Reported 11 months ago
The Consumer Financial Protection Bureau (CFPB) issued a new rule requiring 'buy now, pay later' companies to offer consumers the same legal rights and protections as credit card lenders. While the service can be a benefit for small businesses, it also carries risks, as highlighted by a CFPB report showing that over 13% of BNPL transactions involved disputes or returns in 2022. This rule aims to provide consumers with safeguards like the ability to dispute charges, easily obtain refunds, and access billing statements, which may alleviate concerns for small business owners.
Source: YAHOO