FILE - Shoppers carry bags after making purchases in Bradenton, Fla., Feb. 9, 2024."Buy now, pay later" services are a popular way that shoppers pay for goods. –
If something goes wrong, consumers could blame the small business — even if they have nothing to do with the payment plan. And things can go wrong. A report from the Consumer Financial Protection Bureau in 2022 found that more than 13% of BNPL transactions involved a disputed charge or a return. In 2021, consumers disputed or returned $1.8 billion in transactions at five large BNPL firms, the CFPB said.
But the CFPB issued a new rule that may ease small business owners' minds. The agency said the “buy now, pay later” companies must provide consumers with the same legal rights and protections as credit card lenders do.
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