#buy now pay later apps

[ruchiii]

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[bitchesgetriches]

More like buy now pain later, amirite?

Here are some of the ways BNPL isn’t just kinda shifty and gross, but verifiably predatory, empirically evil, and absolutely nothing new. (Coincidentally, Verifiably Predatory, Empirically Evil, and Absolutely Nothing New was the alternate title for our podcast.)

BNPL sneaks around regulatory agencies

Most forms of consumer lending in the United States are regulated by state and federal laws of one form or another. But the extent to which BNPL is regulated is kind of up in the air.

For example, the Truth In Lending Act (TILA) handles almost all traditional loans. Its purpose is to protect you against “inaccurate and unfair credit billing and credit card practices.”

Yet TILA only kicks in for loans of five installments or more. Remember how I said almost all buy now pay later loans are broken into four installments? Yeah. That’s intentional.

BNPL mostly operates just below the threshold of regulatory scrutiny. That way BNPL customers are left with little legal recourse to fight back against their shittier business practices. Which brings me to…

BNPL comes with exorbitant fees

On its surface, buy now pay later looks like a generous interest-free loan. But make one misstep and they’ll slap you with ALL THE FEES.

Late fees! Return payment fees! Missed payment fees! Account reactivation fees! Rescheduling fees! Prepayment penalty fees—is there no justice?!?! Some late fees are at least $20, and others charge an interest rate of 30% on late payments. Others offer long-term payment plans at 25% APR! Which really kind of negates the frugal benefits of buying now and paying later.

And lest you think it’ll be easy to avoid fees, Lending Tree found that 42% of all BNPL customers make at least one late payment… and are penalized accordingly.

But that’s not even where most of the buy now pay later apps get their profits.

BNPL is better for merchants than consumers

Buy now pay later apps make most of their money from charging merchants to include them on their checkout pages—a cost of 2-8% of customers’ purchases (for context, credit card companies charge a merchant fee of 1.3-3.5%). And retailers are happy to share a cut with BNPL apps! Because customers buy more when they use BNPL.

In addition, the retailer’s problem of “cart abandonment” (when you fill an online shopping cart then get spooked by the total price and just decide to buy nothing instead) is reduced with BNPL. It’s a devil’s bargain between vendors and BNPL apps to get people to buy more, spend more, and stop abandoning carts. Which leads me to…

BNPL makes you more likely to overspend and overdraft

Studies show people are easily seduced by smaller dollar amounts. Four payments of $25 each just looks cheaper than $100, y’know?

When you make multiple purchases with BNPL, it can be hard to keep all those payments straight. That’s why BNPL users are more likely to overspend, paying money they don’t have in their bank accounts, which leads to expensive bank overdraft fees. In fact, 70% of BNPL customers admitted they have spent more than they otherwise would if they paid for everything upfront.

Which sucks, but at least all these lil’ BNPL loans are helping to bulk up your credit score, right? … right?

BNPL is more likely to hurt your credit than help it

Far from helping you build credit, buy now pay later is actually more likely to hurt your credit score.

Recall our lesson on the recipe for a good credit score. Three of the ingredients are 1) a low utilization rate (don’t max out your credit card limit), 2) credit accounts that have aged like a fine wine (the older the better), and 3) not opening too many accounts too quickly.

Let’s say you make a $100 purchase with BNPL and pay it off over four months. To the credit reporting bureaus, that’s basically the equivalent of opening a credit card with a $100 limit, maxing it out immediately, and then canceling it four months later. And if you frequently use BNPL, the bean counters behind your credit score interpret that as you doing this credit-risky thing over and over again!

And you best believe the credit reporting bureaus know the instant you miss a payment.

Read more.

[financialapp]

Does Using Hot Water Increase Your Gas Bill?

Many households rely on gas-powered water heaters, which can significantly impact your gas bill, especially when hot water usage is high. Understanding the relationship between hot water usage and gas expenses can help you manage your utilities more effectively and potentially seek out gas bill assistance if needed.

