What to know before your business adds buy now, pay later

By ROSALIE MURPHY of NerdWallet

Large retailers like Target, Macy’s and Ikea now offer “buy now, pay later” when customers check out. This payment method is spreading to local businesses, too. Experts say buy now, pay later is especially valuable for artisanal brands seeking to start lifelong relationships with millennial and Gen Z customers. If you’re curious about offering installment payments to your small-business customers, you’ll need to understand how buy now, pay later works, how much it costs and how to choose the right provider. And as federal regulators investigate buy now, pay later, make sure you’re prepared for regulations to change how it works in the coming years.