New affordability checks are being introduced for Buy Now, Pay Later services, meaning some shoppers could be refused access when they try to use the payment option.
Buy Now, Pay Later allows customers to spread the cost of purchases, but the new checks mean eligibility will no longer be guaranteed. A decision to block a customer may be made when the service assesses whether the arrangement is affordable for them.
The changes could affect people who are used to selecting Buy Now, Pay Later at checkout. Customers may therefore need to be prepared for the possibility that the option will not be available for a particular purchase.
Consumers can take steps to avoid being caught out by the changes, although the supplied information does not specify what those steps are. The key immediate impact is that shoppers may face an affordability assessment before being allowed to use the service.
The latest position is that the new checks could prevent some customers from accessing Buy Now, Pay Later, making it important for users to understand how the revised arrangements may affect them before relying on the payment method.