Short Term Loan Offerings for Microsoft Edge

What comes to mind when you think about “Buy Now, Pay Later”? Perhaps popular retailers like Adidas, American Eagle and Amazon that offer this service will pop to mind. However, you would be surprised to know that there is a new name you probably wouldn’t associate with the Buy Now, Pay Later (BNPL) financing model. Microsoft Edge has thrown its hat into the ring!

Since the release of the Microsoft Edge browser in April 2015, Microsoft has fought tooth and nail to endear users to its browser. On top of just browsing, it is well-optimized for playing casino online games, internet video gaming, videoconferencing, built-in coupons installing websites as apps and a slew of extensions, among other impressive capabilities. Still, all its excellent features seem to have failed to outshine the strong market presence of other web browsers, especially Google Chrome. 

With the introduction of the BNPL financing model through short-term loan offerings, Microsoft is trying to prove to users just how versatile a web browser can be. However, before we take a look at exactly how the short-term loan offerings work on Microsoft Edge, let’s start with the basics of BNPL.

The Concept of “Buy Now, Pay Later”

BNPL may be a foreign concept if you are not used to shopping online; nonetheless, Buy Now, Pay Later is a form of a short-term loan that can be used to pay for things you buy online. The consumers divide their payments into several installments depending on the retailer offering the service. 

These short-term loans may or may not attract interest, but again, this is hinged on the retailer you purchase your goods from. The purchases you make using BNPL usually mean that you get your product or service immediately, without having to pay the full amount at the time of buying. With the introduction of BNPL on its Edge browser, Microsoft is looking to make online shopping a breeze, a feature that it hopes will attract even more users to its web browsing application. 

Microsoft Edge and BNPL

To roll out this feature, Microsoft partnered with Zip (previously known as Quadpay),  a world-renowned payment technology provider that offers users the BNPL service. This partnership enables the Microsoft Edge browser to provide the “Buy Now, Pay Later” services without forcing users to go through a retailer to enjoy the BNPL option. From the feature, Microsoft Edge ensures that any purchase you make through its platform can be split into four installments over six weeks. 

Features of the “Buy Now, Pay Later” Microsoft Edge Option

Some of the biggest perks of using Microsoft Edge’s BNPL service are:

1. 1. It saves on your time and isn’t complicated to use. The process of using the Buy Now Pay Later is fairly easy and shouldn’t take you more than a minute to complete. While the previous approach was sort of tedious before Microsoft Edge partnered with Zip, things are now simple. Unlike earlier cases, using Buy Now Pay Later does not require you to log into Zip whenever you want to use the service. Instead, a simple process of linking your Zip account to your Microsoft account should do the trick. 
   2. The Buy Now Pay Later feature is found in Edge Canary and Dev Channels. It is available to all users of the Microsoft Edge 96.

• Thanks to the partnership with Microsoft Edge, users can now access Zip on any website. This was previously not the case. Now you can access Zip on sites that may even not offer the Buy Now Pay Later option.

Concerns About Microsoft Edges Short Term Loans

While there are apparent benefits to be seen with the rollout of this feature, users of Microsoft Edge have also raised concerns. Some of these grievances include:

• Such programs are synonymous with the mounting debt challenge amongst many online users. Owing to the simplicity of this feature, users may be tempted to buy what they cannot afford. Unfortunately, this may land you in trouble as missing payments, in the long run, will impact your credit score negatively.
• Microsoft Edge has made this feature the default option, which comes across to the skeptical as being forceful. Microsoft Edge would do good to make it an optional feature so as not to seem too dictatorial about the service.
• There are concerns that Microsoft Edge is rolling out too many features. The outside perception in this regard is that Microsoft is trying too hard to sell Microsoft Edge to the users. Users hate the concept of bloating as it may slow down their browsing speed.
• The service technically isn’t free as you are charged $1 for every payment you make. Thus, from the four installments, you are offered, you end up paying $4 more for every purchase you make.

Is It a Worthwhile Feature?

There are undeniable positives to this feature rolled out by Microsoft Edge, but whether it’s worthwhile or not will depend on who you ask. Of course, if you are into online shopping, then it’s definitely a bonus as it simplifies the process of online purchases, and you get the advantage of paying in installment!

This is a paid guest post.