Impact of Hot Water on Gas Consumption

Using hot water in your home does indeed increase your gas bill. Gas water heaters heat and maintain large volumes of water at a set temperature, ready for use in your kitchen, bathroom or laundry room. Every time you use hot water, the heater must work to replenish and maintain the hot water supply. Activities such as long showers, using the dishwasher and doing laundry with hot water can lead to more frequent heating cycles, thus using more gas.

The amount of gas used can vary depending on the efficiency of your water heater, the temperature it's set at and your overall hot water usage. Older, less efficient models or heaters set to maintain a very high temperature can consume more gas, thereby increasing your bill.

Managing and Reducing Hot Water Costs

To control the costs associated with hot water usage, consider the following strategies:

Reduce water temperature: Lowering the thermostat on your water heater can significantly decrease gas consumption.

Upgrade to efficient models: Modern, energy-efficient water heaters can be more effective at using gas, which might help reduce costs.

Insulate your water heater: Adding insulation can reduce standby heat losses.

If you find your gas bill overwhelming due to high hot water usage, remember that there are programs offering gas bill assistance. These programs can help make your monthly expenses more manageable by providing financial aid or support services.

Conclusion

Hot water usage definitely impacts your gas bill, especially if your home uses a gas water heater. Managing how and when you use hot water can help control these costs. Additionally, if high costs are a consistent problem, consider seeking gas payment assistance to alleviate financial stress. Implementing energy-efficient practices and equipment upgrades can also contribute to long-term savings.

Read a similar article about Philadelphia gas works bill payment assistance here at this page.

[brilworks]

Top Features of Buy Now, Pay Later (BNPL) Apps

In 2022, 28% of the consumers had used BNPL services which was 18% at the beginning of the year. As a result, popular BNPL apps achieved an unprecedented surge in downloads. In this article, We’ll give you the figures on why it’s becoming so popular. Following that, we will discuss the features the app should contain.

What is Buy Now, Pay Later (BNPL)?

BNPL is a short-term financing option that allows customers to make purchases and repay them in multiple equal payments. Various fintech app providers offer different repayment timelines. These providers may charge minimal fees or offer interest-free service to the users.

While technically, a credit card is also a BNPL service, but with subtle differences.

BNPL is all about lending small amounts to individuals who have poor credit scores or no income source. Furthermore, getting a BNPL account is typically easier than getting a credit card. This is because BNPL providers don’t do a hard credit check, making it easier for an individual to avail BNPL services.

Without further delay, let’s begin and learn about the essential features of a BNPL and what to consider when developing one.

Features:

1. Interest-free days & Eary EMI-conversion

Interest-free service, and clarity in the EMI conversion process.

Many established apps in the BNPL services don’t charge fees, as their target audience mainly includes students and those with meager incomes. If you start charging fees for using your app, it might not be as attractive to potential customers. But hey, here’s a workaround. You can impose a service charge only if they can’t make their payment on time.

It’s important to remember that you will be competing with established players in the market. Therefore, focusing on features such as interest-free days can be a key strategy. Additionally, ensuring clarity in the in-app EMI conversion process is crucial.

A good example of an effortless EMI conversion process is a BNPL app developed by Brilworks. The company has gone the extra mile by introducing EMI conversion right at the checkout process, providing transparency by showing if the charges are applicable for the EMI option.

This truly innovative approach shows how the team was incredibly focused on creating a more straightforward and user-friendly experience. This prime example showcases how effortless and seamless EMI conversion can be for customers.

Tips:

You can levy the service charge to a higher amount.

Make sure the interest-free days are at least 30 days, just like or even more than what other service providers offer.

Keep it real and be totally transparent about your service charges.

Make sure your customers know exactly what they’re getting themselves into before they start using your app.

2. Payment Ease

The payment process should be easy to understand, even for people unfamiliar with BNPL apps.

