“Buy now, pay later” services are a popular way that shoppers pay for goods. Because shoppers like the service, offering it can be a plus for a small business. But since the payment plan is offered by third-party companies — such as Affirm and Klarna — there can be risks involved too.
FILE - Shoppers carry bags after making purchases in Bradenton, Fla., Feb. 9, 2024. “Buy now, pay later” services are a popular way that shoppers pay for goods. The payment plan is usually marketed as zero-interest, or low interest, and allows consumers to spread out payments for purchases over several weeks or months.
If something goes wrong, consumers could blame the small business — even if they have nothing to do with the payment plan. And things can go wrong. A report from the Consumer Financial Protection Bureau in 2022 found that more than 13% of BNPL transactions involved a disputed charge or a return. In 2021, consumers disputed or returned $1.8 billion in transactions at five large BNPL firms, the CFPB said.
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