Buy Now Pay Later – Is it for you?
Buy Now Pay Later (BNPL) is a payment system that is gaining great traction in consumer spending.
Is it something that you would consider implementing in your business?
Workshop Software are looking into the possibility of adding a BNPL system and would love your feedback. Check out this quick video, then click this link to answer a couple of very simple questions. https://www.surveymonkey.com/r/wssw_bnpl
We have been working on your behalf to get the best deal possible for a Buy Now Pay Later offering. If we can get enough Workshops onboard and using this service, then we can get the best rate possible for you. Before we go down the path of considerable development investment into this project, we would love your feedback first to understand the sentiment in the market for such an offering.
What is BNPL?
BNPL is a payment system where you (the merchant) gets paid now while the consumer pays the invoice via the BNPL provider over typically 4 installments. The benefit is that the consumer can more easily agree to paying for example $300 of 4 payments rather than $1200 upfront. The consumer can often spend more, or make a purchase that they otherwise may have not have proceeded with.
This works really well when, for example, the customer comes in for a service and expect to pay $300. During the service you find important additional work that adds up to an additional $900. The customer may be more open to paying 4 x $300.
The payoff is the additional fee you pay for this service, which is typically 6% of the transaction value (We are looking at getting that rate down much lower for you). What you need to consider however, is the value in the additional cost of BNPL over the additional business you may gain.
What are we doing?
It’s important that Workshop Software work hard to ensure that your business is one step ahead of the competition and we continue to innovate and provide ways that we can add even more value to your business. Even if you don’t use Workshop Software, we’d love your feedback.
The things that we are looking to achieve:
- Firstly, we’d like to find out if this is of interest to the industry and our users
- A seamless way to take a BNPL payment so that it is as simple as taking any other payment method such as credit card
- The best rate possible for your Workshop
- The most attractive ways for consumers to use the service, for example, the payment timings etc
- Make it simple in your workshop to offer this to a consumer.
As always, we encourage and welcome your feedback. Be sure to follow our social channels including subscribing to the Workshop Software YouTube channel, liking our FaceBook Page and follow us on LinkedIn.
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