The system of buy now pay later has gained popularity over the years. Since the introduction of the first credit card way back in 1951, more and more people are using this system to make their purchases. What are the advantages of using this payment system, as opposed to the traditional method of paying up when you buy?
- You own the item before you pay for it
- The best part of this system is – you walk out of the store with your new item without parting with a cent! Simply make your choice, sign the agreement, swipe your card and the item is yours! If you purchase the item online, it is delivered to your house! Isn’t that awesome?
- Big purchases are more manageable
- When you think about it, a fridge is expensive. When you use the buy now pay later system, the fridge does not seem that expensive because the payments are spread out. You are therefore able to purchase stuff that would previously be out of your reach.
- Comfortable shopping experience
- With the pressure of having to pay for an item all gone, you are able to choose what you want in a leisurely manner, even if the store is having a sale! Many customers prefer this system because they are not stressed as they shop around. When the thought of immediate payment is removed, you find that you choose exactly what you want, and pay for it how you want to, without pressure.
- Save your cash for emergencies
- Guess what – instead of dipping into your emergency fund when your favorite store is having a sale, you can use your credit card or the store’s credit facilities to get that item you have been dreaming of!
- Freebies
- Many credit card companies offer benefits for using the card frequently, like bonus points, air miles, loyalty points, and even cash-back incentives (in partnership with the retailer). Doesn’t the thought of getting these benefits make you want to use your card more often?
- No delays
- ‘Our systems are not working; we’re not getting any response from your bank’ is one statement buyers do not want to hear after they have taken so much time to select an item. When you choose to buy now and pay later, however, you walk into the shop, select your item, and walk out with it. You can also purchase your desired items online!
- Scheduled payments
- When you choose the buy now, pay later system, you may opt to schedule your payments for the item for particular days of the month when you are sure you will have the funds. For example, you can schedule each payment for the 6th of every month. This way, you are able to plan your finances so that you do not fall into debt.
- Security
- Using a credit card for online transactions is much better than a debit card. First, even if someone accesses your details (which is unlikely) they cannot access your money because your card has none. In addition, many credit card companies offer some type of security or compensation for fraudulent use, faulty purchases, and collapse of the company where the purchase is made.
- Faster purchases
- This system removes the stress of having to select the item, walk to the bank or ATM machine to withdraw the money, and go back to the shop to finalize the purchase. You simply swipe your card, sign your agreement, and walk out of the shop with your purchase!
- Spread the cost
- Rather than go through the pressure of having to pay a huge amount of money at a go, you can spread the cost of your desired item over a period. When you choose to use the buy now pay later system, you decide when to start making the payments, and how much you want to pay!
The buy now pay later can help you furnish your homes, equip your offices, and purchase many other necessary items. One last thing, though, always read the payment agreement carefully before you sign on the dotted line. Happy shopping!
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