Interest-free shopping is fast becoming one of the most popular ways to pay for online shoppers. As an eCommerce merchant, there are several benefits to offering interest-free payment options like Payflex at checkout. These include up to a 70% increase in average order value, up to 30% increase in sales, and up to 80% repurchase rate.
But in order to enjoy these benefits, it is important to educate your audience on the benefits of interest-free shopping. Here are some of the many benefits of buying interest free:
Instant access to credit
The application process for interest-free payment options like Payflex is completely seamless and hassle-free. Shoppers are offered instant credit at the point of sale itself. This ensures a smooth and frictionless interest-free shopping experience.
No additional fees or interest charges
Credit payments often come with a significant added cost including interest and administrative fees. Shoppers therefore risk extending themselves beyond their means and potentially reach dangerous levels of debt. With Payflex, shoppers can get what they need now and only pay later in four interest-free installments over six weeks minus the interest and fees.
It puts the shopper in the driver’s seat
Installment payment plans put shoppers in the driver’s seat when it comes to their spending, offering greater transparency and clarity when compared to traditional payment methods. It also enables them to spread the cost of each purchase, meaning they can break it down into smaller, bite-sized payments. Interest-free shopping platforms are also finite and and not revolving or open-ended like credit cards. This means when the item is paid off, the shopper can move on.
Helps build positive financial habits
Buy now pay later (BNPL) gives you a long-term view of your expenses and lets you manage your spending accordingly. Shoppers know exactly how much they have to pay off, as opposed to a credit card. This makes it a highly effective tool for day-to-day budgeting, helping to build positive financial habits.
Interest-free shopping a win-win
Offering interest-free payment options like Payflex’ BNPL later platform presents a win-win for both retailers and customers. Interest-free solutions of all types are rapidly growing in popularity—and it’s younger consumers that are primarily driving this trend.In addition, with shoppers more conscious than ever about how to pay off their shopping expenses without incurring unexpected costs, interest-free payments have fast become a major competitive differentiator in a highly competitive online marketplace. So, if you haven’t already, educate your audience on the various benefits associated with interest-free shopping methods, and start reaping the rewards today.