Buy now pay later is a type of financial loan with fast-growing popularity nowadays, which helps customers to purchase goods and services at the present moment, and pay for them in several equal parts during an established period or according to the specified schedule. BNPL is a convenient way for consumers to buy desirable items quickly, easily, and without hesitation or worries regarding the purchase cost, because more expensive products can be divided into a few payments. This type of payment is widely used in Sweden, Germany, Norway, Finland, Denmark, the USA, and is spreading quite quickly over the world. According to the Statista site, the amount of global BNPL transactions in e-commerce during 2021 was about 120 billion US dollars and will continue to grow in the next 5 years.
For companies offering the BNPL option, it is crucial to have an understandable business model, trusted partners, and responsive customer service to handle possible issues concerning orders and payments. For merchants aka companies that sell goods, it is also important to build and rely on effective client service. This applies not only to providing information on current orders, but also to assisting customers during their shopping journey and helping with product selection. Especially when merchants have to pay a fee for returned items by customers according to the agreement with the BNPL providers.
Following the latest tendencies and forecasts, the BNPL industry is expected to grow in the upcoming years. So it’s better to be prepared for all possible challenges caused by rapid BNPL niche development. Webitel’s platform offers impressive tools for building and managing customer service, as well as automating routine workflows. This includes the ability to process hundreds of thousands of calls and chats per day automatically (without agent participation) or on blended mode (when needed, calls and chats are distributed to free agents according to specified routing rules). Companies can also use client authentication via call to provide them with access to personal accounts on the site, or enable automated voice services to notify customers of upcoming payments. Our products will help to increase brand awareness and customize communication while achieving top business results.
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