Priority’s Post

Is Buy Now, Pay Later (BNPL) a Good Idea? Buy Now, Pay Later (BNPL) is simple: you buy something today and pay for it over time, usually without extra cost if you’re on time with payments. #buynowpaylater #bnpl #lineofcredit #creditcarddebt https://lnkd.in/dF675rTh

Buy Now, Pay Later — some say it’s a step towards financial freedom for consumers, and some say it’s an insidious form of debt that hurts consumers. Figuring out which debts to pay first and planning our money road map is more than just taking control—it's like making a game plan for our financial future. What’s your take on 'Buy Now, Pay Later' (BNPL)? Share your thoughts! #bnpl #financialfreedom #debtmanagement https://lnkd.in/g39CGvYw

Considering using buy now, pay later financing, instead of your credit card? You may end up owing more than you realize. 💳 #FinanceTips #BuyNowPayLater #Financing #CreditCards Read more about the details here: https://lnkd.in/gY_CW49T

A new report attempting to dig into the burgeoning “buy now, pay later” financing market finds a lack of transparency, alongside lax oversight, could be concealing a growing consumer debt issue with negative implications for both individuals and the broader economy. For the uninitiated, buy now, pay later financing is essentially a digitally-mediated update on once ubiquitous retail layaway plans that allow shoppers to pay for a purchase over time after an upfront payment. Most, but not all, plans provide interest-free financing through app-based or store-sponsored plans, but hidden fees are not uncommon, nor are steep charges for missed or late payments. | By Art Raymond #buynowpaylater #consumerdebt #retail

Considering using buy now, pay later financing, instead of your credit card? You may end up owing more than you realize 💳 . Read more about the details here: https://lnkd.in/ggU2tNnQ #debt #consumers #personalfinance #arkwealthadvisors

Buy Now, Pay Later companies are hitting new records this holiday season as financially stretched customers turn to them to get money they often don't have on hand. But wait — weren't BNPL companies supposed to be under more stress themselves? With interest rates at a 22-year high, you'd expect the firms to pull back more. Here's why that isn't quite happening with insights from Marshall Lux Michael Taiano and Jaime Toplin https://lnkd.in/egxhVRiF #businessnews #buynowpaylater #bnpl #holidayseason

Buy now, pay later services are becoming increasingly indispensable for many consumers—whether they’re looking to make big-ticket purchases or seeking to divide their grocery expenses into more manageable installments. However, with BNPL’s rapid adoption across all age groups, there’s growing scrutiny regarding the absence of regulatory oversight in this sector—and the pressing need for it. This concern arises as more consumers discover themselves overwhelmed by debts they hadn’t initially anticipated. Read more: https://ow.ly/XECy50R5JZY #payments #BNPL #credit #regulation

My latest story for CU Management looks at the rapid growth of Buy Now, Pay Later plans in the Canadian payments world and what it means for credit unions. https://lnkd.in/gtdsWNU9

Ever used split payments with Klarna? Well now there’s a new finance product in town that's let you do this for your business! Revolutionise how you pay for things like HMRC, stock and equipment. This unique finance product confidentially pays for the purchase in your business name through a lending portal. You then control the repayment terms Choose to split the payment however you like ✅30 days ✅three instalments ✅spread out over a year There are no 🤕monthly service charges, 🤕bad debt insurance 🤕disbursements charges Just A 1% set up fee. You only pay interest on the funds you use - If you don’t use it, you don’t pay anything! You can even run it alongside an invoice finance facility. And what's more it's a global product!🌎 No matter where your business is based we can help. Interest rates are also fixed, so no hidden surprises even if the Bank of England raise the rates again! The only hidden surprise around here is what myself, Beth Jackson and Martin Macleod have been up to! Stop guessing and see what options are open to you and your business Tap me up! P.S. have you figure out what we are up to? I’m desperate to spill the beans 🫘

Buy now, pay later (BNPL) is a type of short-term financing that allows consumers to make purchases and pay for them over time, usually with no interest. When your BNPL account is activated with the BNPL provider, a credit limit is assigned to you. When you purchase, money gets deducted from the credit limit, and once the lender (BNPL provider) pays on your behalf, you are liable to repay the amount within a stipulated time. There are penalties for late payments. The biggest benefit here is that the BNPL payments come with a very low or nil interest rate. RBI regulations on BNPL🔃: As per the new RBI guidelines, non-banking institutions cannot use credit lines and issue pre-paid payment instruments to consumers. Such regulatory interventions are undoubtedly going to act as a retarding force on the mindboggling pace at which the BNPL industry has been expanding. How it works 📰 : Buy now, pay later services are typically presented as an option in the payment flow, alongside credit cards and other payment methods. Once the purchase is complete, businesses receive the full payment up front (minus any fees). Customers pay their instalments directly to the buy now, pay later provider, often with no interest and no additional fees when they pay on time. How it earns revenue 💰 : Buy now, pay later services generate revenue by charging fees to both customers and businesses. Business fees will depend on the provider but will normally include a fee for the initial setup process and a fixed fee for each transaction. Customer fees are generally related to interest charges or late fees for missing payments. Thankyou for reading!!