When users are making payments, they want the whole process to be smooth during checkout. And that’s even more crucial when it comes to BNPL apps. Remember, people are not going to choose net banking over debit or credit cards because they can easily make payments with cards. The same goes for BNPL services — simplicity is the name of the game!

There are a few things you can do to make the payment process more straightforward for users. The payment process can make or break things; this is where you can work seriously. The easier it is, the more likely customers are to use it over other payment modes. Therefore, the payment page is where you can reinvent the process.

Here is a straightforward method to make payment a breeze for users. Imagine this: users need to authorize and link their BNPL service (or account) once on a specific platform, and done, they can make payment with just one click, without entering the account details, from then on.

However, to prevent unauthorized payment, you may consider adding OTP verification or a more straightforward method of “in-app approval.”

Additionally, you must provide an alternative OTP option which is a tested and established method to ensure the right person is making payment. You know, that one-time password sent to verify the transaction adds an extra layer of security and gives users more confidence in the process. Also, you may allow users to make smaller payments without involving two-factor authentication.

By making the payment process easy and secure, you can increase your chances of attracting and retaining users.

Tips:

Provide them with an additional option to complete the payment process.

Enable a single-tap payment facility.

An in-app payment approval facility can speed up the transaction process.

3. NFC

Besides conventional payment methods such as net banking and debit/credit card transactions, having a contactless and convenient payment method — NFC (which refers to as near-field communication) can be a great way to encourage customers to make payments easily using their NFC-compatible devices near compatible terminals while on the move.

This contactless payment feature could be a strong selling point for your app, as it can save customers time and effort compared to traditional payment methods.

4. User-Centric Homepage

The development of the homepage depends on your project’s requirements. For example, if you plan to team up with merchants and reward customers for making payments, you can dedicate a special offer or promotional section on the homepage.

Now, one significant aspect to highlight on the homepage is the “payment reminder.” When users open the app, they receive reminders about their due dates and the amount they have to pay.

Brilworks, having developed several BNPL apps, found that payment options, transaction history, user management, and a dedicated section to keep users informed about their transactions were among the hottest features that major clients requested on their homepage.

Tips:

Keep the homepage simple and clutter-free.

Feature most used functionalities on the homepage.

Place Profile Management and Transaction History at the top for easy access.

Use intuitive icons and quick actions for user-friendly navigation.

5. Pin or Password Protection

“Security in fintech apps is not an option; it’s a necessity.”

A BNPL app contains financial information; therefore, it should have an extra layer of security. So, users can pick their style — a PIN, password, or biometrics authentication — whatever floats their boat. The additional security ensures that only authorized users can access the app.

But the most important is onboarding should be straightforward. So, when users register, you can provide them the freedom to set up their authentication right then, or if they feel like taking it easy, they can totally skip it for now and do it later whenever they’re ready.

Check out this slick example of how Brilworks crafted the “Not Now” button, allowing users to bypass the security setup process upfront. So, they can dive right into the app, and whenever they’re ready, they can easily configure their choices at their own pace.

6. Referral Program

Referral program — let your users be the marketers.

A referral program is a marketing strategy where you allow your existing customers to become your marketers and earn rewards for promoting your app. This is a great way to get the word out about your app and attract new users. In exchange, you can reward the referees with promotional credit, discount vouchers, or some sort of benefit.

Referral programs are a great way to raise awareness about your brand and market your app.

Tips:

Make the rewards valuable enough to motivate users to refer their friends.

Make it easy for users to refer their friends. The referral process should be straightforward.

Track the results of your referral program. This will help you figure out which rewards are most effective and how you can fine-tune your program.

Click for other features: https://www.brilworks.com/blog/bnpl-app-top-must-have-features/

[kodytechnolab]

If you are planning to enter the Dutch BNPL market, you can get a detailed cost breakdown with Kody Technolab's analysis for creating a BNPL app like In3 in the Netherlands.In3 is a Dutch fintech platform that lets consumers pay in 3 equal parts without interest or BKR registration.

