Buy now pay later has not been a new concept in businesses. Business owners embrace the microcredit approach to boost customer retention. People love the idea of shopping for their favorite products online and being able to pay later. Ever since the ‘buy now pay later’ concept emerged, businesses noticed a growth in their sales and conversions. After all, who wouldn’t want to shop online without having to pay instantly?
Online shopping has become pretty convenient with the micro-credit option. People weren’t comfortable with the online payment through credit cards initially. But, it has become a trend these days. The micro-credit options tempt people to shop more without having to make the payment then and there. In this post, we will discuss the importance of Buy Now Pay Later Extension for eCommerce business solutions. Let’s take a look:
What is the Buy Now Pay Later Module?
The best part about Magento 2 is its broad range of features and exciting extensions that make the overall management a whole lot easier and convenient. Merchants find it quite simple to carry out the basic business operations on Magento 2. But, the question is how do you boost the conversion rates and satisfy your customers? With the growing competition in the eCommerce industry, merchants need to integrate the advanced extensions to streamline order delivery and transaction process.
One such Magento 2 module for eCommerce stores is Buy Now Pay Later. As the name implies, the extension enables your customers to add the product to their carts and initiate the payment later. Basically, it allows your customers to select the product they want to purchase from your store and place an order without having to submit the payment details.
Merchants have nothing to worry about as an automated email will be sent to your customers notifying them about the due payment. Customers will be redirected to the payment page, where they can complete their transactions using PayPal and credit/debit card payment. As soon as the customer has cleared the payment, the order status will automatically get updated in your Magento 2 eCommerce website.
Merchants can set up the custom payment title on the payment page i.e. if your store has multi-language as well as multi-currency options. Let’s check out the common features of Buy Now Pay Later Module
Features of Buy Now Pay Later Module
- The Buy Now Pay Later is a special extension that allows your audience to place an order for their desired products and clear the payment later. They can make payments through credit cards, PayPal, Payeezy, and other payment methods.
- Allows merchants to send a custom email to the customers notifying them about the incomplete payment. You can add the payment page’s URL to the email to make it easier for customers to complete the transaction.
- The vendor can opt for either the ‘Authorize’ or ‘Authorize & Capture’ option.
- Send regular notifications to your customers through email until they initiate the transaction.
- The extension does not save the credit card details or other confidential info to pass the PCI regulations.
- The Buy Now Pay Later module works well with multi-language and multi-currency features on Magento 2
Buy Now Pay Later is one of the easy-to-integrate and simple-to-use Magento 2 extensions. It helps boost the growth of your eCommerce store by encouraging people to shop from your website and pay later (according to their convenience). Moreover, the extension supports payment through PayPal, credit cards, Payeezy, and other third-party payment gateways. So, why wait? Buy this module and integrate it right away!