Imagine if you could walk into a store, purchase an item and not have to pay the entire amount upfront? No strings attached. Only pay a deposit with no interest incurred ever.
Too good to be true? It’s not- this is the new way to shop!
The phenomenon of buying now, paying later is growing. Providers such as Afterpay, Zip Pay and Oxipay offer flexible payment solutions for customers, by segmenting payments into 4 equal instalments. Purchases can be made in store or online. Afterpay even offer an app through the App Store and Google Play to make shopping more convenient!
As a merchant, adding this payment option to your online business is relatively easy. Most ecommerce platforms (including Magento) simply require the installation of a plugin to get started. There is a minimal service fee for using this payment method on your site.
So what is the benefit for retailers you may ask?
The process of paying later encourages customers to continue with their purchase, who may have otherwise abandoned it due to needing to pay in full up front. As they are spending more time with their transaction, they are likely to visit your store more often. And more sales means increased revenue.
To find out how this payment method can benefit your business, contact us at Rival for a discussion!