Contact now to get a detailed cost breakdown analysis for creating a BNPL App like In3.

[dinotab]

The Benefits of Buy Now, Pay Later: Convenience, Flexibility, and Financial Freedom

In recent years, a new trend has emerged in the world of retail: “Buy Now, Pay Later” (BNPL) services. These services have gained popularity among consumers as a flexible and convenient alternative to traditional credit cards and loans. With BNPL, shoppers can purchase products immediately and split the cost into manageable installments over time. In this article, we will explore the various benefits of using BNPL services and how they can enhance the shopping experience for consumers.

Convenience and Instant Gratification: One of the most significant advantages of BNPL is the convenience it offers to shoppers. Traditional credit card applications often involve lengthy approval processes, while BNPL services provide instant approvals, allowing consumers to complete their purchases without delay. This instant gratification is particularly appealing for those who may not have immediate access to funds or prefer to spread out their expenses.

Flexibility and Budgeting: BNPL services empower consumers with greater flexibility and control over their finances. By dividing payments into smaller, more manageable installments, shoppers can better align their spending with their budgetary constraints. This flexibility enables individuals to make essential purchases or splurge on a luxury item without compromising their overall financial well-being. BNPL eliminates the need to drain savings or rely on high-interest credit cards, allowing consumers to allocate funds for other necessary expenses.

Interest-Free Options and Transparency: Many BNPL providers offer interest-free installment plans, meaning consumers can pay for their purchases over time without incurring additional charges. This feature makes BNPL an attractive alternative to credit cards, where accumulating interest can lead to mounting debt. Additionally, BNPL services often have transparent terms and conditions, ensuring that consumers are aware of the exact repayment amounts and timelines upfront. This transparency allows individuals to make informed decisions and avoid unexpected fees or penalties.

Enhanced Shopping Experience: BNPL services contribute to an enhanced shopping experience by removing financial barriers and expanding purchasing options. With BNPL, consumers can explore a wider range of products, upgrade their purchases, or buy higher-quality items that may have been financially out of reach otherwise. This increased buying power promotes customer satisfaction and loyalty, benefiting both shoppers and retailers.

No Credit Checks and Improved Financial Inclusion: For individuals with limited or no credit history, BNPL services offer a viable means of making purchases without undergoing stringent credit checks. By utilizing alternative data points and payment histories, BNPL providers can assess a consumer’s ability to repay installments, opening up access to a broader customer base. This improved financial inclusion allows individuals who may have been excluded from traditional credit avenues to participate in the economy and enjoy the benefits of online shopping.

Conclusion: Buy Now, Pay Later services have revolutionized the way consumers shop by providing convenience, flexibility, and financial freedom. From instant approvals to interest-free options and enhanced buying power, the benefits of BNPL are numerous. However, it is crucial for consumers to exercise responsible spending habits and thoroughly understand the terms and conditions of each service. By doing so, shoppers can leverage the advantages of BNPL while maintaining their financial well-being, ensuring a positive and rewarding shopping experience.

[paywithsuave]

Looking for Afterpay Mobile App? Suave is fully integrated with all your favorite stores. Shop as usual, then choose Suave as your payment method at checkout. Download the Buy Now Pay Later app now. For more info, visit www.paywithsuave.com

[genderqueerdykes]

physically disabled schizophrenic homeless trans person about to lose hotel room

hello, i know i have other posts out right now, but i'm in a very terrifying situation right now and i am scared shitless. it is sunday, 2/25/2024. i got a call back from the government waitlist apartment that i've been approved for, and need to Uber over to their office tomorrow morning to sign paperwork to get moved in later this week. they said the absolute earliest they can move me into my unit is tuesday. my hotel stay runs out on tomorrow, monday morning at 11 am and i am currently waiting on my deposits from my art business to hit my account- they take several days to process, and aren't coming in fast enough. the rest of the money i had on my person went to paying for my hotel up until now and my storage unit bill.

