The Option to Pay Later in Online Marketplaces

1. The option to Pay Later in online marketplaces

2. Shopping today is all about the entire experience of it and what could be better than having to not pay then and there. Pay Later options tend to encourage impulsive buyers to shop guilt-free. With advancement in the field of ecommerce the concept of ‘Buy Now Pay Later’ has taken a new face. Cardless pay later options have been introduced by several online marketplaces. The latest to join the bandwagon has been Flipkart.

3. What is the ‘Buy Now Pay Later’ concept and how does it work?

4. The Buy Now Pay Later method is quite similar to credit card payments considering the fact that here too the seller of the product or service does not get paid immediately. The outstanding payments are settled at a later time. During purchase, if the customer opts for this payment option his details (such as email and other contact information) minus the credit card details are requested and the outstanding amount is billed in the upcoming month.

5. Who gets to avail this payment option?

6. Unlike all other payment methods the ‘Buy Now Pay Later’ one can not be used by everyone. Unless you have ordered a lot of products from the marketplace with fewer cancellations or you have a great credit history you may not have access to avail this mode of payment. This is done to avoid fraudulent practices from taking place that may end up in losses for the sellers. Credit scores showcase the credibility of the customer hence it is a trusted way to decide if the buyer is allowed to pay later or not.

7. Perks of ‘Buy Now Pay Later’ mode of payment

8. The ‘Pay Later’ concept has been proven to drive increased conversions credits to the facility to pay at a later time. Reduces the additional steps involved in the checkout process. Huge cart abandonments happen when customers come face to face with transaction snags and delays. Also often people are skeptical about sharing their bank details or credit card information which is not a requirement in this step.

9. How can you add this feature to your marketplace?

10. The Credit Limit extension facilitates the admin to set a credit limit for customers thereby adding payment method ‘pay on account’, that works towards accepting credit orders. The customer can place an order via ‘pay on account’ payment method as long as he does not exceeds the credit limit.

11. Credit Limit Extension customers can keep a track of their available credit, complete a purchase using ‘pay on account’ payment method. Customers can place an order using credit provided that their open orders are below-defined credit limit.

12. Key Features of Customer Credit Limit Extension

13. Allows the admin to set a credit limit customer wise. Allows viewing the customer credit limit reports. The ‘pay on account’ payment method can be utilized for credit payments. JAFFRA HAYES SIMON UZNEKA

14. Enables customer to check the credit limit set for them, used and the remaining amount. Allows the admin to view transaction details of each customer individually. JAFFRA HAYES SIMON UZNEKA JESSIKA BURGHES

15. CedCommerce Can Help We at CedCommerce have successfully introduced our customer credit limit extension to bring to the table the exact same features as available with Flipkart’s ‘Pay Later’. CedCommerce offers the necessary technical solutions specifically made for building one such platform. These extensions come with a multitude of features to aid in the development of a rich multi vendor ecommerce marketplace. JAFFRA HAYES JESSIKA BURGHES

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17. TELEPHONE 888-882-0953 Contact us today! EMAIL support@cedcommerce.com MAIN OFFICE CedCommerce Inc, 1812 N Columbia Blvd, Suite C15-653026, Portland, Oregon, 97217