{"id":1356,"date":"2025-05-21T14:29:48","date_gmt":"2025-05-21T14:29:48","guid":{"rendered":"https:\/\/www.simplybusiness.co.uk\/knowledge\/retail\/buy-now-pay-later-for-business\/"},"modified":"2025-05-21T14:30:14","modified_gmt":"2025-05-21T14:30:14","slug":"buy-now-pay-later-for-business","status":"publish","type":"knowledge","link":"https:\/\/www.simplybusiness.co.uk\/knowledge\/retail\/buy-now-pay-later-for-business\/","title":{"rendered":"New regulations for buy now, pay later \u2013 a guide for small businesses"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Buy now, pay later has been making headlines as consumers are increasingly accessing credit they can\u2019t afford to pay back. From Klarna to Clearpay, there\u2019s a host of buy now, pay later apps that people can use to spread the cost of their shopping.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The government has announced new rules from next year to protect consumers from \u2018the wild-west of unregulated borrowing\u2019. With more than 10 million people currently using BNPL, should you consider it for your online shop? And what could buy now, pay later regulation mean for you?\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Whatever you sell, from crafts and clothing to gym equipment and homeware, we\u2019ve outlined how to set up buy now, pay later on your website. Plus, find out the pros and cons to doing so as a small business.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-is-buy-now-pay-later\">What is buy now, pay later? <\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Buy now, pay later (also known as BNPL) is a way for online shoppers to spread the cost of a product in instalments. As the name suggests, it\u2019s a payment method that means you don&#8217;t have to pay in full right away. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Unlike a credit card, consumers don\u2019t need to have a credit check to access interest-free credit through BNPL companies. But it can impact a consumer\u2019s credit score if they miss any repayments.  <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It became popularised by companies like Klarna and Afterpay as a way to buy online and pay over a series of payments. Shoppers can usually choose an interest-free payment plan over 30 days or in three instalments. Longer-term payment plans over a period of months come with interest. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-bnpl-for-online-shops\">BNPL for online shops  <\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">In the same way you can list credit card, debit card, or Apple Pay as <a href=\"\/knowledge\/retail\/online-payment-methods-for-business\/\" data-type=\"knowledge\" data-id=\"1490\" >payment options<\/a> on your website, you can also add BNPL platforms such as Klarna. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">What\u2019s possible and how you set this up will depend on your <a href=\"\/knowledge\/starting-out\/how-to-create-a-business-website\/\" data-type=\"knowledge\" data-id=\"1424\" >business website<\/a> provider. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Many third-party marketplaces and commerce platforms already have buy now, pay later integrated into the payment journey. For example, if you <a href=\"\/knowledge\/retail\/how-to-sell-on-etsy\/\" data-type=\"knowledge\" data-id=\"1141\" >sell on Etsy<\/a>, then chances are your customers are using Klarna already without you even knowing it. It\u2019s an option available to them at the checkout.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-how-does-buy-now-pay-later-work\">How does buy now, pay later work?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The different buy now, pay later apps work by charging businesses a fee for using the service and then they take charge of collecting payments from your customers. You\u2019ll always be paid for your sales up front (minus any fees). <\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-for-consumers\">For consumers<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"wp-block-list-item\">it\u2019s an option at the payment checkout <\/li>\n\n\n\n<li class=\"wp-block-list-item\">directed to the provider\u2019s website or app<\/li>\n\n\n\n<li class=\"wp-block-list-item\">agree to a repayment plan and how many instalments <\/li>\n\n\n\n<li class=\"wp-block-list-item\">return to your site to finishing buying the item<\/li>\n\n\n\n<li class=\"wp-block-list-item\">late repayment fees and interest may apply <\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-for-businesses\">For businesses<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"wp-block-list-item\">you select and integrate a buy now, pay later service into your website<\/li>\n\n\n\n<li class=\"wp-block-list-item\">pay fees (initial setup and for each transaction) <\/li>\n\n\n\n<li class=\"wp-block-list-item\">you always get paid for the item up front <\/li>\n<\/ul>\n\n\n\n<div id=\"nba-body-001\">\n<\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-how-to-use-buy-now-pay-later-for-business\">How to use buy now, pay later for business<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\nTypically buy now, pay later is useful for businesses selling high priced products like technology equipment or furniture. However it\u2019s also useful if you <a href=\"\/knowledge\/retail\/how-to-find-a-product-to-sell-online\/\" data-type=\"knowledge\" data-id=\"936\" >sell a range of products<\/a> and want to encourage people to add more items to their basket, such as clothing or homeware. