One of the merchant service trends you may have seen popping up all over the place lately is the process of spreading payments for products and services over a longer period of time. Though it’s not for everyone, “buy now, pay later,” or BNPL, is an idea whose time has come of age for many merchants and your customers.

According to the industry news website, “BNPL is now a growth industry worth more than $125 billion, with projections to grow to $3.3 trillion by 2030,” fueled by consumer awareness of the payment option, economic pressures, and aversion to high-interest rates associated with other credit products.

Many BNPL users see it as a budgeting tool with an opportunity to avoid interest payments. Under this system, the BNPL provider places a hold against an existing credit card for the full amount, but only charges the installment payments, reducing the hold as the payments are made. This approach removes the need for credit checks and can shorten the BNPL application process while permitting consumers to benefit from the high credit limits they have earned without the downside of interest payments and high APR.

If you’re a merchant in a service industry – e.g., auto repair, HVAC, IT, CPA firms, legal services, medical or dental services – you could be losing out on customers who delay using your services because of high cost. BNPL might just be the ideal solution to bring those customers back to the table.

Pay-over-time financing allows service professionals to get paid upfront and in full while helping your clients manage their expenses. You’ll spend less on collections and close faster with prospects.

Commonwealth Consulting Group has the resources right now to help service industry clients get set up right away to easily accept BNPL, along with ACH/eChecks, credit cards, and financing plans all through a simple, secure, and easy-to-use payment portal. Talk to your sales rep for more details or call us at 800-866-3944.