Best Buy Now Pay Later Software
Every day, new app types and categories appear, making our lives and experiences as app users better and better. Nearly 20 years ago, when the idea of social media was brand new, no one would have imagined that people could communicate remotely. Yet here we are: communications apps are now one of the most important app types and are also widely used. Not only that, but we never imagined a time when ordering food would be as easy as clicking a button and that a whole category of food delivery apps would emerge and also be very essential for people. Always expect, the unexpected. And speaking of the unexpected, another app type or category that has been gaining popularity recently is buy now, pay later apps, or BNPL. In this article, we will explore buy now, pay later software and the best BNPL apps on the market.
What is Buy Now, Pay Later Apps?
“What” is the first question that comes to anyone’s mind, so let us answer your question. Buy now, pay later is a type of financial and banking app that allows users to purchase products and services immediately without paying the entire cost. Instead, the app breaks down the cost into small, monthly installments. Users wouldn’t need to use their credit cards and worry about the interest rates later. Many BNPL apps actually charge no interest; however, this depends on the provider and the seller.
How Does It Work?
You could think of BNPL apps as personal lenders. You find something that you like very much, whatever it is—clothing, furniture, electronics, etc. Yet, you don’t have the money to make the whole payment. This is where the buy now, pay later app comes into the picture and provides you with a small personal loan so you could buy anything you’d like. You would then need to repay the loan in the form of monthly installments for a duration that you choose and specify. The longer the duration, the smaller the installments would be.
BNPL gained much recognition as it is very easy to use, in addition to being convenient and helping users stay on budget. The terms and conditions for these apps vary significantly. Some apps don't require a credit check, which means no one would dive deep into your credit score, unlike what a bank does when you apply for a loan. And some apps only do a soft credit check, just to be sure of your financial capabilities. So, make sure to know all the terms and conditions before installing any of the buy now, pay later apps.
Top Buy Now, Pay Later Software
There are many apps offering the buy now, pay later services, In this article, we choose the best 6 buy now, pay later software to discuss
Affirm
First on the list is affirm. Affirm is one of the most popular buys now pay later services. It allows users to purchase items from many retailers and brands around the world in every category; giving them more choices when it comes to buying products. Affirm not only works for small payments or loans, but it can also support large loans for many expensive products. Users can use Affirm for online or in-store payments. They can also choose the payment plan they would like and set up their payments over 3, 6, or 12 months. Affirm also has an auto-pay feature that allows the installment payment to be deducted instantly from your account every month.
Klarna
Next up is Klarna. Klarna is another popular and widely used “buy now, pay later” software that has become many people’s favorite. Klarna is known for its reward system, where for each $1 spent, it rewards users with one point that can be used and redeemed later to get exclusive discounts. Users can use the app whether in-store or online, and it has many famous brands and retailers. It also has the option of issuing a virtual card that can be used at retailers that may not be found on the app. Klarna also has many payment options, like "Pay in 4,” which allows users to pay for the product in 4 installments. And “pay in 30,” where the user has to pay for the product 30 days after the purchase. Both options are completely interest-free.
Sezzle
Sezzle is a great “buy now, pay later” app that allows you to purchase items online at no upfront cost. The app collaborates with thousands of great brands and retailers like Amazon, which allows users to have the flexibility to purchase from whatever brands they want. With Sezzle, you simply complete an order as normal at any of their partner sites and pay using Sezzle for your items. Your payment will be split into four equal installments spread across six weeks. Plus, there are no extra fees or interest charges! What makes the app special are the great discounts and deals it frequently offers. Another thing that makes it a fan favorite is the flexibility of rescheduling the payment. The user has one chance to reschedule the payment for up to two weeks for free. However, each rescheduling afterward would be for a fee.
PayPal Credit
PayPal Credit is another popular buy now, pay later software that makes it much easier to manage your payments. As it is one of the services derived from the renowned PayPal platform, it has been seen as more trustworthy by many people worldwide. It allows you to make purchases from retailers in over 20 countries across the world. So you won't be limited when it comes to shopping options.
With PayPal Credit, you’ll get 0% interest on any items purchased with a total cost of up to $2,999. And if the item costs more than that amount, you can split the cost into 4 installments with no extra fees or interest charges. They also have monthly payment plans for larger loans and purchases. Users can choose to pay in six, twelve, or twenty-four months. It is important to note that PayPal usually runs a soft card check that would include PayPal's account history, credit or debit card balance, and information provided by creditors.