Back in the day when online shopping first started gaining ground in India, customers loved it because of the choices and convenience it provided. However, soon they started facing problems at the payment gateways. The e-commerce platforms also started to feel the heat as the cart abandonment rate shot through the roof. This is when the Cash on Delivery recourse stepped in. Consumers drifted towards it as there was no need to pay upfront or give bank account or card details. Online shoppers started buying even from lesser known sites as there was a lesser chance of getting duped.
Then came the government’s initiative to make the economy cashless. Again, the need was felt for some option that offered the convenience of COD without the involvement of physical cash. This brought into existence a new concept in the Indian market; ‘Buy now Pay later’.
This option allowed the consumers to buy online and pay later and that too not immediately, but after a stipulated time period of a few days. This alternative became an instant hit and day by day its popularity is on the rise. Here is why this ‘buy now, pay later’ option is becoming a favoured choice among customers.
1. Interest-Free Credit
It not only provides a small line of credit, hence acting as micro-finance, but also provides interest-free money for a few days. Thus, it suffices the three Cs of e-commerce business foundation- convenience, cashless, and credit.
2. No Upfront Payments
It lets the customer try first and then pay. Unlike card payments or internet banking where you need to pay upfront for a product, this option allows you to first get the product, try and be satisfied and then make the payment. The time period allowed to make the payment is 14 days from the day of the transaction in case of ePayLater. It means the customer gets a free trial period of 14 days before making the payment.
3. Clubbing bills and payments
This mode of payment helps in clubbing various transactions that a customer makes within a few days. Instead of providing bank details separately for every single transaction, the customer can opt for ‘buy now, pay later’ at checkout and club them all to make a payment at one go.
4. Speedy Payment
It is a one-click payment option, which is very convenient and avoids the hassle of entering the 16-digit card number or bank details. This process is normally time-consuming and often the customer gets irritated due to failure at payment gateways, thereby abandoning their cart. ePayLater does away with this problem completely.
5. Added Security
As you are not entering your card or bank details on every e-commerce payment portal, you are not prone to phishing or account hacking. Consequently, it adds an additional layer of security.
6. Advantage over Cash on Delivery
ePayLater holds precedence over the much loved Cash on Delivery (COD) option. It not only provides the benefits of COD such as a seamless checkout experience and a pay after delivery option but also goes beyond by doing away with the hassles associated with handling cash. You no longer need to struggle to find change or worry about your order not getting delivered when you are not around to make the payment.
These are some of the many benefits that make ‘Buy now, pay later’ an ideal choice for credit shopping.
Sign Up today on ePayLater and experience these benefits for yourself!