As a society, we’ve become accustomed to a world of instant gratification.
Everything we can imagine we need or want is available at our fingertips. However, with so much access today, what do consumers do when they want to spread their payments over time?
Instead of turning to loans and traditional credit cards, consumers are turning to buy now, pay later (BNPL) plans.
Buy Now, Pay Later
The rise in demand for products and services has allowed BNPL plans to grow rapidly. In 2020, these plans accounted for. The question is, what are BNPL plans, and how do they work?
Some BNPL providers, such as Zilch, allow consumers to buy products while paying a small amount upfront. The consumer will then be able to split payments into instalments over 6 weeks to complete the rest of the transaction.
For example, Zilch allows customers to pay in instalments. The first, which is at checkout, requires the shopper to pay 25% of the purchase price. Then, the customer is enrolled to pay another three payments, each two weeks apart. The purchase is paid in full six weeks after the initial payment.
What Can You Get With a Buy Now, Pay Later Plan?
The items and services available via BNPL platforms offer flexibility and convenience. Not only can shoppers buy big-ticket items, such as new tech gadgets, as long as the price is within their available spend and they can afford it. They can also purchase lower-priced goods to help them get through the month while maintaining an appropriate budget. Zilch shares insight into some of the top items consumers rely on buy now, pay later services for:
eBay has become a powerful platform for today’s shoppers. With more than 187 million buyers worldwide, it’s a global favorite for “reliable second-hand products at a reasonable price.” Shopping via BNPL lets users get good deals while sticking to their budget.
Amazon is the leading e-commerce platform globally, offering more than 12 million products. The website has the product and solution for every consumer demand from home entertainment to home office furniture to fitness equipment. Consumers can get almost anything from Amazon and use Zilch to manage payments.
In addition to shopping at the world’s largest retailers, consumers can use BNPL to purchase essentials, such as food and clothing. Zilch, for example, is commonly used to shop on Uber Eats or at the local Aldi store, but it can also be leveraged to buy a weekend getaway or annual vacation via booking on sites like Expedia and Airbnb.
Users can think of BNPL platforms – specifically Zilch – like a credit card without the drawbacks. Customers can shop anywhere Mastercard is accepted.
Balance is key
We all want to be able to engage, interact, and make the most of what life has to offer. To access more experiences, borrowing has become a norm in our daily lives. Unfortunately, with traditional borrowing methods – like loans and credit cards – consumers are left paying more than they bargained for.
So spending responsibly and in moderation is a happy medium. 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.
Benefits of Zilch
In addition to not missing out on life’s significant events, shoppers can reap the secondary benefits buy now, pay later services offer:
— Convenience: Zilch makes checkout easy. With an established account, users can simply check out via Zilch, and their payments will be scheduled.
— Transparency: Zilch clearly states which shopping options are free versus which require the shopper to pay a fee. This transparency allows shoppers to maintain a clear understanding of their spending.
— Notifications: Zilch sends users reminders of when their payments are due. As a result, shoppers can pay their bills on time and avoid unwanted fees.
— Flexibility: Zilch allows users to extend their payment due date by four days by simply clicking “Snooze,” (available for certain users) giving them a few extra days to get their finances together. Using this feature may incur a fee.
— Simple returns: Zilch works with shoppers on all returns. Once a shopper’s return is finalized at the store, Zilch refunds the user. They will get a notification on the Zilch website or app once the refund has been processed.
— Cashback: If a shopper decides to shop with Zilch and pay for their item, service, or experience in full, they receive cashback for their purchase in Zilch Rewards.
BNPL platforms allow today’s consumers to enjoy every moment and shop while keeping to a responsible budget. Consumers can shop smart to ensure they maintain an optimal financial position for their future. Here are a few tips on how to shop smart via Zilch:
Research before you buy. With dozens of merchants selling similar items, consumers can save by researching before executing a purchase. If you’re using Zilch, you can consider shopping at stores that offer zero fees instead of those that charge fees.
Shop during the off-season. Great sales can be found in the off-season. For example, buying your winter gear just as spring approaches can save you hundreds. Buying in the off-season can help shoppers save in the long haul. Additionally, shoppers can buy during the sale season by leveraging Zilch. No longer do they have to miss out on those great bargains.
Look out for deals. Beyond the off-season, great deals can be found. For example, buying food in bulk can reduce the price per item, and generic brands can be purchased at a lower rate. Looking for a deal doesn’t have to be a hassle but instead a journey to better financial success.
Be mindful of your spending. Garner healthy financial habits, and stay on budget. Although we want to buy what we want now, occasionally, it’s best to hold off on that next purchase, especially when faced with stress associated with money. Zilch allows you to spread the cost over 6 weeks.
Set a budget. The most financially responsible people set a budget. They understand their income and expenses and create an outline of how much excess money they have each month to spend. Creating a budget can allow consumers to shop while maintaining a favourable financial position. Furthermore, Zilch shoppers can keep to their budget by spacing out payments.
Shop Now With Zilch
It’s never been easier to get what you want — but if you want to stay out of the red, it’s best to do it with a plan. Zilch allows shoppers to shop now and pay later while maintaining a healthy budget for their lifestyle. For those going on a job interview, indulge in that new interview outfit. For those workaholics, get out and take a vacation. Look into Zilch Today.
*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.