"BUY NOW PAY LATER" ONLINCE AUCTION COULD BE SUCCESSFUL?

Question

NEED HELP OR ADVICE

Do you think an online auction site can be successful, if they have got "buy now pay later" option in auction?

Basically i want to start an online auction site, where i would like to add one more feature for customers which is ?"Buy now pay later". I am looking for advice whether this type of auction can be successful or not. see for more details how the auction will work./

For example a customer have got An Audio Car.
She put the car in auction for selling, see below careful please, how its works

she put the car for sale in a new auction site

"Bid Now"...............£2000, she put the car starting price £200
"Buy Now"..............£2500, she wants to sell it immediatly for £2500, if anyone want to buy it
and pay now.
"Buy Now Pay Later" £3000, this is a new feature which i would like to add, the buy now pay later option is added from company, which its mean the seller can get their pay by on time, they get this money from company not from buyer, if the buyer choose to BUY NOW PAY LATER, option. Another example, that if the buyer want to choose the buy now pay later option, the seller still can get their money by one time, by the time the buyers left a happy feed back or the buyer received the goods.

BUY NOW PAY LATER option is responsible of company not by seller, the seller can get their money by on time.

ok, so here more details, how to trust that the buyer is right person to pay, well, when they made an account with company, they bank details will be first taken by company to check whether the new customers or users will be able to buy the goods by choosing the buy now pay later option or not. it will tkes 24 hours to checks the credits score at the first register time to see whether the buyer elegible or not for BUY NOW PAY LATER optioin.

here more detail.
if the buyer is eligible for BUY NOW PAY LATER, after checking their credits score
there will be an icon next to BUY NOW PAY LATER option to tell buyer whether he or she is eligible for buy now pay later option or not. see the exmple below plz.

AUDIO TT CAR DEAL

£3000 "BUY NOW PAY LATER" (YOU ELIGIBLE) "this will apear next to BNPL option"
£3000 "BUY NOW PAY LATER" (SORRY YOU NOT ELIGIBLE) and this will be tool

if the buyers is eligible, then there would be 5 different installment for payment.


* one month installments
* 3 months installments
* 6 months installments
* 9 months installments
* 12 months installments

there are 5 different installments as you can see, one months will be pay in 4 weeks time, so thats weekly, nd others as well, same things.

The compny benefits to take responsibility of "BUY NOW PAY LATER" option is that the company can charge interest for the BUY NOW PAY LATER option.

i am sorry to write too much, but i am looking for some serious advice.

thank you so much for reading this and thank you for the advice.

Answer 1

Not a lot of point as the same can be done on Ebay plus getting finance outside ebay.

Answer 2

I would have thought your business would need to be a registered credit agency. What would the process of redress be for those that refused to then pay. Sounds fantastic in theory but could be fraught with problems. Good luck with it though.

Answer 3

You keep asking this question. What are you trying to achieve?