Buy Now, Pay Later has enjoyed explosive growth over the last 8 months as consumers look for ways to manage their expenses over time. What was once a niche payment alternative for millennials without a credit card is now a mainstream payment option with widespread adoption. In fact, a recent study by The Ascent found that 37% of consumers have used a Buy Now, Pay Later service.
The travel industry has also benefited from this trend. It is perhaps even better suited to the Buy Now, Pay Later behavior because it allows travellers to lock in their travel plans early, take advantage of the many market promotions, and then spread the cost of the trip over affordable monthly payments. As one Uplift customer wrote, “I have a few expensive things coming up and want to hold on to cash this month. This allowed me to get the seats I wanted locked in, which is a nice option.”
The ability for travellers to pay over time also makes upgrades and add-ons much more accessible. When clients can see that a better seat, bigger room, or better view only costs them an additional $10/month, as an example, they realize it isn’t out of reach. One Uplift customer shared, “Flying first class was a dream of mine, and now I get to with this payment plan.”
As travel companies and advisors prepare for strong demand in 2021, providing clients with the added flexibility to book travel when they are ready and pay over time will fuel that growth. Uplift is the leading Buy Now, Pay Later travel solution and offers a custom-tailored solution for travel advisors. A quick and easy application allows clients to receive a decision in seconds. Advisors also benefit from having the trip paid in full at the time of booking, so there are no deposits or final payments to worry about. To learn more about how you can start offering Uplift’s flexible payment options, visit www.uplift.com