What is Go Now, Pay Later, and Why Should You Offer It?

Go Now Pay Later – What is it, and why should you care?

What is it?

Go Now, Pay Later is a service by Tixpire that allows your customers to break the cost of any ticket into interest-free monthly installments. This is an incredible option for people who don’t have or want to deal with credit cards and compounding interest. Go Now, Pay Later plans are completely transparent, meaning that from the moment your customer chooses our Go Now, Pay Later option, they know exactly what they’ll pay. No additional fees and no compounding interest.

Why should you care?

Long story short – your product is expensive, and your customers hate credit cards!

When a customer adds a product worth $99 or more to a cart, they instantly consider an installment plan option. If one isn’t available, customers leave the cart behind – quickly forgotten in the ether of other courses and events.

If a customer has a credit card, they may consider using that, but if your customers are millennials or Gen-Zers chances are, they’d rather not rack up the interest. With Go Now, Pay Later installments your customers know exactly what they’ll pay from the start.

Now if you’re an analyst like I am you want more than anecdotes. Here’s a recent study from The Ascent that shared valuable insight into the world of buy now pay later shopping. This study surveyed 1800 people and was inclusive of all ages 18 and over. Data revealed that 38% of respondents had used a buy now pay later service before and subsets of this group showed that 38% of Gen-Z, 47% of Millennials, and a massive 50% of Gen-X respondents have all used a buy now pay later option.

Another case study, this one from PYMNTS.com, showed that that 87% of consumers aged 22 to 44 are interested in the option of interest-free installments and that 40%of millennials and 57% of Gen-Xers have previously used a buy now pay later service.

Still not convinced that you should offer this service to your customers? Read on!

Why will your customers use Go Now, Pay Later?

Go Now, Pay Later was designed for high risk experiences and events. This includes live music events, live sports, conferences, online courses, training, certifications, and even travel. Your customers will use this because they’re young and either can’t access credit or they’re simply afraid of compounding interest ruining their credit. According to that same study from The Ascent,40% of respondents use buy now pay later solely to avoid credit card interest.

Go Now, Pay Later also allows customers to experience more than they could on their current budget without the additional interest of credit cards or loans. Your customers are dreamers, they’re out to explore the world, learn from the best of the best, and push the envelope further than anyone has before. We want them to be able to do that without the stress of high interest rates. We also strive to promote financial health by setting limits on spending and preventing customers from purchasing additional items before previous purchases are paid off.

P.S. One last piece of advice – don’t add the hassle of managing and setting up payment plans by yourself to the massive task of creating an event or course. Let us do the heavy lifting while you focus on what you do best – delivering an amazing product or event to your customers and selling more tickets.

Devin Lofland – CEO, Tixpire

 

Sources:

-         Backman, Maurie. “Study: Buy Now, Pay Later Services Growing Quickly Among U.S. Consumers.” The Ascent, 20July 2020, www.fool.com/the-ascent/research/buy-now-pay-later-statistics/.

-         “Buy Now, Pay Later Tracker” PYMNTS.com, April 2020, https://www.pymnts.com/wp-content/uploads/2020/04/PYMNTS-Tracker-Buy-Now-Pay-Later-April-May-2020.pdf.

If you’re interested in selling more tickets reach out to me anytime at devin@tixpire.com or visit our site at Tixpire.com/partners to learn more.

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