Globally, installment loans, including Buy Now, Pay Later (BNPL) products, have skyrocketed in popularity among consumers. They’ve become valuable financing tools that offer a variety of payment methods for consumers to make purchases they may not have been able to afford otherwise. This is the retail application of BNPL, and it has been associated with impulse buying. But there are other types of BNPL loans designed for more meaningful purchases.

While it's prudent for consumers to steer away from impulse purchases their monthly budget can't support, what happens when a consumer is faced with a life-changing financial situation, such as when a pet needs an expensive medical procedure?

Most BNPL products predominantly offer "Pay-in-4" plans, enabling consumers to pay for purchased items through four biweekly installment payments. This version of BNPL, often referred to as BNPL 1.0, has resulted in less-than-ideal client experiences. "Pay-in-4" products have shown warning signs of being more challenging for consumers to manage, resulting in missed payments and unexpected fees.

How BNPL Can Help Veterinary Practices

Luckily, companies like Opy have identified a growing need among U.S. consumers for fair, fixed installment loans, which has led to the creation of an unprecedented solution: Buy Now, Pay Smarter, BNPL's version 2.0, designed for merchants by merchants. As a result, consumers don't have to panic when faced with something as dire as emergency surgery for a beloved pet. Instead, Opy's Buy Now, Pay Smarter approach provides financial support with no hard credit checks and flat, predictable fees.

As the consumer popularity for BNPL products continues to expand in the U.S., the evolution of BNPL 2.0 is growing from a "nice to have" to a standard expectation. In addition, with this growing trend, clients will have more flexibility as more BNPL products expand to enable extended payment plans with higher loan limits and longer payment terms. Offerings such as Opy's Buy Now, Pay Smarter enable veterinary hospitals to offer terms from six to 24 months, with transparent terms and fees for customers and fair prices for hospitals.

And that's not all.

Many BNPL "Pay-in-4" offerings advertise zero interest. However, when a client misses a payment, they may face ballooning debt that can be unmanageable. At ezyVet, we are offering Opy's "Buy Now, Pay Smarter" integration where fees are fair, flat and predictable allowing consumers more budget control. Opy never surprises consumers with unexpected fees.

Opy's Buy Now, Pay Smarter provides a payments solution ezyVet clients need. It is redefining the future of payments and creating an entirely new level of transparency and fairness for consumers without the tricks, gimmicks, and gotchas typically found in the first-generation BNPL products.

Want to learn more?

Get in touch with the Opy team!