i hate to make another post while i have others circulating, but if i do not get at least monday night paid for before 11 am on 2/26, i will be completely without housing right before i'm able to move into my new place. i don't have anywhere else to stay right now and i can't afford any setbacks with this apartment, as i've been working with them since october. i need to be able to afford my current hotel until they are able to move me in, and uber to and from the complex.

my hotel is currently $38/night:

please note these are the only payment gateways that will get to me fast enough so i can book more nights in my hotel & afford an uber to and from my new apartment:

cash App: $glitterGraphix venmo: @ Equinoxian pay pal: glittergraphicnightmare@ gmail.com

thank you to everyone who has already helped- your contributions will be able to go toward getting us moved into our new place, buying necessities like appliances, transportation and more. thank you for all of your help. again, sorry for making another post but we are literally down to the wire and i'm anxious as all hell.

[bitchesgetriches]

Hi bitches! Thank you for your excellent BNPL article — I’ve been really curious about them and this answered so many questions. I was wondering about payment plans through credit cards? For example, I use AmEx, and when I first joined I was able to pay in installments fee-free as a promo. Now there’s a fee so I’m less inclined to use it, but is it more trustworthy than other BNPL? Thank you!!!

You're quite welcome, dearest! For anyone who hasn't read it yet:

Buy Now Pay Later Apps: That Old Predatory Lending by a Crappy New Name 

This is a VERY smart question, for which you deserve a cookie. Because you're right to be suspicious: BNPL apps are similar to a lot of the worst aspects of credit cards. The difference is that credit cards have more regulatory oversight, and are therefore a bit safer.

Credit card fees are bullshit! As are their high interest rates! Here's how we recommend using credit cards so that you get a lot of benefits and none of the downsides:

Credit Card Companies HATE Her! Stay Out of Credit Card Debt With This One Weird Trick 

Let's End This Damaging Misconception About Credit Cards 

How to Build Good Credit Without Going Into Debt 

The Best Way To Pay off Credit Card Debt: From the Snowball To the Avalanche 

[financialapp]

What is the Value of a Dollar in Australia Compared to The U.S.?

Ever wonder how much a dollar is worth in Australia? If you plan to transfer money to Australia, that's an important question to ask! The United States and Australia use two different currencies. In the U.S., we have the U.S. dollar (USD). But in Australia, they use the Australian dollar (AUD).

The values are very different, and you must understand them to ensure you send as much as you need.

As of late 2023, the value of a dollar in Australia is higher than that of a U.S. dollar. The exchange rate from USD to AUD is roughly 1.52. That means US$1.00 equals AU$1.52.

So, if you were to transfer $100 to Australia, your recipient would receive about 152.50 AUD. Conversely, if someone from Australia sent 100 AUD to you, you'd only get approximately $65.59.

Understanding Foreign Exchange Rates

Whether you want to transfer money to Australia or any other country worldwide, you need to research exchange rates. Moving funds between nations is easier than ever in our ever-increasingly globalized world. But, because countries use different currencies, the value of money is not one-to-one.

Exchange rates dictate the value of one country's currency compared to another's. These rates affect trade and the movement of money across borders.

One important thing to remember is that exchange rates aren't static. They change multiple times throughout the day. So the rate you see when comparing USD to AUD won't be the same in a few hours, days, weeks or months.

Many factors impact exchange rates. These include the economic growth of both countries, government stability, geopolitical conditions, general inflation, interest rates, etc. You have no control over those details.

However, you can shop around to find the best rates before you transfer money. Banks and exchangers often provide mid-rates between buying and selling rates. They're out to make a profit, so you'll see varying rates and fees from one institution to the next. See what rates you can get from different providers before you send your money.

Read a similar article about Chime here at this page.