There have been some changes in our Afterpay integration. We followed up on it, but there are no plans to fix it, so you will need to switch to this method. Clients of ours doing this have reported that it is easy to use and fulfils a need for many consumers.
Do you need a BNPL Solution now?
Yes as the era where customers paid in cash or with a credit card is over.
* Currently, 20% of Australian shoppers have a BNPL account.
* Signs are that BNPL is expected to continue to grow.
* BNPL is a proven lead generation tool,
* Offering BNPL is much better than doing layby. The sale is settled immediately, with much fewer hassles.
* It does help customers make large-ticket purchases as it splits the value of the buy into convenient instalments.
You to ensure that you do lose out on customers because you do not have the means to accept their payment for a sale.
But the fees are a problem of about 6%, so if you need a BNPL solution, you need to review your usage policy.
What next for BNPL?
We can expect BNPL to increase.
* As BNPL is still experiencing high growth.
* With these times, many people are looking for new lines of credit.
* More companies are moving into this space, including big banks and many traditional money traders, e.g. Paypal. The great plus here is that these new solutions have none or much lower fees. The big banks do not even give the merchants a choice. It is on the EFTPOS machine for the customer to select this option. Plus the banks are determined to get into this space, and they will, if necessary, run it at a loss to keep market share.
Conversely, if the Reserve Bank gets its way, they will change the rules to allow merchants to pass on the fees that BNPL providers charge retailers to consumers. What will the customers do if they get levied a 7% fee by the merchant? I expect that many customers will drop BNPL if these fees are levied.
The more ways customers can make purchases through your company, the greater your earning potential.