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Don’t Postpone Your Dreams with Buy Now, Pay Later Campaigns!

Commonly known as Buy Now, Pay Later (BNPL) and gaining immense popularity during the pandemic, this payment option has become quite appealing to consumers, especially those economically affected by the pandemic. For brands, it also brings significant advantages, allowing them to increase sales. Many brands have experienced a boost in sales with Buy Now, Pay Later campaigns. Let’s explore the details of these campaigns.

What is Buy Now, Pay Later (BNPL)?

As the name suggests, Buy Now, Pay Later allows consumers to purchase products or services and defer payment. Depending on the campaign offered by the brand, payments can be made six months later or even at the end of the year. Payment options like cash on delivery or installment deferral are also considered part of the BNPL payment methods.

BNPL can be categorized into two types:

  1. The first involves no interest charged to the customer, with a transaction fee applied to the seller.
  2. The second adds a commission fee to the product price through consumer credit applied at the point of sale.

Consumers are increasingly adopting BNPL services for reasons like:

  • Desire for financial flexibility
  • Avoiding credit card debt
  • Purchasing products beyond their budget
  • Avoiding interest payments.

According to a report by The Strawecker Group (TSG), 39% of consumers have tried Buy Now, Pay Later, and 55% of those tend to spend more compared to other payment methods.

What Advantages Do Buy Now, Pay Later Campaigns Offer?

Famous global brands have experimented with Buy Now, Pay Later campaigns, which offer several benefits:

  • Customers can make purchases without waiting to have the cash and sometimes without paying any interest.
  • It provides an alternative solution when card limits are insufficient.
  • The selling company can eliminate customer hesitation during the purchase process, reaching a larger audience, and boosting both revenue and brand recognition.

In previous years, Ziraat Bank, Vakıfbank, and Halkbank introduced similar campaigns, offering Buy Now, Pay Later options for second-hand vehicle loans. Emlak GYO also organized a special campaign for stores in its projects with the opportunity to Buy Now, Pay 1 Year Later. What we once mainly heard in industries like textiles and furniture has now spread to the construction sector as well.

Campaigns like Buy Now, Pay Later, Move Now, Pay Later, and Buy Now, Pay Later have become alternative options for purchasing products and services, with many of these payments being made via promissory notes.

Although this process seems convenient, you may forget about installment payments that are due in a year, potentially impacting your financial planning. Additionally, making installment payments at a bank on a specific day may not always be as easy as expected.

With Semosis, a platform that simplifies your purchasing and payment processes and provides automatic reminders for due payments, tracking your debts becomes much easier. Moreover, you can make promissory note installment payments online via Semosis, without needing to visit a bank branch.

Postpone your payments, not your dreams, and enjoy the comfort with Semosis!

Geri