At AttendStar, we’re always looking for new features to add to our event ticketing platform that can help event organizers sell more tickets, generate additional revenue, and hold successful events. That’s why we partnered with Affirm, a well-known and highly respected payment processor, to add a new Buy Now Pay Later (BNPL) feature into the AttendStar ticketing software.
We released BNPL in December 2022, and it’s quickly becoming one of the key drivers of ticket sales growth for our clients this year! For that reason, we recommend that every event offer Buy Now Pay Later tickets.
Following is a complete guide to what BNPL is and how it benefits both ticket sellers and ticket buyers, so you can make the right decision for your events about offering it to your attendees.
What is Buy Now Pay Later?
Buy Now Pay Later is a payment option that allows customers to pay for a purchase in multiple installment payments over a specific period of time rather than paying the entire amount due at the time of the purchase. Today, large and small businesses offer a BNLP option for customers to pay for anything from tickets to electronics and everything in between.
Rather than paying high fees and interest using a credit card to extend payment for a purchase over time, Buy Now Pay Later is an easier, transparent process that helps people defer full payment without incurring interest charges and expensive added fees.
For example, event organizers who sell tickets to their events using the AttendStar ticketing platform can offer BNPL simply by enabling it in the AttendStar dashboard. Once enabled, your customers will see the BNPL option when they checkout, and both you and your customers will immediately start benefiting from it.
In three easy steps, people can buy tickets to your events and pay over time:
Step 1: Customers Choose Buy Now Pay Later at Checkout
Your customers simply select the Affirm payment option at checkout and enter a few simple pieces of information to get a real time decision. Even people with less-than-perfect credit typically are approved for BNPL.
Step 2: Customers Choose a Payment Plan
Once approved, your customers can pick the payment plan they like the best. They can choose to pay in four interest-free payments or in longer monthly installments.
Step 3: Pay over Time
Your customers will need to make a payment at the time of purchase for part of the full purchase price and make the additional future payments at affirm.com or in the Affirm app. They’ll get email and text reminders, so they won’t forget.
Data Shows Consumers Want to Buy Now and Pay Later
A study by Juniper Research reported that more than 360 million people around the world use Buy Now Pay Later when they make purchases, including ticket purchases. That number is expected to increase by 157% to 900 million by 2027, which shows people are already familiar with and using BNPL. In the United States, research from Motley Fool’s Ascent found that 50% of Americans used Buy Now Pay Later in 2022.
If your event is targeted to Gen Z or Millennials, it’s critical that you offer BNPL for ticket sales because they were responsible for nearly 75% of BNPL purchases in 2021 according to research by eMarketer.
The reality today is many people will actively look for an option to purchase tickets to your event now and pay for them in the future, so you need to make sure you offer it for every event.
Benefits of Buy Now Pay Later for Ticket Sellers
Allowing event goers to pay for tickets over time will increase ticket sales, per customer spending, and more. Here are some of the top benefits ticket sellers get with BNPL:
Attract and Convert More Ticket Buyers
Flexible payment options enable a wider audience to buy tickets to your event – an audience that you would otherwise lose. Rather than thinking they can’t afford to attend or waiting until their next paycheck comes to decide (and then forgetting to do so), people can buy tickets with the peace-of-mind they’ll be able to make smaller payments that they can afford over time.
Reduce Cart Abandonment and Boost Ticket Sales Page Conversions
Giving people more ways to pay that fit their needs will lead to less cart abandonment and more conversions on your ticket sales page. A study by Mastercard found that offering BNLP reduces cart abandonment by 35% and increases average sales by 45%.
Sell More Add-ons and Boost Revenue
According to research by Affirm, the average order value (AOV) of purchases made with Buy Now Pay Later is 85% higher than purchases paid for in other ways. That’s because people are more likely to spend more on upgraded tickets and add-ons when they can spread the cost over time.
Benefits of Buy Now Pay Later for Ticket Buyers
As the data discussed above shows, many ticket buyers are actively looking for a Buy Now Pay Later option. Others may not be looking for it but are likely to be pleasantly surprised – and more likely to make a purchase – when they find the option is available. That’s because there are significant benefits to consumers when they choose to use BNPL. Here are some of the top benefits for ticket buyers:
When you give people more payment options, they can choose the method that works best for them. People are much more likely to complete a transaction when they can pay using their preferred method, especially when one of those methods allows them to pay a smaller amount at the time of checkout combined with an agreed to number of future payment amounts.
Purchases are Easier on the Wallet
Paying in full for event tickets can be stressful and uncomfortable for many people, but paying over time can be much easier on the wallet and the mind. Since all terms are disclosed up front and there is no interest charged if payments are made within the required time frame, customers can plan and control their budgets and spending more reliably.
Boosts Consumer Confidence
People can buy tickets to your events with peace-of-mind that they’ll be able to afford it when they have the choice to pay over time. When you sell tickets through AttendStar and offer Buy Now Pay Later, your ticket buyers will know the total amount they’ll pay up front, and that number will never go up.
Our BNPL partner, Affirm, won’t charge your ticket buyers hidden fees, late fees, or penalties of any kind, ever. The entire process is fair and transparent, so customers know exactly what they’ll own and when they’ll be done paying.
Key Takeaways about Buy Now Pay Later Tickets for Events
Bottom-line, offering Buy Now Pay Later for your event will increase ticket sales and revenue. Ticket buyers are actively looking for BNPL and are much more likely to purchase – not just tickets but upgrades and add-ons to – when you offer it as a payment option. Want to learn more about how you can boost event ticket sales and revenue by adding Buy Now Pay Later to your ticket payment options? Contact us or schedule a demo of the AttendStar platform to see it in action.