Until recently, private-label credit cards, layaway and, in the case of large retailers, co-branded credit cards were the only “in-house” financing options merchants could offer to consumers. However, an alternative to these options — buy now, pay later (BNPL), also known as pay-over-time — is not only available, but is catching on fast with merchants and consumers alike. When deciding whether to introduce a BNPL program in addition to or instead of traditional card-based financing and find the right solution for their business, retailers must consider the demographics and preferences of their customers.
