Things To Know About The “Buy Now, Pay Later” Payment Scheme

Almost everyone knows the feeling of frustration that comes when you stepped inside a store, find something you like but leaving not being able to buy it because you could not afford it. Unfortunately, not all of us were born with money to spend on everything that we fancy. Fortunately, shops and merchants have come up with various ways to make it easier for us normal people to buy our needs and wants. One of those ways is offering a “Buy Now, Pay Later” payment scheme which is exactly how it sounds. But of course, before committing to one, it is better that you are well informed of what this entails.

There is a service fee

Not all stores charge a service fee for availing of this payment scheme. But it is better that you know. You should get advice before you apply for the lay-buy payment method. This is so you can adjust accordingly the installment payment that you need to complete.

Most probably, the service fee will be charged to you during the first payment so don’t be surprised if your first payment is different than the rest. The service fee is not that high and there are stores that do not implement this. If you will buy from large stores, you have to prepare for the service fee because they would likely charge you for it as opposed to smaller shops.

There is a cancellation charge

This one is pretty understandable because the store would be reserving the item or product for you until you have settled the full amount. If you suddenly change your mind and do not want to purchase the item anymore, they might have a hard time reselling it. This is the reason why they would levy you with a hefty cancellation charge.

The cancellation charge varies, even if you are not planning to cancel your purchase. It is still better to ask how much it is. If and when you suddenly have an emergency and you could not continue paying for the item. Some stores ask for a deposit and when the customer cancels the purchase, they keep this deposit. These are the things you should ask beforehand to not be surprised in any circumstance.

The price of the product will not change

If sale season is about to come, you might think twice about availing a buy now pay later payment method since the item or product that you are planning on buying might sell at a discounted price later on. When this happens, you might lose the chance of purchasing it at a more affordable price because even if it became discounted. You will continue paying for it the full amount.

These points are not enough to deter anyone from availing of this payment method because at the end of the day. It is still a good option especially if you will be buying in bulk. You’re stocking up on your Christmas shopping list. As a last reminder, don’t forget to have your own copy of the agreement detailing the terms and conditions.