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Payment platforms such as Afterpay and Sezzle both offer a buy now and pay later program that allows customers to get what they want when they want it without compromising their credit—or getting credit involved at all. is that many customers do not want to get credit involved at all. This is where installment payment companies have reaped the rewards of this growing trend in payment preferences, ultimately giving customers what they want while giving retailers what they need—which is immediate payment on the items purchased and an increase in consumer spending as a result of welcoming this payment option. Payment platforms such as Afterpay and Sezzle both offer a buy now and pay later program that allows customers to get what they want when they want it without compromising their credit— or getting credit involved at all. The only time they pay an additional fee, in fact, is if they miss a payment due, thus creating a rewarding situation for all involved when paid on time. As for retailers, it’s as simple as signing up on each respective site they want to partner with—such as Afterpay.com—then beginning to inform their customers this is an option they welcome. Brands and retailers such as Urban Outfitters, Anthropologie, Revolve, DSW and Kylie Cosmetics have already found this to be worthwhile, with Revolve’s CEO Mike Karanikolas explaining Afterpay to be “incredibly easy to work with and a tremendous partner for our business.” Finally, remember that consumers are leading the changing landscape in payments and as a result, how they shop is changing, as well. For many, that includes identifying who accepts the payment option they want to pay with first, then deciding where they will shop second. When you factor this as well as the above considerations into your retail business, make sure that your store does not create a barrier among consumers simply due to the lack payments you may or may not accept. ■ Nicole Leinbach Reyhle is the founder and publisher of Retail Minded, the co-founder of the Independent Retailer Conference and a regular contributor to various publications that include Entrepreuner.com. Additionally, Reyhle is the author of the book “Retail 101: The Guide to Managing and Marketing Your Retail Business” from McGraw-Hill and has supported Small Business Saturday from American Express as their spokesperson. Follow Reyhle on Twitter at @RetailMinded. Sources: 1 Retail Dive 2 TD Bank 300 |