Online businesses are constantly searching for new and better ways to improve their POS systems to gain a competitive edge. It includes enhancing payment methods.
Today, there are more online payment methods than ever before. Therefore, offering your customers their preferred option is so critical. The number of customers who prefer ‘buy now pay later india’ (BNPL) is increasing by the day, and there are good reasons why.
In this article, you will learn more about this payment method and discover why you must add it to your E-commerce site.
‘Buy now, pay later’ (BNPL), as the name suggests, is an option for customers to buy products and pay for them later. Usually, the customer only has to pay a small amount of money and then pay the remaining balance later on in equal monthly instalments and at zero interest.
The zero-interest fee is one of the top reasons why BNPL has become so popular nowadays.
Considering the rate at which it’s growing, BNPL will soon be the number one payment option at the buy POS machine checkout point.
But it’s not just the customers who can benefit from the BNPL options; businesses too.
And if you are wondering how to keep reading to find out.
When you give your customers more time to pay, the chances of buying from you are much higher than when you don’t. The idea gives them more confidence to purchase even when they do not have money at the time.
Adding the buy now, pay later options to your E-commerce site can boost your conversions and even more because it’s the preferred online payment option by a significant number of customers.
The number of customers abandoning credit card POS swipe machine payment option for BNPL continues to grow by the day. Offering the service in your online store means that some get to shop from you. It’s an ideal way to attract new customers and further increase your sales.
Historically, getting to test a product was almost impossible; customers had no choice but to make blind purchases hoping for no disappointments. But that is no longer a problem today with the BNPL option. The customers only have to contribute a small amount to go home with the product. That gives them the chance to test and find out whether they like it. If they do, they can proceed with the payment, but if they don’t, then BNPL does not prohibit them from returning the product.
Allowing your customers to return the product might seem like a costly affair, but that is only for a short while. In the long run, this can help boost customer loyalty which can go a long way to lift your online store to unimaginable heights.
According to statistics, approximately 6% of all cart abandonments are due to limited payment options. Adding BNPL to your online store will give your customers more payment options and lower your cart abandonment rates. And that’s not all.
BNPL can also streamline your checkout process. Customers don’t have to fill in their financial information, such as billing address or card details. Instead, they log in to their BNPL account, and that’s it. So why is this important?
Research shows that 28% of the people who abandon carts do so to avoid creating an account, and 17% because they couldn’t trust these sites with their sensitive information.
Should you add buy now, pay later payment options to your E-commerce site? Absolutely! The points above perfectly illustrate the benefits of the BNPL option. As long as you do it right, you have a guarantee to succeed.