Everything You Need To Know About Buy-Now-Pay-Later
Buy Now Pay Later is a new concept today, and very few people are aware of it. However, day by day, new technologies come very frequently in today’s time. And everyone needs to know about those unique and innovative technologies. And similarly, we also have to know about the buy now pay later payment option so that we can also use this service and benefit from using it.
What is the buy now pay later transactional services offered to the customers today? So, BPNL is an advanced form of transaction that allows you to buy your product and services instantly and delay the payment for a few days, weeks, or months without paying any additional charges. And buy now pay later is also known as a short-term financing alternative that allows you to make purchases and pay later in installments.
How does buying now pay later work?
Buy now pay later apps and services providers to allow the pay later option to the customer while they make a purchase. So, you need to follow the listed below steps to get benefit from BNPL services;
- First, purchase a product or service
- then go to the payment option and click on the “buy now and pay later” option
- Instantly pay a small down payment amount
- and spend the rest amount later in installments within a few days, weeks, or months as per your ability to pay
By following these steps, you can quickly use the buy now pay later option and buy whatever you want even when you do not have a budget. But before you use the BNPL payment option, first make sure that you are eligible or not for it. While checking your eligibility, you need to keep the following points in the consideration;
Check residency status-
If you want to avail of the buy now pay later service, you must be a resident of India; if you are not, you cannot use this payment option for making purchases. Also, keep in mind that you must reside in tier-one or tier-two cities.
Check age factor –
If you are not below 18, you cannot use these BNPL services to make purchases. As per the buy now pay later eligibility criteria user should be above the age of 18 years, and the maximum age should be fifty-five years.
You must be a salaried person –
If you are an employed person and earn a decent salary, you can use the buy now pay later option. And if you are unemployed, you cannot get the benefit of BNPL service.
You must have a bank account –
The most important thing you need is your bank account to use the buy now pay later option. Also, the KYC of the bank must be done so that you can conduct transactions and get access to pay EMI for BNPL services.
So, by checking these points, you can check whether you are fully eligible or not for the buy now pay later services. And if you have gone through the above points and ensured that you qualify, you can instantly buy your favorite things by using the BNPL option. But, it would be best if you are careful you are paying your EMI on time; otherwise, it will affect your credit score.