Buy now, pay later. A new payment method is coming to Slovakia

The pandemic has taught us to rely more and more on the internet and online shopping. Purchases and payments are digitized, everything is easier and faster. It is in these times that a new way of shopping is coming to Slovakia.

Buy now, pay later

The payment method “buy now, pay later” is typical especially for foreign fintech companies. It works on the principle of deferred payment, it provides the buyer with 30 days to pay for the goods without additional fees. This minimizes the risk associated with non-delivery of goods. Some Slovak e-shops have already started the payment method.

“The world is becoming more and more digital, and consumers’ shopping habits are changing. An increasing number of people shop online, pay cashless. Buy Now, Pay Later payment systems bring consumers a new user experience of online shopping and increase its security. At the same time, it brings positives from brick-and-mortar stores, ie the opportunity to try out a purchase before paying for online shopping. From the perspective of e-commerce merchants, practice from around the world shows that deferred payments help increase sales conversion, shopping cart size and turnover, by several tens of percent.“

Marek Šupa, CEO of Hi

It is actually a form of loan with zero interest. It works very simply. Unlike traditional installments, where it is necessary to enter a large amount of data, the new service requires only two pieces of data from the customer. This method allows new clients to defer a purchase worth up to 150 euros, existing customers up to 300 euros. After delivery of the goods, the buyer will receive a QR code, which he will scan and pay within 30 days.

There will be news in the future

The payment method “buy now, pay later” is available as part of the introductory pilot operation in selected e-shops on their websites: www.gangstagroup.sk, www.eshopist.sk, www.therese.sk, www.profinar.sk. In the future, it will be possible to split the payment into three equal amounts and pay gradually.