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The Rise of Buy Now Pay Later

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A new generation of budgeters are switching to a new method of paying bills that allows for more flexibility. The idea of buy now pay later (BNPL) has increased in popularity since the start of the pandemic when many people were experiencing times of financial insecurity. Some of the most popular bills that are paid using BNPL involve pets. Many pet owners have realized that BNPL allows them to give the proper care for their pets without worrying about breaking the bank.

 

Why Buy Now Pay Later is a Good Solution to Unexpected Medical Expenses

In fact, 77% of pet owners are already familiar with BNPL, and 56% of them have used BNPL as an alternative to credit, debit, or cash purchases. With 78% of pet parents being successful at managing a budget, it may seem surprising that so many prefer BNPL, but the truth is that everyone – even the most experienced budgeters – can benefit from a more flexible payment plan. 

 

Many pet parents choose BNPL due to the many benefits this method of payment can offer. 43% of pet parents choose BNPL because it offers overall better flexibility in managing vet, grooming, or overall care costs. 30% say they prefer BNPL to avoid credit card fees and interest, and 22% are comforted by the fair fixed rates compared to the rates of credit cards or personal loans. 

 

Speaking of credit cards, did you know that 38% of pet parents pay for vet care with  a credit card? Only about 18% of people have and use pet insurance to cover vet costs, which leads to more people using credit cards and taking even more time to pay off their debts. With so many pet parents paying for their vet bills with credit cards, it can be stressful trying to keep up with different bills along with the interest rates that go along with any credit card usage. BNPL allows your pet to receive the care they deserve without the stress of wondering how you’re going to pay for it. 

In Conclusion

BNPL has become more popular in all areas that require payment due to the many benefits that can come with a more flexible payment schedule. When it comes to some of the more expensive necessities such as healthcare, dental trips, and even vet appointments for your furry friends, BNPL offers an alternative to stress and credit card debt while still ensuring you and your pets are getting the care you need. It’s time to take a closer look at how buy now, pay later may be the financial solution that you’ve been looking for.

Brian Wallace is the Founder and President of NowSourcing, an industry leading content marketing agency that makes the world's ideas simple, visual, and influential. Brian has been named a Google Small Business Advisor for 2016-present and joined the SXSW Advisory Board in 2019-present.

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