{"id":6848,"date":"2020-09-04T07:11:22","date_gmt":"2020-09-04T07:11:22","guid":{"rendered":"http:\/\/bijlipay.co.in\/blog\/?p=6848"},"modified":"2020-09-04T07:11:22","modified_gmt":"2020-09-04T07:11:22","slug":"buy-now-pay-later","status":"publish","type":"post","link":"https:\/\/bijlipay.co.in\/blog\/buy-now-pay-later\/","title":{"rendered":"Buy Now Pay Later"},"content":{"rendered":"

Consumer is the king. Hence most companies are introducing new options on payment terms<\/span><\/p>\n

for the consumer. As the title indicates, consumer has the flexibility option of buying anything<\/span><\/p>\n

now and paying it later.<\/span><\/p>\n

How does this work? Usually one buy items through a credit card and pay them within a given<\/span><\/p>\n

period of time. But with this new option that is available with lot of other financial instruments<\/span><\/p>\n

like e-wallets, credit cards, traditional banks etc. it is easier to buy items and pay at a later date.<\/span><\/p>\n

There is also an option of paying back in easy installments. Initially, when one bought with<\/span><\/p>\n

credit card, the payment had to be made as per the due date of the credit card bank. Now<\/span><\/p>\n

there is an option wherein purchases made with the credit card could also be converted into<\/span><\/p>\n

easy installments. Looking at the flexibility and heavy usage by consumers, credit card<\/span><\/p>\n

companies have adopted this option.<\/span><\/p>\n

This kind of option allows one to shop more and on high value products. Without paying for the<\/span><\/p>\n

purchases in advance. The purchases can be paid after the order is received and checked. \u2018Buy<\/span><\/p>\n

Now, Pay Later\u2019 option is very popular with online purchases.<\/span><\/p>\n

Benefits of Buy now, Pay later<\/b><\/p>\n

\u2018Buy Now, Pay Later \u2018option allows the consumer to postpone the payment up to 30 days after<\/span><\/p>\n

the purchase. For which a good credit score has to be maintained by the consumer. This kind of<\/span><\/p>\n

payment mode is very popular with e-wallets.<\/span><\/p>\n

When one goes for pay later option one needs to have a very good repaying history. This<\/span><\/p>\n

repaying history gets a good credit score. Credit scores can be checked online by other financial<\/span><\/p>\n

companies like banks, Non-Banking financial companies and helps them to give the consumer<\/span><\/p>\n

to enjoy this payment mode. Once your credit score goes up getting short- and long-term loans<\/span><\/p>\n

become very easy.<\/span><\/p>\n

Challenges faced<\/b><\/p>\n

Keeping a good credit score is a challenge to the consumer, since it is linked to the payment<\/span><\/p>\n

history. A background check in terms of the repayment history, employment stability, one\u2019s\u00a0<\/span><\/p>\n

income and expenditure patterns and any other mode of income, filing of income tax returns is<\/span><\/p>\n

all trackable and studied to make you eligible for this option.<\/span><\/p>\n

This option is targeted at customers who are young, have just started working and tend to<\/span><\/p>\n

splurge with this option. As they don\u2019t have any saved money or savings in any other form like<\/span><\/p>\n

fixed deposits, gold, property etc.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Consumer is the king. Hence most companies are introducing new options on payment terms for the consumer. As the title indicates, consumer has the flexibility option of buying anything now and paying it later. How does this work? Usually one buy items through a credit card and pay them within a given period of time. But with this new option […]<\/p>\n","protected":false},"author":1,"featured_media":6849,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[90],"tags":[],"class_list":["post-6848","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buy-now-pay-later"],"_links":{"self":[{"href":"https:\/\/bijlipay.co.in\/blog\/wp-json\/wp\/v2\/posts\/6848","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bijlipay.co.in\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bijlipay.co.in\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bijlipay.co.in\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bijlipay.co.in\/blog\/wp-json\/wp\/v2\/comments?post=6848"}],"version-history":[{"count":1,"href":"https:\/\/bijlipay.co.in\/blog\/wp-json\/wp\/v2\/posts\/6848\/revisions"}],"predecessor-version":[{"id":6850,"href":"https:\/\/bijlipay.co.in\/blog\/wp-json\/wp\/v2\/posts\/6848\/revisions\/6850"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bijlipay.co.in\/blog\/wp-json\/wp\/v2\/media\/6849"}],"wp:attachment":[{"href":"https:\/\/bijlipay.co.in\/blog\/wp-json\/wp\/v2\/media?parent=6848"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bijlipay.co.in\/blog\/wp-json\/wp\/v2\/categories?post=6848"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bijlipay.co.in\/blog\/wp-json\/wp\/v2\/tags?post=6848"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}