Buy Now Pay Later App Development Company

Do Buy Now, Pay Later app development interest you? If you answer yes, then you must read this post.

The worldwide shift towards cashless transactions and digital payment systems has caused the financial technology (FinTech) industry to adapt to the latest financial trends to keep up. The Buy Now Pay Later (BNPL) app has recently emerged as one of the newest innovations in financial technology.

As a leading FinTech app development service provider, we build robust financial buy now pay later solutions that perfectly serve the needs of Gen Z and Millennials. Build BNPL apps like Afterpay & Zippay to empower your customers to buy products and services without paying the total amount upfront.

Build a Buy-Now-Pay-Later (BNPL) App Like Afterpay, Zippay, or Klarna in 2023

The ongoing digitalization is rapidly changing businesses worldwide. From e-commerce to healthcare and banking, technology has started to dominate every sphere of our lives. Digitalization has changed consumer behavior and created a space for the introduction of new financial services.

• Amalgamating technology with finance solutions paved the way for introducing new-age financial tools. This is where buy now pay later (BNPL) apps like Afterpay, Zippay, and Klarna analyzed the gaps and offered financial services customers need. According to Research and Markets, the global Fintech market is expected to grow at a CAGR of 23.58% from 2021 to 2025.
• The report shared by many researchers predicts that American Internet users will increase their utilization of buy now pay later solutions by nearly 30%, resulting in approximately 38.9%.

For this very reason, budding entrepreneurs like you are bullish about BNPL, like FinTech solutions, and are investing in app development. Buy now, pay later apps are new-age finance solutions and are currently dominating the FinTech space. 

If you are planning to build your own buy now pay later app like Afterpay or Zippay in 2024, then we have got you covered.

RisingMax Inc. is a trusted banking and finance software development service provider for clients in the financial sector. Over the years, we have assisted FinTech startups and banks in integrating next-gen technologies and offering highly advanced financial products and services. Leverage our domain expertise to cater to the changing financial needs of worldwide customers with futuristic FinTech applications.

Before delving deep, let’s start from the basics and understand more about buy now pay later apps.

What Are Buy Now Pay Later (BNPL) Applications?

A buy now pay later (BNPL) is a new-age financial tool that allows customers to purchase an item instantly and pay the amount later, either in one time or in installments, often interest-free. This allows users to afford expensive products and services conveniently without feeling the need to pay upfront.

Buy now pay later apps like Afterpay and Zippay gained popularity worldwide, as they effectively generate higher order value and frequency for merchants. Looking at the success of these applications, most e-commerce giants are integrating built-in BNPL features to boost customers' buying capacity and ease of payment.

Key Features of Our White-Label Buy Now Pay Later (BNPL) Application

The features of buy now pay later application plays a major role in defining the success of a FinTech solution. Remember, BNPL apps basically streamline the loan management process and thus, adding features that assist customers in availing services conveniently and securely is a must. Here are some key features of our buy now pay later app to enhance user experience.

Sign Up

Integrated self-registration forms make it easy for customers to add valid details and start using app services.

Customer Authentication

Our buy now pay later app comes with an easy authentication and feature to verify information provided by the customers during the sign-up process.

Partner Online Stores

With this feature, customers can view the partner online platform that supports buy now pay later services.

Manage Account

Managing upcoming payments, EMI, and orders becomes easy for customers using this feature of our BNPL app.

Manage EMIs Option

With this feature, customers can manage their interest-free EMI and schedule payments at their convenience.

Easy Refunds

This feature allows customers to avail refunds in case they return the purchase by contacting the sellers.

Automatic Deduction

With this feature, customers can integrate their bank accounts to make payments and pay EMI automatically without any hassle.

Reschedule and Prolongate Payment

Customers can leverage this feature to gain more control over their payments. They can move the upcoming payment date, pay in advance, or avail a longer duration to pay for their purchases.

Account Security

Our buy now pay later application comes with an integrated robust security system to protect customer data from cyber attacks and data loss.

Refer App

With this feature, customers can earn refer to buy now pay later apps to their friends and family to earn rewards.

Push Notification

Push notifications notifies customers about upcoming payments, due dates, installments, attractive discounts, and offers.

These are some of the basic features you can start with if you plan to launch your own buy now pay later application. Remember that White label buy now pay later apps are pre-built, tested multiple times, and easy to customize. In case you are looking to offer unique financial services and high-end features to your customers, we can provide a customized buy now pay later solution for you.

White-label Buy Now Pay Later App: Revenue Generation Methods

There are a number of ways in which a buy now pay later application can generate money while providing ease of payment to its customers. Here are some of the most popular revenue generation methods for your White-label buy now pay later app. Based on which revenue generation method meets your business needs, you can choose one or multiple to widen your revenue generation sources;

Partnership Fee

When a brand or an e-commerce store partners with a 'Buy Now, Pay Later' (BNPL) app to offer customers a 'buy now, pay later' feature, they pay a partnership fee. Partnering with the BNPL app allows them to increase their chances of generating higher order values and attracting more business. Charging an initial partnership fee can be an excellent source of revenue for 'Buy Now, Pay Later' applications.

