Buy-Now-Pay-Later (BNPL) service is one of the fastest-growing segments of financial technology in 2021. The BNPL program is a type of short-term finance that allows consumers to make purchases and pay for them interest-free over a predetermined brief period of time, usually weeks or months. In general, BNPL payment is instant-approval and no-credit-check right at checkout. As a result, BNPL payment is appealing to young adults who have existing student loans and cannot access credit. In this paper, we develop a brand-new model interfaced with finance, marketing, and operations in which a young store owner orders a product, receives a BNPL program at checkout with a good-faith down payment, and then pays off the remainder in interest-free installments. The store owner sells the product to consumers with price- and timing-dependent demand. The objective for the store owner is to determine an optimal selling price and replenishment time simultaneously to maximize total profit. We then derive the optimal solution and characterize its properties based on theoretical results. Furthermore, we present three examples and find that the optimal price moving through its life cycle coincides with price skimming. Finally, we perform a sensitivity analysis to gain managerial insights. For instance, an increase in fraction of installments or initial demand significantly raises total profit and order quantity meanwhile tremendously reduces selling price and cycle time. Also, an increase in demand slope or return rate on investment compels the store owner substantially to increase the unit price, cycle time, order quantity, and total profit.

先买后付 (BNPL) 服务是 2021 年增长最快的金融技术领域之一。BNPL 计划是一种短期融资，允许消费者购买并免息支付预定的短暂时间段，通常为数周或数月。一般来说，BNPL 付款是即时批准的，结帐时无需信用检查。因此，BNPL 付款对现有学生贷款且无法获得信贷的年轻人很有吸引力。在本文中，我们开发了一个全新的与财务、营销和运营相结合的模型，在该模型中，一位年轻的店主订购了一种产品，在结账时收到了 BNPL 计划并支付了善意的首付款，然后在免息分期付款。店主将产品销售给具有价格和时间依赖需求的消费者。店主的目标是同时确定最佳销售价格和补货时间以使总利润最大化。然后，我们推导出最优解并根据理论结果描述其属性。此外，我们提供了三个示例，发现在其生命周期中移动的最优价格与撇脂价格一致。最后，我们进行敏感性分析以获得管理见解。例如，分期付款或初始需求的增加显着提高了总利润和订单数量，同时极大地降低了售价和周期时间。此外，需求斜率或投资回报率的增加迫使店主大幅提高单价、周期时间、订单数量和总利润。