As online retail continues to grow, "buy now, pay later" (BNPL) providers have been gaining popularity as an affordable payment option. According to Ujjwal Dhoot, CMO of DXL Group, and Greg Lisiewski, VP of Global Pay Later Products at PayPal, retailers need to stay ahead of the curve and embrace new ecommerce payment options to stay competitive.
Below are three ways that small businesses can benefit from BNPL:
1. Attract Different Customer Demographics
2. Encourages Spending and Larger Sales
3. Grow Brand Loyalty Through Transparency and Accessibility
This article was written by Emily Gamb, a Regulatory Affairs Analyst at Acuity Insurance.