Buy now pay later (BNPL) platforms that allow customers to make purchases in installments are growing in popularity in the United States and being used like never before.
Younger generations are hopping on the trend to save money instead of using traditional credit cards with steep interest. Platforms like Afterpay, Klarna, and Affirm allow users to make big box purchases like a new computer without having to shell out the entire cost upfront. Instead, they typically let users pay in four installments over a few weeks or months. As a result, the BNPL industry is now worth $97 billion and set to only go up from there.
Some experts say younger generations are steering clear of traditional credit and debit in the wake of the financial crisis. Instead, buy Now Pay Later is becoming the solution in the retail world.
So what about education?
You may be thinking ‘Buy Now, Pay Later works great for retail, but how would it work for education?’ Turns out, it’s already working quite well. This study by AWS shows that not only is Buy Now Pay Later a popular option for Millennials and Gen Z, they are also already using this model to pay for their education.
And it makes sense doesn’t it?”
Your students are already familiar with Buy Now Pay Later for their everyday purchases.
Four easy payments of $19.99 is becoming the default choice when shopping.
With your students already paying for many of their bigger purchases with BNPL, doesn’t it make sense to give them the option to use this model to help them achieve their learning goals?
The Benefits of BNPL?
The number one thing we’ve identified as a barrier to increasing enrollment is too few payment options for students. Unfortunately, students have limited options when it comes to paying for their education. With flexible financing like BNPL, we’re looking to change the way students and schools view funding.
Our programs allow schools to control their future and help them hit enrollment goals, to also increase enrollment for schools and improve retention.
Our partners choose Meratas for a few simple reasons. They have increased enrollment, diversify their income, and scaled their programs. In addition, 87% of students polled said they wouldn’t have considered their program without a flexible financing option.
Our approach to alternative financing options puts schools and students at the center of what we do. We create tuition programs that are fair and flexible for your students and profitable for you.
Now, are you ready to bring Buy Now, Pay Later to your students?
Meratas: The All In One Tuition Solution
At Meratas, we took BNPL and repurposed it with education in mind:
Learn Now, Pay Later!
BNPL At YOUR Program! We now offer multiple different tuition options that are highly customizable to fit the needs of any school. Quality education does not always have to be financed with traditional student loans that acquire more interest over time. Buy Now Pay Later options are the future of education!
Your tuition needs are unique to you and your students. If you need the flexibility to build your financing, Meratas can help! Schedule a meeting with us today to learn more about how you can use Learn Now, Pay Later to achieve all your program’s goals!
Although every effort has been made to provide complete and accurate information, Meratas Inc. makes no warranties, express or implied, or representations as to the accuracy of the content contained herein. Meratas Inc. assumes no liability or responsibility for any error or omissions in the information contained herein or the operation or use of these materials.