You don’t have enough money in your bank account right now, but don’t let that stop you. You can have what you want, right here, right now, so why wait?
A compelling value proposition that appeals perfectly to the fast-paced, convenience-loving society of today.
Mozo reports that as many as 30% of Australian adults have one or more Buy Now Pay Later (BNPL) accounts, which is around 5.8 million people nationally.
The banks have noticed the trend of spenders moving away from using credit cards towards using BNPL providers. Many are offering their own BNPL options or investing in existing platforms.
Afterpay was one of the first BNPL players, which launched in Australia in 2015. 84% of BNPL users surveyed by Mozo reported having an Afterpay account. Other BNPL players in order of popularity are Zip Pay, Open Pay, Laybuy and Latitude Pay. From 2018 to 2019, the rate of shopping via a BNPL app nearly doubled, up from 14% to 27% of all purchases.
Are you one of the 4.6 million active Afterpay customers?
In their FY2019 Results Presentation Afterpay reported $5.2 billion in sales, up 140% from FY2018; and 32,300 active retailers, up 101% from FY2018. They found that customers who started with them 3 or more years ago are now purchasing more than 20 times per year, indicating that the longer a customer stays with them, the more they buy – an upward trend any business would be happy to enjoy.
Given the astronomical success of the BNPL model in retail, we think it’s high time to apply it to the world of professional services. If society is so accustomed to the concept of BNPL and have readily adopted it in their everyday lives, how much easier will it be for them to understand the offering in terms of how they pay for your services?
According to Business News Australia, new players in the sector are disrupting traditional financing methods with BNPL models, as seen with the recent launch of ListReady, a BNPL option for the real estate marketing sector. Virgin Australia recently announced that next year their customers will have the option to fly now and pay later.
Why not offer your clients a better paying experience that aligns with their spending preferences? It’s time to start a payment plan revolution in the professional services industry!
We can help you become a BNPL provider, allowing you to secure your professional fees upfront, while your clients pay off their loan based on a customised payment plan. Our payment plan software provides you with the tools you need to deliver an efficient and convenient solution to your clients.
FlexiFund It is a cloud-based, fund collection software that provides your customers with flexible payment options while securing the full payment for your services. The software automates your entire funding and payment process, allowing you to control more transactions in less time and with less effort.