Buy Now Pay Later (BNPL) is a reimagining of short-term financing for the e-commerce era. The application process does not affect the customer’s credit score. BNPL offers more flexibility than do other payments plans, typically allowing customers to customize the number of installments and payment schedule. Revenue in this model is instead from referrals and from penalty fees that collected on late payments. The model has only really become viable over the last year or so because of technological innovation.