For decades now, when consumers were looking to buy a product with credit they had two main avenues at their disposal: using high-interest credit cards with revolving debt, OR leaving the product on Layaway with the retailer until the installments are fully paid for.
Recent studies show that up to 79% of American consumers have at least 1 high-interest credit card in their wallet at all times, and unfortunately, Layaway financing seems to be a thing of the past with many retailers no longer offering such services.
With options dwindling, what are consumers to do?! Well, today there’s a new kid on the block.
One that takes the 0% interest of Layaway, and gives the consumer the power to have the product or service immediately without crazy high interest!
We at WinWinX would like to introduce you to the revolution that is, “Buy Now Pay Later”!
Just as the name suggests, “Buy Now Pay Later” (BNPL) allows you, the consumer, to buy a product or service now, and pay for it later with payments over time!
No longer having to rely on paying off the product before receiving it, BNPL puts the financial power back in the hands of the consumers without crazy high-interest rates.
While many other BNPL firms treat these transactions as “micro-loans” that are given to the consumer and paid off over time, at WinWinX we see these transactions as “agreements” between Users to make/receive direct payments over time.
No reporting to credit firms, no high-interest cards, no waiting to receive what you purchased.
BNPL is working to help create Win-Win situations for both Buyers & Sellers!
You may ask yourself, “How exactly does BNPL work?”
Let us walk you through an example on the WinWinX platform.
Let’s say a mother of 4 has a used bicycle that she no longer needs, and wants it to go to a new home that will appreciate and cherish the bike for many more years to come. There just so happens to be a single father looking for a bike for his kid’s upcoming birthday.
The mom (let’s call her Susan) wants to sell the bike to the dad (let’s call him Matt) for $500.00. Matt wants the bike for his son but doesn’t have $500 handy. So, on the WinWinX platform, both parents work out a deal!
Matt agrees to send Susan $150 as a Down Payment through the WinWinX platform, and then to send Susan a series of payments until the bike is paid off.
The platform holds the Down Payment until Matt receives and inspects the bike. Once the bike is accepted, The deposit is transferred to Susan, and then payments over time happen automatically and start as agreed between buyer and seller.
If for some reason the bike isn’t as advertised, Matt returns the bike to Susan, and WinWinX returns the $250 to Matt. No harm done!
BNPL as a form of financing has been booming over the past few years, but no one approaches BNPL the same as WinWinX.
We want to take the guesswork out of buying & selling online. Our goal is to help build a worldwide community of WinWinX Users, and create Win-Win scenarios for everyone!
So what do you say? Are you ready to buy and sell in a whole new way?
Sign up for FREE today!