Buy Now Pay Later (BNPL) is not just for online shopping. It is another option for extending credit to consumers on purchases.
Do an internet search for BNPL and the results of available offers are astounding.
- Is it an option for your retail sales?
- What does the BNPL option mean?
- Is it available on all purchases or just certain items?
On that same subject, in the news this past week is the FirstCash acquisition of American First Finance which is their venture into the point of sale payments market.
House Financial Services Chairwoman, Maxine Waters, urges the CFPB to take a close look at the Buy Now Pay Later lenders. There’s no doubt that the new leadership at the CFPB are listening and will heed that advice.