Tweak Your Biz: Know the ‘Pay Later’ Option Inside Out

Convenience At Your Doorstep

Ever wondered how it would be to buy something right away without having to pay for it? To have the freedom to pay later. Well, now you have the privilege to buy now and pay later. Technological advancements and innovations have revolutionized the world successfully to date. And there has been only constant growth in the innovation sector. A drastic continuous step towards development. A need to attract and benefit users worldwide, a way towards a better or convenient living. And now we have the ‘Buy now, Pay later’ option by our side to help us sail through our online shopping journey.

India is finally on the technological map owing to its startups. With new ideas making a huge difference in everyday life, a number of people are open to change. At the moment, the ‘Pay Later’ concept is becoming widely popular in the Indian subcontinent. The online shopping behavior of the Indian consumer suggests that the majority of online purchases happen through smartphones. This is largely due to the increased availability of affordable mid-range mobile phones. In fact, a recent study conducted by GrabOn suggests that there are over 400 million smartphones users in India. Surely, at least half of that population would prefer to switch to the new age trend.

A Change That Is Welcomed

The ‘Pay later’ option is considered one of the most convenient methods to purchase anything online. Be it to book tickets or buy something, you can use the product or watch a show and pay after. This feature is easy to use, user-friendly and fast. It is seen as the way forward across all age groups. This is definitely one of the most welcomed ideas of the time.

So, What Are The Particulars You Need To Keep In Mind?

If you are a first time user, then here’s are a few pointers for how to go about the ‘ Buy now, Pay later’ method:

Sign up with Lazy Pay or pay later, which are one of India’s best pay later options.
Fill up particulars such as username, mobile number, email ID and the other required fields.
Each user is assigned with a credit limit, once you pay the due amount the credit limit is restored to original.
One can cover the amount for multiple products in a single transaction, meaning if you bought a bag, a phone, and ordered food, you can simply pay off the due amount at one go.

The Perks Of ‘Pay Later’

The endeavor of the Pay Later option has ever been to provide convenience to the customers. Given that this feature can be tempting, there indeed are a few advantages. It becomes problematic when you don’t have any money while shopping online. Online customers may add products to their cart to buy it later. But what if you need the product soon and don’t have any money on you? Fortunately, there’s a way to purchase right away. The Pay Later option solves this for you. This allows customers to go ahead with their purchase without facing any financial repercussions on the actual purchase. So, below are the few advantages of the pay later option.

Shopping is made faster and easier, you no longer have to enter all your card details while you check out, simply click on ‘pay later’ button

Instant buy
Secured process
Seamless and user-friendly
Quick payment with COD benefits
Get to experience/ use the product before you actually purchase it

Pay later also lets you keep your money longer in the account without having to use it right away. It’s a fast way to set up and there are no credit checks, however, they have third parties that do the required checks. Another thing to consider is that the customers don’t have to pay any fee, the fee is only charged from the merchant or retailer. The best feature of pay later is that it can be used online and instore. Do check up with the app that you install if they provide you with that option.

Target Audience That Would Actually Benefit From This:

The Millennials: Well, this bunch is sure to go broke by the end of the month. Millennials are the set of a group in society who prefer online shopping and purchases. So, this Buy Now Pay Later concept would benefit them for good. Being able to buy whatever they like without having to worry about paying right away is what keeps them coming back for more. Hence they fit perfectly into the target audience bracket.

Salaried Customers: Those who run out of cash by the end of the month and need to purchase something. Who really don’t want to put a hold on their purchase and prefer paying for it next month.

Other Customers:

i) The set of people who need convenient payment options. Who can actually opt to pay later for small amounts instead of it getting deducted right away from their bank account?
ii) And the lot who prefer online shopping.

Should One Swap To ‘Pay Later’ Over Credit Card For Online Transactions?

Given that there’s a drastic increase in the number of online users, the future of pay later feature is in good hands. There has been a growing number of transactions in the past few years and there continues to be a visible rise in the curve. The apps or website that provide this feature have tie-ups with various merchants across India. With a span of a few more years, almost every merchant from different segments will enable this feature. You would be able to do away with credit cards as you wouldn’t have to enter your credentials anymore for each purchase. But as the decision differs for each individual, we suggest you try it out before you switch.

Sure, some of you might not be in acceptance with this new feature of paying later. While some people might argue that this feature can be counterproductive as more people would turn into shopaholics with huge debts. But do know this feature is designed solely to serve the purpose of benefiting the larger crowd.

Welcome home, new technology. Goodbye, dear credit cards!

Author Bio

Jaya Dwivedi

Jaya Dwivedi is all about the good and happy things in life. Gelato and craft-making aren’t her only skills, she also likes to write about things that leave an everlasting impact. She is a Content Writer at GrabOn.

business center background.– stock image

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