If you struggle to pay for bills and are looking for a new way to pay, consider Buy Now, Pay Later (BNPL). As the name implies, Buy Now, Pay Later is a kind of short-term financing that allows customers to make purchases and pay for them at a later date. The traditional payment methods of credit cards, debit and cash can leave people feeling stressed or unable to pay in full, leaving them at the mercy of high interest rates and late fees.
Many Americans worry about future dental costs as well as future veterinarian costs. Nearly 50% of pet owners take at least one month to pay off vet visits. Healthcare bills and the amount of time required to pay them off has drawn people to BNPL. BNPL’s payment flexibility is what attracts most people to the alternative payment method. According to the survey, 71% said they would regularly use BNPL over traditional payment methods when visiting the dentist.
While BNPL will probably not become the most popular payment method, it provides another option for customers who may need it. Having the choice to pay in the way that best suits and meets your needs is very important to your financial health. Learn more about BNPL in the infographic below.