Not all customers are lucky enough to buy what they want upfront in cash, but that doesn’t mean you have to write them off completely. Especially in these uncertain financial times, companies need to find new and innovative ways to win over customers and sell their products. One of those ways is to offer instalment payments.
Offering instalments can secure customers and increase sales without decreasing the price of your products. Here are our top tips for reaping the benefits of instalment payments.
How To Benefit From Instalment Payments
Avoid complicated application processes
Online shopping was already becoming popular before the pandemic, and once it hit, it grew even faster. Many people who shop online are impulse buyers, and having long, complicated application processes can deter potential customers.
Instalment payments help you avoid unnecessary risks
While offering instalments can get products out the door, you want to ensure that you get the total amount owed by ensuring the customer can afford the monthly payments. Simple procedures such as credit checks along with payslips are an easy way to cover your basis before approving an instalment plan. Getting this right from the start prevents time wasted trying to make alternate arrangements or extra costs for debt collectors to handle defaulting customers.
Many service providers have different payment procedures for instalment payments which you should make yourself aware of. For example, some options only pay up for the purchase once the customer has made all their payments, which could cut into your financial margins. Ensure you choose a service provider that can guarantee you on-time payments.
Instalment payments are more flexible for customers
It takes no convincing to show customers the benefits of taking on instalment payments; the spread-out amounts are a much better option that fits into their budget far better than a lump sum. But your budget as a merchant needs to be considered as well. Getting a solution that fulfils your clients’ needs, fits your budget and provides excellent usability is key to successful instalment payments.
Why Choose Payflex?
Payflex offers more manageable payments with better results, and the numbers speak for themselves. Our merchants have experienced an increase in order values, repurchases and increase in sales. Never worry about offsetting your margins, as Payflex transactions are paid daily into your bank account.
Payflex takes on all the risk, both credit and fraud, ensuring that you are guaranteed payment once payment is approved. So what are you waiting for? Join thousands of merchants already reaping the benefits of using Payflex.