What does it mean for businesses as more BNPL solutions come up?
I read the following recently "CommBank's buy now, pay later service will allow eligible customers to make purchases between A$100 (US$77) and A$1000 (US$770) and repay the money in four interest-free fortnightly instalments."
With providers left, right and centre offering BNPL solutions for every need and industry.. what does this mean for us? Is it a good thing, a bad thing? Is there anything to watch out for?
SavvySME's Premium Business is a subscription based product.. which is essentially what BNPL solutions are. Being able to take up products/services immediately and allowing customers to pay across a period of time. As such, we haven't needed to use any BNPL solutions.
Ultimately, BNPL solutions profit off businesses who employ the solution by taking a percentage of sales transacted. I can only imagine the more BNPL solutions there are, the larger the competition and thus, the lower the commission percentages for businesses.
I can only see upside? Would be interested to hear from those well-versed in this space and businesses who employ these payment solutions.
What are your thoughts @Brad Lyons @Stuart Reynolds @Amanda Hoffmann - Certified Bookkeeper, BAS Agent