Bad Credit

‘Buy now, pay later’, an e-commerce pandemic hit | New

NASHVILLE, TN (WSMV) – Companies like Peloton, Sephora, and Best Buy all sell very different products, but the way you can pay for them is similar.

It’s called “Buy now, pay later”. Think of it as a layaway, but instead of making payment for a later purchase, you get the products right away.

International financial crime expert Dr J. Michael Skiba says the feature has been around for a few years, but has recently gained popularity with consumers.

Dr Skiba, also known as’ Dr. Fraud, ”attributes the increase in use of the buy now, pay later platform to the pandemic, the popularity of contactless payments and demographics.

“For devices, we went from 15 billion in 2018 to around 50 billion last year, so the way people actually make payments, these platforms themselves have just grown,” said Dr Skiba.

Buying now, paying later is expected to grow e-commerce 4.5% by 2024.

Dr Skiba says the platforms’ interest-free or low installment payments appeal to consumers. And even people with bad credit can usually be approved.

“We are a fast food generation,” he said. “We want it now and not delay it.”

The platforms provide a great way to pay for something that may be easier to pay for in small installments, rather than a lump sum.

But Dr. Fraud says before you buy, keep an eye on the safety of the platform.

“Just make sure that no matter how you use this type of platform, you protect it, keep your information secure, follow standard identity theft protocols that you use with your other credit card.” , did he declare.

Dr Fraud says it’s the companies that buy now and pay later that he considers the best overall.

He says Affirm is the most user-friendly, PayPal in 4 breaks your purchase down into four easy payments, and Klarna actually gives you a temporary credit card number that you can use just once to make a big purchase and then refund it. over time .

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