The concept of buy now, pay later is nothing new. For years credit cards and options like layaway have dominated the retail industry for consumers that don’t want to pay for their entire purchase upfront.
However, these concepts are flawed and always have been. For example, when you choose layaway, you can’t have your items until they’re paid off upon pick up, and credit cards tend to rack up hundreds of dollars in interest payments and additional fees, typically making your purchase cost twice what it’s worth.
With the current buy now, pay later options flooding the market, clients are left with choices on how they pay for the products and services they want and need. Many businesses (of every niche) are seeing an uptick in sales because they allow buy now and pay later options.
What Exactly is Buy Now, Pay Later?
Buy now, pay later, or BNPL, is an interest-free option given to consumers by companies, both small and large, allowing for monthly, bi-weekly, or weekly installments on purchases made. The description alone makes it clear why this is such a popular choice for consumers.
You get your order shipped and delivered, or your service provided, right away without paying the balance in full on the first transaction. Also, you’re not acquiring interest, so it’s a win-win overall.
The Benefits of Offering BNPL for Dental Services
Every business, no matter the size, should consider a buy now, pay later platform. Because insurance can be tricky when it comes to dental coverage, many practices should begin offering patients the option to buy now and pay later. This way, they can receive the treatment that they so desperately need while making the financial load a little bit lighter.
If your dental practice has an excellent reputation and offers patients the choice to pay their bill in interest-free installments, then you can guarantee a rise in leads and business, from walk-ins to phone calls. If you look across the internet, you’ll see that buying now and paying later is changing the way consumers decide to purchase and where they are buying from.
Jumping on the BNPL bandwagon is highly recommend to dental practices that want to stay relevant as the world changes, from payment options to telehealth services. At this point, it’s crucial not to fall behind your competition, especially on a local level.
The prospect of paying later for something you need now is incredibly enticing. In fact, many businesses have found that they are able to increase their prices while offering this option without affecting the amount of business they do.
You have nothing to worry about!
The concept of buying now and paying later is not fading away any time soon. With major BNPL companies popping up in every major retailer across the globe, now is the time to take advantage of a tool that has the potential to skyrocket your business to the next level. BNPL is changing the game, don’t miss out on it!