As a consumer, the “buy now, pay later” (BNPL) trend while shopping online is probably not new to you. While this payment option was traditionally associated with credit cards, the rise of financial startups has brought BNPL to the forefront of eCommerce transactions.
If you’re a home inspector wondering how to leverage BNPL for your business, read on to understand its significance, advantages, and how to integrate it seamlessly into your services.
Understanding BNPL
In simple terms, BNPL refers to any payment method that allows you to acquire goods or services immediately, while paying in full at a later time or spreading the repayment over a specified period.
Benefits of BNPL for Customers
Recent research from MIT highlights the psychological impact of payment methods on spending behavior. By deferring payment, consumers experience less stress, making them more comfortable making purchases, a crucial factor when suggesting additional services during a home inspection.
Key Statistics on BNPL
- 360 million people globally use BNPL.
- 50% of US consumers have embraced BNPL, a significant increase from 38% in 2020.
- Gen Z and Millennials are anticipated to have 47% BNPL usage by 2025.
- Ecommerce retailers witnessed a 2.1% higher conversion rate with BNPL.
- Up to 90% of BNPL users are repeat customers.
As you can see, people enjoy the flexibility that pay-later options provide. Which leads us to Guardian’s FlexFund, a BNPL payment option you can offer your clients.
FlexFund is an easier way for your customers to pay for their home inspection, as they pay for your services at close (though you are paid up front). It’s an excellent option for homebuyers limited on funds at time of inspection. Realtors call it a “game changer!”
Your customers will enjoy these benefits:
- Extra piece of mind during the home buying process
- Ability to schedule inspection fee to be paid at closing
- No need to swipe a credit card or have cash on-hand
- Flexibility to add services for a more complete home inspection
Benefits of BNPL for Home Inspectors
Why should a home inspector consider offering a pay-later option to clients? The answer lies in potentially increasing the average inspection invoice. Using a BNPL option can help you:
- Increase your revenue by selling more ancillary services and increase your overall ticket prices
- Save time by focusing on scheduling, marketing, and customer service
- Make your realtors and customers happy by offering a solution for those that are watching their spending.
FlexFund Success at Guardian
FlexFund allows home inspectors to focus on what matters – providing great customer service to clients – while Guardian takes care of collecting payment. It’s easy: inspections get paid up front and clients pay at close – even if the sale falls through.
FlexFund has proven its effectiveness in boosting home inspector businesses:
- 30% average increase in inspection invoices.
- $154.63 average rise in inspection invoice values.
- An impressive $6,298.32 average increase in overall revenue from January 1 to October 31, 2023.
How to Implement BNPL
FlexFund is tailor-made for home inspectors, acting as a payment collection agency working seamlessly with clients’ title companies. The FlexFund feature integrates with ISN software.
With upfront funding provided by Guardian within 24 hours of inspection completion, inspectors receive payment regardless of the sale’s outcome. Importantly, there’s no indication of a loan on the homebuyer’s credit report, making it an attractive option for those mindful of their financial commitments.
Connect with Guardian
Explore the potential of FlexFund for your inspection business by reaching out to Guardian today at 1-800-608-7363, emailing [email protected], or visiting https://inspectionpayments.com/flexfund for more information and to sign up.
Elevate your business, earn more from every job, and stress less about payments with FlexFund.