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In this episode (my first ever podcast) I explore a payment option that’s growing in popularity. Buy Now Pay Later or Pay by Installment plans let shoppers pay for their order over a few weeks or up to 3 months. At 0% interest, this type of payment option is an attractive choice for customers. But how exactly does it work? Who takes on the risk? And what does it cost you, the merchant? Listen to the episode to learn more.
Since recording this podcast, I’ve discovered that the rates on PayJustNow and Payflex’s websites are outdated. The rates I stated in the podcast are therefore incorrect.
Here are the correct rates (as of 20.05.2022):
PayFlex: Monthly fee of R299. Per transaction rates start from 4.80% + R4. Learn more here.
PayJustNow: Monthly fee of R199. Per transaction rates start from 5% + R2.95 for monthly payouts and 6% + R2.95 for weekly payouts. Learn more here.
After speaking to some merchants who use both PayFlex and PayJustNow, it seems that shoppers prefer to use PayJustNow because of the monthly installments, compared to PayFlex’s weekly installments. One store is seeing about 55% of shoppers choosing PayJustNow as their payment option, which shows how popular this method of paying is becoming.
A simple list of everything you need when planning an online shop for your business:
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Shopify eCommerce website design, Cape Town, South Africa. Based in Fish Hoek. Official Shopify Partner collaborating with local + international businesses.
Connect on Instagram @nutmeg_design
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