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Set it up for your business by following these simple steps: <\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li class=\"wp-block-list-item\">Choose a provider (for example, PayPal, Klarna, Clearpay)<\/li>\n\n\n\n<li class=\"wp-block-list-item\">Create an account (you\u2019ll need your <a href=\"\/knowledge\/starting-out\/best-business-email-account\/\" data-type=\"knowledge\" data-id=\"1334\" >business email address<\/a> and a link to your website) <\/li>\n\n\n\n<li class=\"wp-block-list-item\">Integrate with your point of sale (POS) system <\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">Always do thorough research when choosing a provider, looking at reviews and all the small print to make sure the terms are fair and the firm is trustworthy.  \n<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Money and Pensions Service commissioned a <a href=\"https:\/\/maps.org.uk\/en\/publications\/research\/2023\/buy-now-pay-later-a-review-of-the-market-risks-and-trends-consumer-understanding-impact-and-outcomes\" rel=\"noopener noreferrer\" target=\"_blank\">report into the buy now, pay later market<\/a> to help businesses understand more about trends and how the process works.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"815\" height=\"543\" src=\"https:\/\/www.simplybusiness.co.uk\/wp-content\/uploads\/sites\/3\/2024\/05\/bnpl-apps.jpg?w=815\" alt=\"Buy now, pay later apps\" class=\"wp-image-2704\" srcset=\"https:\/\/www.simplybusiness.co.uk\/wp-content\/uploads\/sites\/3\/2024\/05\/bnpl-apps.jpg 815w, https:\/\/www.simplybusiness.co.uk\/wp-content\/uploads\/sites\/3\/2024\/05\/bnpl-apps.jpg?resize=800,533 800w, https:\/\/www.simplybusiness.co.uk\/wp-content\/uploads\/sites\/3\/2024\/05\/bnpl-apps.jpg?resize=768,512 768w, https:\/\/www.simplybusiness.co.uk\/wp-content\/uploads\/sites\/3\/2024\/05\/bnpl-apps.jpg?resize=150,100 150w\" sizes=\"auto, (max-width: 815px) 100vw, 815px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Photograph: Tada Images\/stock.adobe.com<\/em><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-pros-and-cons-for-business\">Pros and cons for business <\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">As with anything, there are benefits and drawbacks to using a service like buy now, pay later. Here are some of the things to consider while making a decision for your business.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-pros\">Pros<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Attract more customers<\/strong> \u2013 offering flexible ways to pay could mean people decide to shop with you.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Encourage multiple sales<\/strong> \u2013 not having to pay for something straight away can mean shoppers are more likely to buy more than one item when using buy now, pay later schemes. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Diversify your customer base<\/strong> \u2013 nearly half of 16 to 24 year olds use buy now, pay later, according to research from student discount website, <a href=\"https:\/\/partner.studentbeans.com\/insights-community\/reports\/trend-1\/\" rel=\"noopener noreferrer\" target=\"_blank\">Student Beans<\/a>. So it could be a way to attract younger shoppers. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Get paid up front <\/strong>\u2013 the BNPL company takes on the underwriting and risk when offering credit to your customers. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Regulation is on its way<\/strong> \u2013 the UK government has introduced <a href=\"https:\/\/www.gov.uk\/government\/news\/new-rules-to-end-buy-now-pay-later-wild-west-protect-millions-of-shoppers-and-drive-growth\" target=\"_blank\" rel=\"noreferrer noopener\" rel=\"noopener noreferrer\" target=\"_blank\">new rules to regulate buy now, pay later companies<\/a> from 2026. It\u2019s hoped this will reduce unnecessary burdens on businesses and better protect consumers.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-cons\">Cons <\/h4>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Higher returns<\/strong> \u2013 some people use buy now, pay later apps to try items or order multiple sizes, returning what they don\u2019t need before any repayments are due. For example, <a href=\"https:\/\/www.klarna.com\/us\/business\/products\/pay-in-30-days\/\" rel=\"noopener noreferrer\" target=\"_blank\">Klarna<\/a> advertises itself as a way for you to let your customers \u2018try before they buy\u2019. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Fees<\/strong> \u2013 it costs you money to offer a BNPL scheme and comes with fees (around two to eight per cent) for every transaction, just like with a credit card.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Encourages over spending<\/strong> \u2013 these schemes make it easy for your customers to access credit and <a href=\"https:\/\/www.citizensadvice.org.uk\/about-us\/about-us1\/media\/press-releases\/15-million-people-likely-to-use-unregulated-buy-now-pay-later-to-help-ease-seasonal-spending\/\" rel=\"noopener noreferrer\" target=\"_blank\">can lead to overspending<\/a> and getting into debt. This might not align to your ethical values as a business and could impact how customers see your brand.