Why Buy Smartphone with Buy Now Pay Later?

by Starry

Mar 05 2021

The growing use of smartphones has led to constant evolution and up-gradation in technology. But, with quick-changing technology, it becomes hard to keep up with the newer versions. Therefore, if you are wondering where to buy iPhone in Singapore, then the best place would be the online market!

However, as mentioned above, finding the right smartphone at the right price can be a challenge. And the best way to tackle this obstacle is to buy cell phones on ‘Buy now Pay later’. To qualify for this, you will have to keep the following pointers in mind:

  • User buying the Phone should have a Credit Card and the right credit limit
  • Having the Card details at hand while ordering
  • Registered contact number to enter the OTP

Even though this option is available for offline purchases as well, the growing use of online stores makes it a better option for everyone. Keeping your expenses at a minimum, this option will also help you manage your finances better.

What does Buy now pay later mean?

Buy now pay later, or BNPL for short, is a financing alternative aimed to relieve the buying end so that the customers are facilitated with the convenience of breaking the impact of a huge purchase. BNPL not just attracts newer customers but also retains the previous loyal ones. Most companies providing BNPL are interest-free so that the customers only pay for the original amount, not the added amount. The aftermath of the pandemic has seen a great deal of success in companies offering BNPL services, and therefore more, and more companies are starting to offer this service.

There’s a plethora of Buy now pay later Singapore services, and when you search for them online and when you search for Buy now pay later apps, you’ll be displayed with a countless number of options to choose from. So don’t miss your opportunity to grab buy now pay later services!

Advantages of Using BNPL

Buying smartphones is a fun experience. If you want to make the best use of the BNPL service, then you don’t have to think about where to buy iPhone in Singapore. You just have to visit the online website and place your order. Here are some benefits of using this awesome feature:

  • Quick Approval

Buy now Pay later payments can be approved very quickly. You just need a few minutes, apart from your order placement time, to get your paying later request accepted. Moreover, you will also save time as the providers do not perform credit checks to approve. A user only has to provide basic information about their account. The payments will be processed automatically every month. 

  • Payment in Installments

This is another unique feature of the BNPL service. Whether you get the limited edition iPhone or any other Android phone, you will not have to worry about paying the whole amount at once. The total price is divided into easy payable installments for the user to repay in a specific duration.

  • No Interest

As stated above, online stores are the best answer to where to buy iPhone in Singapore and related questions. Why? Because they not only offer the best deals but also provide Buy now Pay later service at no added interest rate. Only extra charges applied would be on the late installment payment.

Benefits to the Retailers

This service is not just beneficial to the users or smartphone buyers. But it also brings numerous benefits to the retailers and brands. If you are wondering what they are, then here is a quick enlistment of the advantages of BNPL on retailers:

  • Improved Customer Experience

The Gen Z members love to quickly go through the online stores and making quick purchases. It has become a hassle-free way of finding the right products. However, keeping them engaged becomes a challenge for most stores.

If you are a retailer and want to increase your customer engagement/ retention, then opting for the BNPL system can be a great option for you. Rather than going for a much complex reward program, this is a much easier way of improving the consumer experience.

  • Increased your Sales

Many studies have proven that retailers offering BNPL services can increase the conversion rates for many. Since pay later schemes extract revenue from the customers every month, you will have a stable monthly income flow. This can help you in recording and maintaining the inventory. You can also make extra investments in other parts of your business.

  • Better Website Performance

Buy now Pay later services are fruitful deals for most consumers and buyers. It helps them get the product they want, without emptying the bank account. Since it is a popular service among buyers, many retailers have turned towards it as well. This helps them deliver services that their customers want.

It also helps the brands in attracting more target audience attention from wider demography. This will also help in increasing website traffic, returns, and longer visit times. With a positive experience and impression, the visitor will soon turn into a long-term customer of your website. They will surely return to get more products from your website. 

So, what’s in it for the company providing BNPL services?

With this leeway given to the customers, most are rejoiced by this service, while some are suspicious with skepticism as to how it is benefiting the company giving this service without an added interest. We’re going to address this concern so that you can understand the Buy now pay later business model, but you’ll have to bear with us and sit tight because some technical terms are coming right up.

  1. BNPL offers a greater potential market share. Owing to the repercussion of the pandemic, many consumers have lost their jobs. Consumers are in a persistent search for purchasing options with a greater degree of flexibility, with the least financial commitments. Therefore, businesses have a great opportunity to capitalize on this service and increase their market share.
  2. It creates a better cash flow for the businesses. BNPL is a faster and more straightforward model of payment compared to conventional payment techniques. The retailers are paid in full immediately by the Buy now pay later companies. This is highly beneficial for the retailers since they have a better cash inflow to stock up their inventory. So even if the consumer fails to pay on time, the retailers don’t have to incur any damage from the lost revenue.
  3. Increased sales revenue is the biggest advantage of offering BNPL. Owing to the ever-increasing inflation, this relief in monetary transactions has substantially improved the buying market since most buyers are no longer overwhelmed by a hefty price tag. This leads to a far lesser number of abandoned carts on the company’s e-commerce website and allows them to close more sales than they otherwise would.

Should you pay off your cell phone early?

If you’re among the fortunate and privileged individuals who have no trouble buying phones right away, you are free to do so, but here’s why you shouldn’t. Whether you belong to a salaried class, work on daily wages or run a business, you should plan your spending according to the 50-30-20 budget rule. After the taxes, divide your income in the following order, 50% on basic necessities, 30% on wants, and 20% on savings. Buying a phone right away is not a very wise decision since a huge amount is deducted from your total earnings, and the chances are that you may not be able to save up any amount if you keep spending thriftily every now and then.

Atome is a great BNPL service!

In the ever-growing ocean of BNPL services, Atome is a proficient name. Atome is a mobile app that was made to mitigate the financial burden of expensive shopping through three consecutive monthly installment-free payments. Having its headquarters in Singapore, Atome is currently active in 8 markets (Singapore, Indonesia, Malaysia, Hong Kong, Philippines, Thailand, Vietnam, and Mainland China), establishing deep partnerships with 10,000+ online and physical merchants. And Shiok is one of them!

Atome is available on both the operating platforms, android and IOS. If you’re skeptical about using Atome because you’re intrigued to know how Atome works, click on the link and find out! To make the shopping experience as rewarding as possible, Atome gives you a 10$ shopping voucher when you shop for the first time! So, what are you waiting for? Get the app now and sign up for free!

Your step-by-step guide to paying through Atome

· First, when you proceed to the checkout after selecting the items you want to purchase, you will be displayed with the options to pay. Amongst those options, select Atome.

· Next, you have to sign in to your Atome account using your log-in credentials.

· In case you don’t have an account on Atome, you could sign up today, completely free!

· And there it is! You’re ready for the purchase. You have to make an initial payment of 1/3rd of the total amount at the checkout. The remaining amount will be paid in the coming two months in convenient installments.

Final Verdict

Smartphones have become an essential part of our daily lives. If yours is broken, and you are looking for where to buy iPhone in Singapore? Then consider visiting online stores to get the best iPhone. Moreover, you will not have to worry about your limited budget. By using the Buy Now Pay Later service, you can divide the whole payment into smaller and easier installments.

This is not just an advantageous deal for the customers. Many retailers and online stores have also opted for this feature. It helps them live up to the customer expectations and requirements. Furthermore, it also helps them in offering an exceptional buying experience.

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