When you hear the words “buy now, pay never,” it’s natural to assume that this is a great deal – too good to be true, maybe, but a great deal nonetheless. Unfortunately, in the world of BNPL scams (buy now, pay later), this isn’t always the case. Sometimes these deals can leave you owing a lot of money with no way to pay it back.
To help you avoid getting scammed, we’ve put together a list of some of the most common BNPL scams – and how to avoid them.
1. The “Free Trial” Scam
This is one of the most common BNPL scams out there. A company will offer you a free trial of their product, but once the trial is over, they’ll start billing you for the product every month. To avoid this scam, always read the terms and conditions before signing up for a free trial. If there’s anything in the terms that seems too good to be true, it probably is.
2. The “Upsell” Scam
In this scam, a company will offer you a great deal on a product, but once you try to buy it, they’ll try to sell you a more expensive product instead. To avoid this scam, always read the terms and conditions before buying anything. If there’s anything in the terms that seems too good to be true, it probably is.
3. The “instalment plan” scam
In this scam, a company will offer you a low monthly payment for a product, but once the instalment plan is over, they’ll bill you for the full price of the product. To avoid this scam, always read the terms and conditions before agreeing to an instalment plan. If you find anything scammy make sure to avoid it at any cost.
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4. The “phishing” scam
In this scam, a company will send you an email or text message that looks like it’s from a legitimate BNPL company. However, the message will be from a scammer, and they’ll try to get your personal information (like your credit card number) by asking you to click on a link or respond to the message. To avoid this scam, don’t respond to any emails or text messages that ask for your personal information, and always make sure that the BNPL company you’re dealing with is legitimate.
5. The “hidden fees” scam
In this scam, a company will offer you a great deal on a product, but once you try to buy it, they’ll add hidden fees to the price. It is one of the most common BNPL scams out there. To avoid this scam, make sure to check the product as well as read the terms and conditions carefully before paying anything. If you find anything fishy, don’t go for it.
Conclusion
When it comes to BNPL scams, it’s always better to be safe than sorry. No matter how advanced things get, there always will be scammers trying to take advantage of people. So, by being aware of these scams and taking precautions, you can avoid becoming a victim. Thanks for reading!
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Book a free call with us to discuss how we can help you expand in new regions, scale, and get the cash flowing in your business.
