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Have you been misled by common misconceptions about Buy Now Pay Later (BNPL) services?

In recent years, Buy Now, Pay Later (BNPL) services have increased in popularity, revolutionizing the way consumers make purchases. From fashion to electronics, BNPL options like those offered by Riverty provide flexibility and convenience, allowing customers to spread the cost of their purchases over time without accruing interest if paying on time. However, despite more people using BNPL, the services often fall victim to misconceptions and misunderstandings. Let’s delve into some of the common misconceptions about BNPL and shed light on the reality behind these payment solutions.

May 3, 2024
Woman holding up a dress and looking in the mirror

BNPL is just another form of credit

One of the most prevalent misconceptions about BNPL is that it operates in the same way as traditional credit cards. While both involve deferred payments, BNPL services don’t necessarily charge interest on purchases right away, and at Riverty no interest is charged at all. Instead, they offer transparent installment plans, allowing consumers to budget more effectively without worrying about hidden fees or mounting interest rates. When you choose the BNPL option with Riverty you have the option to pay within 14 days (with no extra costs added to your purchase), and you can also pause your payments to win a bit of extra time if needed.


It encourages impulse buying

Critics often argue that BNPL services promote irresponsible spending habits by making it easier for consumers to indulge in impulse purchases. However, BNPL might actually allow for consumers to be more disciplined in their spending compared to credit card users. With clear repayment schedules and manageable installment plans, BNPL encourages mindful spending and helps individuals avoid falling into debt traps. At Riverty we believe BNPL should be used to consciously buy only what you really need. We support the buying of items that will last and that really make sense to buy. After all, we are not in it for the quantity, but for the quality.


BNPL is only for millennials and gen Z 

While it’s true that younger demographics have been quick to adopt BNPL services, they are not the exclusive users. BNPL appeals to consumers of all ages who value flexibility and prefer alternative payment options. From tech-savvy millennials to financially savvy boomers, BNPL caters to a diverse range of consumers seeking convenient and accessible payment solutions.

It Hurts Credit Scores

Another misconception surrounding BNPL is that it can negatively impact credit scores. However, that is only when consumers do not pay on time. At Riverty, we conduct credit checks to make sure that those who use BNPL are eligible for the product. As long as users make timely payments according to the agreed-upon terms, BNPL transactions are unlikely to affect their credit scores adversely. Moreover, responsible use of BNPL can even help individuals build their credit history over time.

BNPL is only for small purchases

While BNPL is often associated with smaller transactions, such as clothing or gadgets, it’s increasingly being used for larger purchases as well. Many BNPL providers offer high spending limits, allowing consumers to finance big-ticket items like furniture, appliances, and even travel expenses. With flexible repayment options, BNPL empowers consumers to make important purchases for important moments in life: such as a new house, welcoming a baby, upgrading the garden, without straining their budgets.


It’s complicated and risky

Some consumers shy away from BNPL due to perceived complexity and concerns about security. However, BNPL services are designed to be user-friendly, with simple application processes and transparent terms. Additionally, reputable BNPL providers, like Riverty, prioritize security measures to safeguard customers’ personal and financial information, ensuring a safe and seamless shopping experience.


In conclusion, Buy Now, Pay Later (BNPL) services offer a convenient and transparent alternative to traditional payment methods, yet they often face misconceptions and criticism. By dispelling these myths and understanding the reality behind BNPL, consumers can make informed decisions about their financial choices and keep track of their spending at all times through the Riverty app. At Riverty, we remain committed to providing flexible and accessible payment solutions that empower our customers to shop smarter and live better.


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