eCommerce has been a rapidly evolving industry for years. Companies in their various sectors face constantly changing trends and stiff competition. To rise above their competitors, eCommerce businesses are always coming up with new and improved ways of catering to their customer base. One such way is the Buy Now, Pay Later option.
BNPL offers consumers a seamless payment experience and empowers them to better manage their shopping expenditures. This payment option has been adopted by many eCommerce companies, including Amazon.
Want to learn more about the Amazon Pay Later model? More importantly, how to use it to your advantage? Read on to find out!
What is Amazon Pay Later?
Amazon Pay Later is a payment option offered by Amazon at checkout that allows you to buy and receive a product and pay it off in monthly instalments or EMIs. It essentially works as a hassle-free form of instant credit. This can be done through the Amazon website or third-party BNPL providers.
The Amazon Pay Later feature came up as a response to the growing preference of consumers for digital payments. This process can be fully completed online. You can apply for it online through the BNPL providers’ app. Tracking of purchases and making repayments can be carried out through the Amazon site. This provides great convenience to the tech-savvy new generation of consumers.
The availability of fast credit helps customers pay for high priced products such as home appliances and electronic gadgets, everyday essentials like groceries, and monthly expenses like electricity and mobile recharge.
Amazon Pay Later has been made possible through readily accessible credit offered to consumers through banks, non-banking financial institutions, and online personal loan apps. These providers specialize in simple and straightforward Buy Now, Pay Later financial products. Their offerings are accessible and financially inclusive and thus, can be easily availed by the average consumer.
Benefits of Using Amazon Pay Later
Amazon Pay Later offers many benefits to consumers. Unlike other personal loans, it is a speedy and efficient process that does not require you to submit a lot of documents or fill out unnecessary forms and paperwork. It gives you an instantaneous decision on whether you are approved for the credit or not.
The convenience of Amazon Pay Later especially helps anyone who does not have a credit card or existing credit history, since they do not require that for this BNPL option. This makes it a favourable option for young professionals, individuals working in the informal sector, and anyone who may not have access to formal financing.
Amazon Pay Later also has no processing fees, cancellation fees, or pre-closure charges. Thus, you only pay for your product.
Using Amazon Pay Later with CASHe
CASHe is a leading mobile loan app in India and a third-party provider for the Amazon Pay Later feature. If you wish to shop products online at Amazon but do not have enough finances, we can help you out with an instant credit loan.
So, how does it work? First, you download the CASHe app and create a profile. This requires you to submit minimal documentation. Then, you enter the amount of money you would like to borrow, we approve your request and generate a code for Amazon for you to use at checkout. The amount gets credited to your Amazon account and you are free to spend it on whatever you like. At the time of purchase, you must pay one-fifth of the price with taxes and shipping fees. The remaining amount would be split into equal instalments that are to be paid every 30 days from the date of shipment. You can make your repayments through Amazon via your preferred payment option.
CASHe offers two repayment tenures – for 90 days and 180 days. The minimum amount of money you can borrow and the rate of interest depends on the length of your repayment process. For 90 days, the minimum amount is ₹3,000 at an interest rate of 0.5% per month. For 180 days, the minimum amount is ₹6,000 at an interest rate of 0.75% per month.
Get started on your Amazon Pay Later journey today!