Why You Should Offer A “Shop Now, Pay Later” Payment Method

When determining which payment methods to offer, there are several factors to consider, including average order value and frequency of purchases. Some payment methods are safer than others for buyers, and some can help you maximize your profits. Pinelabs offer a risk-free payment gateway so you can test out different payment methods before investing in anything on trial.

A revolutionary approach to buying online, Sezzle allows you to offer a “shop now, pay later” payment method. That means that shoppers can purchase our products today and pay for them over time—at no cost to you. Unlike existing credit card solutions, this new payment system is built for retailers, so it’s fast and convenient—and extremely effective at converting shoppers into buyers.

What is a “Shop Now, Pay Later” Solution?

A-Smart, an Indian-based company, provides “order now pay later” solutions for retailers. The company’s products include Simple Payment Plans and Installment Sales Programs. Simple Payment Plans allow a customer to purchase today and pay later with no interest or fees. Installment Sales Programs provide retailers with an alternative way to offer the ability to pay over time without having to go through a third-party financing company.

The Benefits of Offering a “Shop Now, Pay Later” Option

By offering an order now pay later debit card emi solution to your customers, you will not only increase sales volume, you will also increase the average order value. By adding this type of high-usage product to your online store, you can help increase revenue, reduce refunds and chargebacks, and improve overall customer satisfaction. It has become particularly popular among young people and online clothing shoppers because it fits well with the way online shopping works by enabling customers to ‘shop now pay later. However, this growth has not been without controversy and many consumers may be surprised to learn that these products are currently exempt from regulation leaving them with nowhere to turn in the event of problems with the lender.

Reaching New Customers

Merchant accounts can help you reach new customers by accepting payments from debit cards, prepaid cards, and even mobile wallets like Apple Pay and Android Pay. With an increased number of payment options available to consumers, it is important for businesses to offer more than credit card processing.

Increasing Conversions

Offering an installment payment solution that allows shoppers to check out now and pay over time often reduces cart abandonment rates dramatically, according to the Baymard Institute.  When customers see the total tallied up, they get sticker shock and abandon their cart.  When converted into monthly payments, almost all customers will buy something they have previously abandoned - even if it's expensive.

The Best Pay Later Solution for Small Businesses

Order now pay later payment solutions from Affirm offer a convenient way to offer similar benefits to your shoppers. It allows your customers to save their credit card information with you so that they can complete their order and pay later. Delivering a genuine benefit that you can’t get anywhere else, seamlessly integrated into your site, eliminating the need for slow-loading external applications.