Transaction Fee

Buy now pay later apps are a payment solution that offers the convenience of buying expensive products to customers. For every transaction on the BNPL platform, app owners can charge a transaction fee and generate revenue on every transaction.

Monthly Membership Fee

When a brand or platform sees a rise in its sales and revenue, they are bound to stay by your side for longer. Most buy-now-pay-later platforms charge a monthly membership fee to increase business revenues.

Penalty Fees 

Buy now pay later platforms allow customers to manage the payments of their purchases via EMI or easy installments. For every failed payment or EMI, you can penalize customers by charging an additional fee. This penalty fee is an effective way to generate revenue from buy now pay later applications.

Steps to Build A Buy Now, Pay Later (BNPL) App like Afterpay, ZIP

Venturing into a new financial app development is difficult for an entrepreneur at the start. But with a reliable and trusted FinTech development company, things become easy. Here is how you can launch your own buy now pay later app like Afterpay and ZIP and simplify the entire process from project consultation to development.

Brainstorm Ideas & Concept

While the basic idea of the buy now pay later (BNPL) app will remain the same. You should brainstorm what unique your BNPL can offer to stand out from the crowd. During the application brainstorming sessions, here are a few questions you can ask yourself. Make sure you consult a banking and finance software development company only after figuring out everything about the BNPL application.

• What features can help your BNPL app stand apart from competitors?
• How can you reduce the customer acquisition cost?
• What is the basic idea behind developing a BNPL application?
• What value can your BNPL app offer that your competitors aren't offering?

Understand Your Target Audience Needs

Make sure that before entering the highly competitive buy now pay later market, you have a clear understanding of your target audience. Curating an application and adding services that perfectly match your target audience's financial needs sets you apart from the crowd. Moreover, the user's overall experience with the application will enhance as they can easily get what they are looking for. 

Create a Business Strategy

Till now, you have a clear understanding of the financial needs, limitations, spending hobbies, age group, financial situation, etc of your target audience. Understanding and analyzing customers’ needs is just half the job done. 

All you need now is a perfect business strategy to beat your competition. Here’s how you can start creating a perfect business strategy for your BNLP app like Afterpay.

• What does your target audience expect from a BNPL application?
• What financial services do they need the most?
• What do your competitors offer?
• What features to include in your buy now pay later application?

Finding answers to these questions will pave the way for the creation of a business strategy for your buy now pay later app. Follow the plan, do, check, act strategy to evolve your business strategy with time and keep on adding new features and innovative technologies.

Find a Reliable FinTech Solution Provider

To turn your buy now pay later app vision into reality, you need a reliable FinTech solution provider company with relevant financial app development experience. RisingMax Inc. is the right FinTech app development company with relevant domain expertise in building finance and banking solutions. Remember, the success of your buy now pay later application depends greatly on the app development partner, so take your time while choosing one.

BNPL App Development

Similar to any custom software development or mobile app development, building a buy now pay later application from scratch takes time and a continuous journey. However, with a trusted app development partner like us, you rest assured that your unique business idea is in good hands. White - label buy now pay later apps are a perfect alternative to skip the lengthy BNPL app development process and enter the financial market within weeks. With a clear understanding of customers' needs and competitors, you can build an exceptional BNPL application.

BNPL App Advertisement and Marketing

Creating an effective marketing & advertisement plan for your buy now pay later app is important. Finding out which platform your target audience uses and marketing your BNPL app on the same platforms will provide the necessary knowledge. Popular social media platforms like Facebook and Instagram are a must-have to market your financial applications.

Post Deployment Services

Developing a killer buy now pay later app and devising a perfect marketing strategy is not enough. To ensure that your BNPL app keeps on functioning smoothly in the future, you need a trusted and cost-effective post-development services provider for app maintenance. Most top-rated banking and finance app development service providers, like RisingMax Inc., offer competitive post-deployment services.

How Much Does a Buy Now Pay Later (BNLP) App Like Afterpay or Zippay Development Cost?

As a top-rated banking and finance software development company, our expert team carefully analyzes and evaluates cost-deriving factors before sharing an exact BNPL app development cost. Here are some of the most prominent factors that directly impact the buy now pay later apps like Afterpay and Zippay development costs.

• BNPL app type.
• Application features.
• Add-on security features.
• Location of an app development company.
• BNPL app size and complexity.
• Tech stack required to build the application.
• Size of the development team.
• Project development time frame.

Before sharing a project development cost, FinTech software development companies carefully analyze and evaluate these factors and share a cost estimation. Banking software development companies worldwide charge an average of $60,000 to $80,000 for buy now pay later apps like Zippay.

Why Choose RisingMax Inc. for Buy Now Pay Later App Development?

As a leading FinTech solution provider, we have been designing and developing robust finance solutions for our worldwide clientele. Leveraging our domain expertise, we have empowered financial businesses to integrate next-gen technologies and widen their financial products and services. 

Here’s why you hire us for buy now pay later app development;

• Unmatched financial domain expertise.
• Affordable banking and finance services.
• Customized FinTech solutions.
• Certified and experienced FinTech experts.
• Transparent pricing policy.
• 24*7 customer support.

So, why wait?

Connect with our experts and discuss your FinTech app requirement with our experts today!!