Pay later plans are all the rage, but merchants lag in meeting consumer demands. Thirty percent of consumers want to see payment options upfront, yet 18% of merchants lack buy now, pay later (BNPL) plans. Customers prefer BNPL for small buys and credit cards for big purchases. Merchants see higher average sales with general-purpose credit cards. High-revenue businesses meet diverse needs, while smaller merchants see more BNPL usage. Merchants must align offerings with customer preferences to maximize sales.
Read the full article here.