What is BNPL?
Buy Now, Pay Later: the customer pays in instalments (Atome, SPayLater, etc.) while you're paid upfront, minus a higher merchant fee.
The BNPL provider takes on the instalment risk: your customer splits the purchase into three or more payments, while you receive the full amount upfront minus the provider's merchant fee. That fee is noticeably higher than FPX or card rates because it prices in credit risk.
BNPL works best for baskets large enough that instalments genuinely change the buying decision. Some full-service gateways include a BNPL option alongside other channels, while dedicated providers integrate as their own checkout button.