Gone are the days of limiting your payment options to cash or card. With the rise of Buy Now Pay Later (BNPL) solutions, you can provide your customers with a convenient payment option that allows them to spread the cost of their purchases over time. But did you know that BNPL payment solutions are not limited to online transactions only? In-store payments through BNPL are just an arms reach away and are a powerful tool for success that can make your business stand out in a sea of similarities.
By offering in-store payments through BNPL solutions, you can attract more customers, boost your sales, and improve your bottom line. It’s a win-win situation for both you and your customers. And the best part? You don’t have to be a payment processing expert to implement this powerful tool for success.
In this blog, we’ll take a deep dive into the benefits of in-store payments through BNPL solutions, from improving your customers’ shopping experience to increasing their purchasing power. We’ll also provide you with practical tips on how to seamlessly integrate this payment option into your business.
Ready to revolutionise the way you do business?
The Power of Payment Diversity: Exploring the World of In-Store Payments
From the clink of coins to the beep of a smartphone, in-store payment options in South Africa have come a long way. While cash is still king with a market share of 57.5%, credit and debit cards are on the rise at 23.5%. However, the future is here with mobile payments offering convenience, speed, security and of course – BNPL payment options.
The new kid on the block, QR codes (that everyone deems to be rather Orwellian) is also quickly on the rise, offering great convenience and security measures. Accepting QR code payments can help your business stay ahead of the curve and cater to customers who prefer digital payment options.
Revolutionising In-Store Payments: The Benefits of BNPL Solutions
BNPL solutions have changed the way people make purchases, offering a host of benefits that set them apart from traditional payment methods:
Flexible Payment Plans: Manage Your Cash Flow
One of the primary benefits of in-store BNPL payments is that they offer flexible payment plans, allowing your customers to defer payment for their purchases over time. This can make larger purchases more affordable, and it gives your customers the flexibility to manage their cash flow more effectively.
Lower Risk for Merchants: Expand Your Business
Unlike traditional credit options, BNPL solutions are typically offered by third-party providers, who assume the risk of non-payment by the customer. This makes BNPL an attractive option for merchants like you, as it allows you to increase sales without taking on additional credit risk.
Quick and Easy to Use: Shop with Convenience
BNPL solutions are designed to be easy and quick to use. Customers can apply for a BNPL account within minutes, and transactions can be completed in-store with just a few clicks or taps on a mobile device. This convenience factor can save time and hassle for shoppers.
Additional Features and Benefits: The Cherries on Top
BNPL solutions often come with additional features and benefits, such as interest-free periods, loyalty rewards, and flexible repayment options. These added features can enhance the customer experience and help merchants differentiate themselves from their competitors.
In-store Payments: Choosing The Right BNPL Solution For Your Business
If the boundless benefits listed above give you a tingling sensation to incorporate BNPL as the secret sauce to your in-store recipe for success, then this part is hella important for you. We want to help you make an informed decision so you can get it spot-on the first time around. Here’s what you should consider:
1) Cost
When choosing an in-store BNPL solution, consider the costs associated with the service. Look for a provider that offers competitive rates and transparent pricing structures. Some providers may charge setup fees, transaction fees, or monthly fees, so be sure to factor these costs into your decision.
2) Ease of implementation
Implementing an in-store BNPL solution should be a seamless and straightforward process. Look for a provider that offers easy integration with your existing point-of-sale (POS) system and provides comprehensive support during implementation.
3) Customer experience
A positive customer experience is crucial for any business, and this extends to payment options. Choose a BNPL solution that offers a user-friendly interface, fast and secure transactions, and excellent customer support. Look for providers that offer features such as instant approvals and flexible repayment options to enhance the customer experience.
4) Provider reputation
Research the reputation of potential BNPL providers before making a decision. Look for providers with a proven track record of delivering high-quality service and reliable support. Consider reading online reviews or asking for referrals from other businesses in your industry.
5) Compliance and security
In-store BNPL payments involve sensitive customer information, so choosing a provider thatprioritises compliance and security is essential. Look for providers that comply with industry regulations and standards such as PCI DSS and have robust security measures in place to protect customer data.
By considering these factors, you can choose an in-store BNPL solution that meets your business’s needs and enhances the customer experience. Remember, the right BNPL solution can help you attract more customers, increase sales, and differentiate your business from competitors. In the meantime, we’ve come up with an in-store BNPL solution that ticks all the boxes, and more!
Your In-Store Secret Sauce: Payflex BNPL
Seeing as you’re looking for a way to offer your customers flexible in-store payments while also boosting your bottom line, Payflex has the perfect solution for you.
By incorporating Payflex into your brick-and-mortar store, you can attract more customers and increase sales by up to 30%. With our interest-free instalment plans, customers can split the cost of their purchases into four payments, making larger purchases more affordable and manageable. And the best part? You get paid upfront in full, minus a small commission, and we take care of collecting payments from your customers.
Furthermore, implementing Payflex is also easy and hassle-free. Our team will work with you to integrate our system into your existing point-of-sale (POS) system, so you can start offering BNPL options in no time. Plus, our user-friendly platform makes it easy for customers to sign up and complete transactions, ensuring a positive shopping experience like never before.
Checking Out On In-store Payments
Buy Now Pay Later (BNPL) options can be a game-changer for businesses looking to increase sales, improve the customer experience, and stay competitive in today’s market. With the right BNPL solution (cough* cough*), businesses can enjoy the benefits of increased revenue and customer satisfaction, without the risk of non-payment or the hassle of managing payment plans. For more golden nuggets of information, read up about how BNPL payment solutions are changing the game for small businesses.
So what are you waiting for? Let’s make some sales.
