Buy Now, Pay Later with Zilch Blog | 15th Nov 2021 | 7min read Getting what we want when we need it can be difficult. Perhaps we don’t have enough cash for those unexpected events and don’t want to be saddled with interest by applying for high-cost credit. Good news, though! This scenario is now a thing of the past. Thanks to innovative payment solutions, such as the Zilch buy now, pay later (BNPL) platform, consumers have been introduced to a new shopping experience that is transforming the way we live. Buy Now, Pay Later: What Is It? Buy now, pay later services allow consumers to purchase items without paying the entire cost up front. It is essentially a short-term loan that is paid back in installments, which are defined by the financial services providing the credit. Typically, users pay a portion of the purchase up front and the rest over a specific period. Why Pay with Zilch? With Zilch, customers get to choose the way they pay. They can pay in 4 over 6 weeks at thousands of stores with 0 interest. If the store they want to shop at is not among those thousands to choose from, you can still Zilch it. They will pay only 25% of the total price upfront along with a small fee via Zilch Anywhere. And did we mention that users can get 2% cashback in Zilch Rewards? Plus, users’ credit score won’t get affected when they use Zilch. Only soft credit checks are done to determine the maximum amount they can split into 4 to ensure they’ll get lent what they can afford. How to shop with Zilch Users interested in shopping with Zilch can simply create an account and start shopping. Zilch allows customers to shop with 0 interest at all participating merchants. These merchants agreed to pay the fee, understanding the value of Zilch in bringing in new customers and new revenue opportunities. Consumers can still use Zilch to shop for merchants who haven’t agreed to the terms via Zilch Anywhere. However, they may be required to pay a transaction fee. Once shopping is completed, users check out using their Zilch service, and the payments are established on the user’s profile. For in-store purchases, customers can tap and pay using their Zilch account, and the purchase will be immediately updated in the account. Users have six weeks to pay off their balance, starting by making a 25% down payment, with 25% of the charge due every two weeks after that. By week two, 50% is paid off, by week four, 75% is paid off, and by week six, 100% is paid off! If the user needs a brief extension on their payment at any time, they can select “snooze” and be given an extra four days to make the payment. This feature is available to select users. Additionally, all payments via Zilch are safe and secure. As a virtual Mastercard, using Zilch is as safe as using a bank card. Users also can use Zilch to pay for their entire purchase at once. If they select this option, they will get cashback in Zilch Rewards on that purchase. Zilch Rewards can be used to discount future purchases or can be saved to make an entire purchase. Zilch and similar services have been replacing the traditional credit card for many people. However, Zilch is available with 0 interest. This means users aren’t faced with high APRs on their purchases — instead, Zilch takes a small cut from merchants on each transaction. Now, consumers can borrow money to make their purchases without overspending. They can budget responsibly while still enjoying the opportunities of life. What to Buy and Pay later Buy now, pay later services increased nearly 50% year over year, according to July 2021 statistics. This has been reported as a direct result of consumers relying on BNPL options for all aspects of their life, from daily purchases to vacations. Here are some of the most frequent purchases made using this model: –Apps: Apps on our phones run our lives today, and most online shopping purchases are done through apps. Zilch can be used to buy now, pay later on transactions from eCommerce shopping apps, including Amazon, eBay, ASOS and more! –Dining: Enjoying a night out can be necessary for good mental health, but financially may not always be a viable option. BNPL has changed this dynamic and made it possible to get the best of both worlds! Zilch can be used at some of the U.K.’s top food stops, such as Dining in a Dungeon, a dining experience set in the last remaining Tudor-era hotel in the U.K.; or Dans Le Noir?, a dining-in-the-dark experience. Now, users can enjoy a night out on their terms. –Electronics: Today, every aspect of our life is led by electronics. We communicate on our phones, work on our laptops, and play on our tablets. Now, customers can purchase a Kindle, HP Stream, ACER Tablet, or Amazon Fire. As long as the value of these items are within their available spend and are affordable, payments can be spread over the following 6 weeks. –Clothing: Some of us focus on clothes shopping only a few times a year while others use clothes as a direct way to express themselves. Whichever personality a consumer aligns with, they can use Zilch to buy now, pay later at top brands, including H&M, Nike, Zara and more. –Video Games: Speaking of electronics, the use of video games has risen dramatically over the years. Video games aren’t purchased the same way they were before — now, games are web-based, allowing you to play against top players around the world. Using Zilch, you can play any game you want today! Get started with FIFA, Assassin’s Creed, Mario Kart, or Call of Duty and pay only 25% upfront then the rest over 6 weeks*. –Vacations: Sometimes, we all need to get away for a change of scenery. Whether it’s a desire to travel abroad or simply enjoy a local weekend getaway, pay later services can help customers pay for their next trip. Instead of budgeting leading up to the trip, Zilch lets users budget after the trip, responsibly. –Sportswear: Getting healthy can come at a cost, but the return is tenfold. An active lifestyle can improve a person’s physical and mental health. Therefore, investing in appropriate gear is a necessity. Pay later services can ensure consumers get the best products to help them achieve their goals, whether it’s New Balance Nergize Sport or Nike SuperRep Go footwear, the Castore Pro Tek Training Vest, or Bam Bamboo Balance Pants. Manage Your Money Today Whether it’s the desire to earn cashback on purchases or the need for a little extra short term help for those unexpected events, BNPL may help. The simplicity of getting started and ease of ongoing use has created a new avenue to shop — and with the numerous perks offered by Zilch, consumers from around the globe are turning to such pay later services. *Spend responsibly, spending more than you can afford could seriously affect your financial status. Credit subject to status, 18+, UK residents only. Representative APR 18.1% (fixed). Rep Example: based on total spend: £240 (+ £2.50 transaction fee). Total repayable: £242.50 paid over 6 weeks, 1st payment £62.50, then 3 payments of £60.00 every 2 weeks. T&Cs apply.