How to Benefit from the Spotit Get Now Pay Later service

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Spotit has introduced the “Get Now, Pay Later” service, a solution that allows users to shop immediately and pay later, accessible through both mobile and internet banking platforms nationwide.

One of the standout features of Spotit is its instant approval, enabling customers to receive immediate credit limit confirmation. Another feature is the revolving credit option, which allows customers to make purchases and repay the borrowed amount in manageable installments.

Spotit also has no category restrictions, giving customers the freedom to shop for a wide variety of products and services, from everyday essentials to luxury items.

Additionally, there’s no need to create a Spotit account or follow complicated procedures. Customers simply select their desired products and proceed to checkout. Furthermore, Spotit requires no documentation, whether shopping online or in-store.

Finally, Spotit customers can complete their purchases instantly, with no waiting periods or delays.

The Get Now, Pay Later service offers significant benefits for banks, consumers, and merchants alike. For banks, this service leads to increased revenue and market share by attracting more customers through flexible payment options. It also helps reduce risk and improve credit management, as banks can better monitor and control lending activities.

Moreover, the Get Now, Pay Later service strengthens customer retention and loyalty, encouraging customers to stay with their bank. Banks can also leverage cross-selling opportunities by offering additional products or services to their existing customer base.

Additionally, the consolidated merchant base allows banks to manage partnerships more efficiently.

Consumers will benefit from flexible payment options through the Get Now, Pay Later service, allowing them to spread payments over time in a way that suits their budget. The service often provides access to higher credit limits as well.

Read: How to Borrow with the I&M Bank Buy Now Pay Later Loan

Merchants will experience increased sales, as customers are more likely to make purchases when given flexible payment options. This flexibility also helps reduce cart abandonment since customers who may hesitate to pay the full amount upfront can instead choose to pay in installments.

The service also attracts new customers drawn to the convenience of the Get Now, Pay Later model.

Furthermore, merchants gain access to valuable customer data, which can be used to better understand purchasing behaviors and preferences. This data presents cross-selling opportunities, enabling merchants to recommend additional products or services to their customers.

Importantly, merchants face no credit risk, as the bank manages the credit approval process, ensuring they are paid promptly.

To use the Spotit “Get Now, Pay Later” service, first ensure your bank is partnered with Spotit. Then, log in to your mobile banking app and select the Spotit option at checkout when shopping online or at participating in-store merchants.

Depending on your bank’s integration with Spotit, you may need to activate your Spotit account through the banking app and enter a merchant code if required.