Flexible payment options could be the solution your business needs in order to amp up sales. Consumers are on the lookout for the best deals, but may be deterred by your price.
The solution? Having a financing, layaway, or “Buy Now Pay Later” option in your eCommerce store will encourage your customers to go through with their checkout. Giving your customers the option to spread out payments has the potential to maximize your revenue and customer lifetime value.
Here are some of the latest platforms that enable Buy Now, Pay Over Time for ecommerce stores:
- Affirm
- Klarna
- Afterpay
- Partial.ly
A quick overview of how each of these apps help out online shoppers:
Affirm – How it Works. Your customers select Affirm at checkout, enter a few pieces of information, and then get a real-time decision. Then, they select the payment schedule that works for them, and confirm the loan. Affirm handles all the monthly payments from there.
Klarna – How it Works. Customers will download the Klarna shopping application on their mobile device and they have the option to pay in four split payments at any store. You may choose to Sell with Klarna to give your customers a hassle-free shopping experience by automatically making this an option at checkout and they don’t need to install the mobile application.
Afterpay – How it Works. Online shoppers will be selecting the “Afterpay” option at checkout and will be eligible for an instant approval decision upon signing up. The total bill will be split into four interest-free installments that will be due every two weeks.
Partial.ly – How it Works. Simply set the down payment, frequency and duration of payment plans to make it easier for customers to make those big ticket purchases at a rate that suits their finances.
The neat aspect about these platforms is that they are friendlier than credit card companies, and can be offered by the merchant rather than relying on the customer to apply for a card.
If you’re seeking a roadmap to increase your revenue, download our Growth Marketing Guide to get specific insights & actionable instructions for your online eCommerce sales growth.