Shop Now Pay Later is always your best choice for eCommerce. Online shops with PayLater gain not only a better customers experience, but more revenues.
If you are running your eCommerce business online, a big trend of your customer behavior is now customers prefer ‘Shop Now Pay Later’ option. Fortunately, your eCommerce platform or online store can get this fantastic payment gateway now.
Nothing is quite as attractive to this modern payment option. Nowadays the youngsters have more chance to shop online, but as a business owner you need to note their consumption custom is different.
No matter you own an eCommerce platform, or run a small online store, you need to find help your customers to buy what they want on a limited budget.
The best way to help your customers achieve that is your store offers this ‘Shop Now Pay Later‘ option.
What is ‘Shop Now Pay Later’?
‘PayLater by Passfeed‘, sometimes called ‘Buy Now Pay Later‘ or ‘Shop Now Pay Later’, is an innovative payment gateway for eCommerce.
Generally speaking, online stores offer this payment method to let customers pay goods later. Instead of paying all fees in advance, customers can choose an installment plan and pay it off over installments.
Nowadays, PayLater by Passfeed allow eCommerce business owners get paid upfront. Meanwhile, customers can buy what they need and bring them back home without any payment first. As long as they pay the bills before the deadline, it is interest free.
How Does Shop Now Pay Later Work?
While customers go to the checkout, they can find this payment option at Passfeed or other eCommerce platforms. It is easy for them to take their merchandises back home, but pay them off in 4 installments.
If the customers pay on time, then you do not pay any extra fees or interest.
1. Choose ‘Shop Now Pay Later’ option
Sure online stores and eCommerce platforms often provide various payment gateways. Customers who want to pay bills later can choose ‘Shop Now Pay Later’ option to finish their purchasing.
2. Seamless Checkout Process
Like other payment methods, customers can easily make their payment with PayLater.
After seeking a product they like, customers can just add it to the cart and pay with PayLater. As you can see, the checkout Process is quite easy, like other mordern payment gatways.
How PayLater by Passfeed Can Help Your Online Business?
Business owners want to get paid upfront, but customers may not want to pay in advance. Nowadays, more and more customers want to split their payments. That’s why PayLater by Passfeed is here to help your eCommerce business.
Different from the traditional payment gateways, PayLater can help business owners avoid risks. Since you can get paid upfront, you do not need to take any risk whatever customers do.
PayLater is not only helping customers enjoy a better purchasing experience, but helping merchants enjoy a more seamless management. It help eCommerce platforms and online stores boost their sales with lower administration fees.
Here are some benefits why you should use ‘Shop Now Pay Later’ option:
1. Boost Online Sales
Sales is the main concern for most online business. Fortunately, PayLater is a great tool to boost your online sales.
According to Passfeed, merchants with PayLater option has more sales and better conversion rates. In fact, most customers are suffering stresses of high interest rates on credit cards. While they want to make some purchases, they may find they do not have enough money, then you may loss this customer. But now with PayLater you can retain your customers, because they can pay all what they want later.
Offering ‘Shop Now Pay Later’ option can encourage your customers to shop.In fact customers will buy more products and spend more money due to this payment option.
Most people find it is convenient to shop with an installment plan. As a win-win payment solution, merchants can increase their sales, customers can enjoy more what they want first. Moreover they can avoid lump-sum payments.
Relevant Reading: How Hotel Book Now Pay Later can increase your sales
2. Increase Customer Lifetime Value
Besides increasing sales, PayLater can increase your Customer lifetime value too.
Although your loyal customers will keep shopping at your online stores, you can not ask how many purchases they should make. Your customers will shop online aperiodically, but if you offer a ‘Shop Now Pay Later‘ option, your customers will shop more frequently.
Even you may leave the checkout page, while you realize the products in your cart are too expensive. Your customers may be in a stable or a disordered financial condition. So if your eCommerce business has this option, you can get a higher customer lifetime value.
