Using buy now pay later (BNPL) options can be a powerful tool to drive growth within your company and increase sales. They provide flexibility to your customers by allowing them to purchase your product or service immediately while paying over time. This creates a win for your customers and your business. There are three main benefits that utilizing BNPL options will offer.
1. Enhanced Sales Conversion Rates
By offering BNPL options to your customers when they go to pay, it can remove potential financial barriers. Some customers would not be able to purchase your product or service without an option to split up the payments. This can discourage shoppers who may have genuine interest from moving ahead. BNPL has been shown to close more of these sales, increasing the overall conversion rate, because they can make the purchase without paying the full amount up front.
2. Attract New Customers
BNPL options can attract a larger customer base, especially if many of your competitors are not offering the same. Younger buyers can be drawn to flexible payment methods, allowing a business to tap into a market of under-reached customers. In addition, removing financial barriers can bring more buyers who may not have considered your product or service previously.
3. Increase Loyalty
One of the best ways to create loyal customers is to provide the greatest experience from start to finish. This begins with the sales process. When customers find it convenient to purchase from you, they are more likely to return again. They are also likely to tell other people about their positive experiences, resulting in more referral business.
When deciding on what BNPL solutions are best for your business, consider the following.
Speed of Funding - How fast does the BNPL provider fund you for the transaction?
Risk - Does the provider take on 100% of the risk?
Ease of Use - Is the application user-friendly? Can they receive instant approval?
Financing Options - What kind of financing options do your customers have? What is the maximum amount the BNPL provider supports? What is the required credit score to qualify?
At Make The Impact, we provide many solutions to our clients, including BNPL. We walk our merchants through the process, helping them to decide on what's best for their business. Take the first step towards offering buy now pay later solutions by scheduling a call with one of our expert sales team members using the button above!