the funnel.
In addition to boosting sales, offering payment terms can also build reliability and loyalty with customers. By allowing customers to pay on terms, NetNow shows that they trust their customers, which can lead to increased loyalty and a stronger relationship between buyer and supplier. According to a recent B2B buyer report, 81% of business buyers believe the relationship between buyer and supplier is important in the buying process, and 84% would buy from a supplier they had a great relationship with, even if business terms were less preferential.
Integrating a Buy Now, Pay Later option into an e-commerce store can also help to win new business by standing out from the competition. If a store is struggling to come up with a unique selling point, offering deferred payment schemes can be an effective way to increase customer share. NetNow's Buy Now, Pay Later solution is a highly attractive alternative for competitors who do not currently offer payment terms online, or a necessary addition for remaining competitive with other players in the same niche.
In conclusion, by offering payment terms with NetNow's BNPL solution, businesses can enjoy numerous commercial benefits, from increasing sales and average order value to building trust and loyalty with customers. With the ability to stand out from the competition and win new business, NetNow's BNPL solution is an effective way to grow and scale your business.