These days there are a variety of ways to pay for goods and services. And over time more and more customers are expecting that their favorite retailers will have payment options beyond just credit cards or a PayPal account.
You could certainly offer your web visitors the option to use Apple Pay or the ability to pay with crypto currencies (Bitcoin, etc.), both of which I think would be great. But often you can get the most bang for your buck simply by offering your customers the ability to pay over time.
Offering financing to your customers at the point of purchase can increase sales, improve customer loyalty, and increase your average order value. A 2016 Nielsen study showed that some small and mid-size merchants saw up to 68% larger transaction sizes for customers using a financing option compared to credit or debit cards.
Integrating financing into your website has never been easier. These days there are a variety of third-party providers who handle the complexities and risk associated with assessing the customer's credit worthiness, providing the financing, and collecting payments. So you can leave all of that to the financing provider and focus on your business instead. Many of these providers even offer white-label solutions, allowing you to use your own branding and customized styles to provide a seamless experience for your customers.
While consumer financing isn’t for every retailer, and it certainly isn't a magic bullet, offering more flexible payment options can be a real boost to your business as well as help to differentiate you from your competitors.
If you are interested in offering your customers more payment options, send me a message using the contact form on this page and we can discuss your options.
Below are some of the financing providers I have integrated into my clients checkouts. You can follow the links to find out more about their offerings:
Disclaimer: I am in no way affiliated with any of the financing providers mentioned, nor do I receive any money or compensation from them.