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Cash flow delays<\/strong> \u2013 while many BNPL companies say you\u2019ll get paid up front, be sure to check your payment terms and consider how this could impact your <a href=\"\/knowledge\/cash-flow\/what-is-a-cash-flow-forecast\/\" data-type=\"knowledge\" data-id=\"972\" >cash flow<\/a>. For example, Klarna typically pays out after one week and captures orders daily. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-buy-now-pay-later-companies\">Buy now, pay later companies <\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">There\u2019s a whole range of buy now, pay later companies, including:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"wp-block-list-item\"><a href=\"https:\/\/www.affirm.com\/en-gb\" target=\"_blank\" rel=\"noreferrer noopener\" rel=\"noopener noreferrer\" target=\"_blank\">Affirm<\/a><\/li>\n\n\n\n<li class=\"wp-block-list-item\"><a href=\"https:\/\/www.clearpay.co.uk\/en-GB\/for-retailers\" target=\"_blank\" rel=\"noreferrer noopener\" rel=\"noopener noreferrer\" target=\"_blank\">Clearpay<\/a><\/li>\n\n\n\n<li class=\"wp-block-list-item\"><a href=\"https:\/\/www.klarna.com\/uk\/business\/\" target=\"_blank\" rel=\"noreferrer noopener\" rel=\"noopener noreferrer\" target=\"_blank\">Klarna<\/a><\/li>\n\n\n\n<li class=\"wp-block-list-item\"><a href=\"https:\/\/www.payl8r.com\/\" target=\"_blank\" rel=\"noreferrer noopener\" rel=\"noopener noreferrer\" target=\"_blank\">Payl8r<\/a><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">PayPal has added its own \u2018pay in three\u2019 option for people looking for interest-free credit on shopping. And banks are increasingly offering similar options, for example Monzo Flex and Instalments by Barclays.  <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">These schemes are more common for online shops but some high street retail shops also offer BNPL. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-money-management-guides-for-business-owners\">Money management guides for business owners<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"wp-block-list-item\"><a href=\"\/knowledge\/retail\/how-to-set-up-an-online-shop\/\" data-type=\"knowledge\" data-id=\"985\" >Your ultimate guide to selling online <\/a><\/li>\n\n\n\n<li class=\"wp-block-list-item\"><a href=\"\/knowledge\/business-tax\/what-is-business-credit-score-and-how-can-you-improve-it\/\" data-type=\"knowledge\" data-id=\"1060\" >How to improve your business credit score<\/a><\/li>\n\n\n\n<li class=\"wp-block-list-item\"><a href=\"\/knowledge\/funding\/small-business-funding-and-investment\/\" data-type=\"knowledge\" data-id=\"18378\" >Credit control \u2013 how to protect your finances <\/a><\/li>\n\n\n\n<li class=\"wp-block-list-item\"><a href=\"\/business-insurance\/faq\/what-does-product-liability-insurance-cover\/\">What does product liability insurance cover?<\/a><\/li>\n<\/ul>\n\n\n\n<div id=\"nba-upsell-001\" class=\"wp-block-group has-azure-200-background-color has-background has-global-padding is-layout-constrained wp-container-core-group-is-layout-94e519ba wp-block-group-is-layout-constrained\" style=\"padding-top:var(--wp--preset--spacing--80);padding-right:var(--wp--preset--spacing--40);padding-bottom:var(--wp--preset--spacing--80);padding-left:var(--wp--preset--spacing--40)\">\n<h3 class=\"wp-block-heading has-text-align-center\" id=\"h-get-a-quote-for-online-business-insurance\">Get a quote for online business insurance<\/h3>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\">Looking for <a href=\"\/business-insurance\/online-retailers-insurance\/\">online business insurance<\/a>? Build a policy that includes <a href=\"\/business-insurance\/public-liability-insurance\/\">public liability insurance<\/a> and <a href=\"\/business-insurance\/stock-insurance\/\">stock insurance<\/a>, as well as other covers that suit your business.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-a89b3969 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/quote.simplybusiness.co.uk\/business\">Start your quote<\/a><\/div>\n<\/div>\n<\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<div id=\"nba-body-end\">\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Buy now, pay later can help your customers spread the cost of their shopping.<\/p>\n","protected":false},"author":3,"featured_media":2703,"comment_status":"open","ping_status":"closed","template":"","meta":{"sb_hreflang":"","sb_hreflang_url":"","disable_breadcrumbs":false,"sb_breadcrumbs":[],"sb_reviewed_by":"","sb_review_date":"","sb_enable_content_gating":true,"footnotes":""},"categories":[347],"hidden-category":[],"coauthors":[25],"class_list":["post-1356","knowledge","type-knowledge","status-publish","has-post-thumbnail","hentry","category-retail"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>New regulations for buy now, pay later \u2013 small business guide<\/title>\n<meta name=\"description\" content=\"Buy now, pay later has been making headlines but could it help your customers? 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