![]() ![]() Both the cards are issued by the Comenity Capital Bank. These are the IKEA Visa credit card and IKEA Projekt credit card. IKEA offers two financing offers through their credit card programs. If IKEA is your must-visit shop for furniture products, then here’s a piece of good news for you. 12 Furniture Sites You Can Buy Now Pay Later 1. With buy now pay later furniture websites, you can easily purchase brand-new items while spreading the cost of payments. Stores often require a hefty deposit or charge an exorbitant interest rate if you use your credit card.ĭon’t worry. High-quality furniture can be pretty expensive. PayPal says 56 percent of customers prefer to pay in installments rather than use a credit card.Is your dining table or sofa in need of replacement? Are you looking for affordable ways to replace your old furniture? With no credit checks and zero or low interest rates, buy now, pay later is less risky than credit card purchases. Afterpay’s retail partners report an average 20 percent increase in cart conversion and more repeat customers. The popularity of financing among younger generations helps introduce new customers to your retail brand.Ĭustomers who see a buy now, pay later option are more likely to complete their purchase while browsing. Affirm says businesses with pay-over-time messaging on their site saw a 58 percent increase in overall average order value. Reframing the price of more expensive items into manageable payments means larger transactions. ![]() Benefits of Offering a Buy Now, Pay Later Option Retailers are paid upfront and customers can manage their payments from the PayPal app. PayPal’s dynamic messaging presents the most relevant Pay Later option on product pages, and clearly communicated options at checkout can further help them make the right choice for them. The credit option requires a credit check, while the Pay in 4 option does not. PayPal Credit gives customers a longer payback period, and purchases over $99 are interest-free if paid in full within six months. Pay in 4, the company’s financing service, requires customers to make an interest-free payment every two weeks, with four payments in total. The service gives customers two additional payment options. The buy now, pay later service, called PayPal Pay Later, is available at no extra cost to existing PayPal Checkout customers. PayPal offers the most flexibility for retailers, with options to serve any retail situation, from e-commerce to brick and mortar, and anything in between. There is currently a waitlist for retailers to add the in-store option. Customers download the Afterpay app, set up the Afterpay Card within the app, and are able to use the digital card in-store via Apple Pay or Google Pay. Customers can manage their online purchases through the Afterpay app, and retailers are paid within days of the transaction. Afterpay integrates with a number of e-commerce and POS providers, including Shopify, Stripe, Squarespace and more, and the company can also create a bespoke system for retailers with their own web developers. The service does not run an external credit check, and more than 90 percent of customers are approved. ![]() Afterpay purchases have a clearly defined payment schedule, with customers expected to make a payment every two weeks, totalling four payments over six weeks. More than 16 million shoppers have used Afterpay to finance their purchases, 73 percent of whom are Millennials and Gen Z, according to the company’s website. Affirm’s Adaptive Checkout feature clearly presents financing options to customers, with terms and rates that the retailer can customize. Retailers can customize the service based on their needs, with tailored term lengths and promotional zero interest offers. ![]() Customers always know their total up front, and there are no hidden fees, late or otherwise. Payments can either be split or made in installments, with terms from six weeks to 36 months. Customers can be pre-qualified early in their retail journey so the dynamic messaging is customized for them throughout their shopping experience. Unlike credit card companies, which charge compound interest, Affirm charges simple interest on purchases, meaning interest rates are determined by the price of the initial purchase, not the price plus accrued interest. Used by home decor retailers like Wayfair and Room & Board, Affirm offers both online and brick-and-mortar retailers a zero- to low-interest financing option for customers. Below are three of the most popular buy now, pay later service providers that can enhance your retail business. As buy now, pay later services become increasingly popular among shoppers (see Consumer Snapshot on page 22 for more on this), retailers should consider adding these services to their websites or in-store payment options. ![]()
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