Sure ‘Shop Now Pay Later’ option can boost consumers’ demand. According to Passfeed, 43% customers said they felt they have the ability to purchase with PayLater.
PayLater by Passfeed is completely a win-win payment gateway for eCommerce business. With it customers can have more convenience and flexibility to make the payments. Meanwhile merchants can use this option to attract more customers, get more repeat purchases.
In addition, once your customers know you offer a ‘Shop Now Pay Later’ option, they will make more purchases here.
3. Better Customer Experience with More Choices
No matter customers use the choice or not, they just prefer you offer more choices. This is important for both merchants and customers. More choices can lead a better customer experience.
Why customer experience is so important to eCommerce business? As we mentioned above, all merchants want to get more loyal customers and repeat purchases. And a positive customer experience can let you get these.
Offering different payment options means you want to help them simplify the purchasing process. Your customers will know you are trying to meet their demands, they appreciate they can have choices.
More payment methods to shop, more options to pay, each step can improve your customer experience. The flexibility of shopping and checkout always gains more loyal customers.
‘Shop Now Pay Later‘ is the popular payment option customers like to use. Merchants offers PayLater by Passfeed find they can build a better customer experiences. Nowadays more and more customers love to pay in installments, even customers have enough money.
4. Increase conversion rates
Before the last step of checkout, most customers are excited to add what they want to the cart. But they are closing the checkout page because they find the total prices are over their budgets.
With PayLater, you finally can reduce this situation. Even customers find their purchases are over budgets, most people will still make the payments, if they have PayLater option.
The convenience of PayLater makes customers more willing to shop. Online stores or eCommerce platforms that offer PayLater options find they have a higher conversion rates. In other words, business owners have boosted more sales.
According to Passfeed, 56% customers will change their purchasing decisions with PayLater option.
Should Your eCommerce Business Use PayLater?
The fact is here, customers prefer to use ‘Shop Now Pay Later’ payment option. PayLater is benefiting both customers and merchants, but how about your business?
Should you use PayLater(‘Shop Now Pay Later’ payment option)?
Do you want to get paid upfront?
Different from traditional payment methods, PayLater lets merchants get paid upfront. If you do not want to worry about any payment from customers, then PayLater is your best choice.
Do your customers always leave the checkout page?
Do your customers always save the products to their list of wish or just buy them? If your customers always leave the checkout page, then you’d better offer PayLater to encourage them.
PayLater by Passfeed is aim to help you meet your customers’ demand. By offering PayLater to your online stores or eCommerce platforms, you can meet the needs of your customers.
How to Add PayLater to Your eCommerce Business
‘Shop Now Pay Later’ payment option can benefit your eCommerce business in many ways as above no doubt.
PayLater is a payment gateway for all industries. Business owners can use PayLater to get paid upfront. Customers can choose their installment plans while they go through the checkout process. They can pay their payment later in four installments due to the plans.
As a flexible and conivenent payment option, PayLater by Passfeed is quite easy to use. All business owners can freely apply PayLater through iMerchant by Passfeed.
PayLater has already helped different online stores, retailers, hotels boost their sales. With PayLater, you can simplify your purchasing process, and meet all your business needs.
Conclusion: PayLater is the option your customers need
The customer behavior of generations has changed. People are bored with traditional payment gateways. Now the youngsters need something more convenient while they go shopping online.
No doubt ‘Shop Now Pay Later’ option has shaped eCommerce industry. With PayLater customers can make the big purchase payments over time with interest-free.
What’s more, PayLater is a win-win payment solution for both merchants and customers. It is not surprising you can find PayLater everywhere, since it is the trend of online payment. Today more people are using ‘Shop Now Pay Later’ option to pay.
In fact ‘Shop Now Pay Later’ option is not a new payment option. It has some histories among eCommerce, and now becomes more popular among retailers too.
If you want to attract youngster, boost your sales, PayLater by Passfeed is always your choice.