As the hospitality industry continues to reset after the devastating effects of the COVID-19 pandemic, ‘buy now, pay later’ (BNPL) providers offer new revenue streams to support the recovery.
SYDNEY, AUSTRALIA, August 26, 2021 /24-7PressRelease/ — According to leading global buy now pay later company, Zip Co, BNPL services could help boost more spending in the hospitality sector, providing support to an industry that has suffered immensely from restrictions and lockdowns across the country.
While cash and credit cards continue to lose their appeal to consumers, the BNPL sector continues to grow. Customers are increasingly turning to digital solutions to make payments and BNPL is forecasted to account for three per cent of global ecommerce spend by 2023.
Regardless of whether a restaurant is partnered with Zip, Zip customers can ‘Tap & Zip’ everywhere Visa is accepted. Customers simply add their Zip card to their Apple Wallet or Google Pay and can use the Zip app to shop online or instore.
Customers can open a Zip account within minutes. Zip Pay is an interest free BNPL service with a credit limit of up to $1,000 and is perfect for everyday purchases, like dining out or ordering takeaway. Customers can manage all their expenses in one place and repay on a flexible schedule that suits them. Repayments are automatically direct debited from the nominated payment method.
As Zip explains, there are plenty of benefits for businesses. Giving customers the opportunity to ‘eat now, pay later’ can help drive growth in sales and order values. When customers pay with Zip Pay, Zip provides daily settlements straight to the business and absorbs any risk. This delivers cash flow to businesses, at a time when they desperately need it.
Additionally, businesses can benefit from Zip’s Trade and Trade Plus products, which provide business owners with an interest free line of credit to help them settle invoices, pay bills and purchase supplies.
To learn more about Zip’s BNPL services and other support for businesses including small business loans, contact Zip directly.
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