Pay Later Plans Extra Standard Than Conventional Credit score Choices

Pay later plans are altering how customers handle their spending and the way retailers work together with their prospects. There’s a constant theme: adopting installment choices enhances client satisfaction and service provider gross sales.

For customers, pay later plans supply flexibility and monetary aid. Greater than 56% of customers used installment cost choices up to now 12 months. PYMNTS discovered that customers are pleased with these plans, with 76% of purchase now, pay later (BNPL) customers reporting excessive ranges of satisfaction. These plans assist customers pay for each necessities and enormous purchases.

Pay later plans are sometimes a monetary lifeline for people residing paycheck to paycheck and struggling to pay payments. These customers are 4 instances extra seemingly to make use of card installment plans than customers who don’t use paycheck to paycheck. Excessive-income customers residing paycheck to paycheck usually tend to plan to make use of these installment choices within the coming 12 months.

For retailers, pay later plans enhance spending and loyalty. Shoppers spend 25% extra on common when utilizing common goal bank card installment plans in comparison with BNPL. Retailers who prioritize visibility earlier than checkout for installment choices see larger client engagement and larger conversion charges.

Learn the January 2025 eBook to discover how Pay Later plans are reshaping client spending and service provider technique.

• Perceive the components that drive adoption and satisfaction throughout demographics.
• Learn the way installment choices influence spending and monetary administration behaviors.
• Learn how visibility-enhancing methods can enhance adoption of those plans.
• Discover out why availability earlier than you exit boosts each engagement and spending.

Obtain the e-book here.

This e-book examines the position of pay later choices in trendy commerce. Ten data-rich charts present actionable insights into adoption patterns, satisfaction charges, and spending behaviors. Uncover the strategic alternatives these plans supply merchants.

Concerning the eBook

“10 Influence Statements – Pay Later Report“He’s a PYMNTS INTELLIGENCE An authentic eBook based mostly on surveys of greater than 5,000 U.S. customers carried out between February 2024 and October 2024. This eBook explores the transformative position of Pay Later plans in client spending, satisfaction, and service provider engagement, highlighting key developments and actionable insights for the 12 months forward.