How Buy Now Pay Later is the Best eCommere Payment Method?
Posted: Dec 12, 2020
In search of the best eCommerce payment method? How about trying out the most trending and trustworthy Buy Now pay Later solution, that can help you grow your sales right away.
Running an eCommerce requires a dozen things that you have to take care of. Be it the sourcing of your products, assuring the traffic on your store, and at last, the shipping.
In between all this, your customer needs to be assured of the quality and the pricing of the product. Moreover, one gets convinced of the quality, but the payment remains a crucial pivot for a customer.
But how about introducing a simple eCommerce payment method, where you can tell your customer to Buy Now Pay Later. Sounds risky?
Well, it isn’t and in the following article, we are going to breakdown, how you can use the same eCommerce payment solution and grow your sales.
What is the Buy Now Pay Later payment method?
As the name suggests, Buy Now Pay Later is a payment solution that is helping eCommerce to gain new sales, by allowing the customer to buy a product now and pay the full amount later in installments.
Due to the required boom in Fintech, various new solutions came forward and made the shopping experience of the customer easy and affordable.
Unlike the use of credit cards, where one might have to pay hefty interest on a purchase, new eCommerce payment methods add no interest (or extremely low interest) for a purchase.
Hence, allowing customers to buy more at a price they can easily afford.
Benefits of Buy Now Pay later
How is this helpful to you? How can Buy Now Pay later help your eCommerce payment method be a good choice? In order to answer this and all such related queries, here are the benefits of the Buy Now Pay Later Solution.
Better Customer Experience
If there is one thing that today’s Millennials prefer is the customer experience that your eCommerce is providing. While this might be the case, your customer also wishes for affordable services.
The common ground for both the following situations is the Buy Now Pay Later eCommerce payment solution. Not only does this make a customer rely on you more, but also creates an experience where ease of purchasing is exponential.
Overall, this creates a memorable experience, hence helping you build a brand with the best customer experience.
Increase in Sales
If there is one thing that can ensure the growth of your eCommerce, is only and only the number of sales your eCommerce generates.
It’s not the traffic and it's not the ranking of your store. It’s when a customer makes a purchase, that keeps your business sustainable.
But the highest post-purchase anxiety strikes during the payment. As much as one may flaunt, making a huge payment isn’t exactly a fun moment.
Here, the amount of this anxiety can be drastically reduced if there are small-installments available. Your customers are more likely to pay you the small portions of their income, rather than spending a huge bunch together.
Overall, this makes you the preferred option among your competitors and increases your sales.
Better Customer Loyalty
A customer-friendly experience not only helps you gain a purchase but allows a customer to trust you. Moreover, with such ease of purchase, you gain customer loyalty.
It’s easy for your customer to pick within eCommerce based on who cares for them the most.
By allowing them to Buy Now Pay Later payment method, you provide them with an experience to use the product by paying a small percent of the price and pay the rest within the same small percent of installments.
This makes you a preferred option, always. Hence helps you build better customer loyalty within your competitive niche.
Higher Customer Lifetime Value
Buy Now Pay Later eCommerce payment method is a win for consumer demand. They pay the exact price of the product at no additional charge.
Hence allowing them to create a higher cart value, which they can pay in small installments in the upcoming time period.
During this, your eCommerce brand creates a powerful impact that keeps the customer hooked to you and purchases more products directly from you.
This increases the customer lifetime value considerably hence growing profit accordingly.Best Buy Now Pay Later Providers for your eCommerce
Affirm is among the most popular and well-established sales financing solutions with all kinds of eCommerce. It offers a customer an installment period of 3 months to 36 months. Moreover, it allows merchants to vary the term based on the site and the consumer’s credit history.
The following flexibility Affirm platforms to work within any channel and niche of eCommerce, making it among the Best buy now pay later providers for your eCommerce.
If you are a European based eCommerce, you might be familiar with Klarna. It offers various sales financing solutions, which include traditional one-time payment, pay a monthly installment, paying in four equal installments every 2 weeks, or delay the payment for 14 days.
With such versatile options, Klarna is the best buy now pay later provider, but at the same time, it can be confusing for customers to choose from.
Paypal Pay in 4
Paypal is one of the most trustworthy payment methods in the world. With the introduction to the following Paypal Pay in 4, it allows a consumer to make a purchase with an option to pay the full price in four equal installments, each scheduled 2 weeks apart.
On your end, you get paid upfront the full payment at the time of purchase, with Paypal assuming the responsibility and risk of getting payment from the customers.
If your store has an average order value of between $50-$1000 then Sezzle might be the best choice of option for you. It allows the young consumer a four-installment plan, over six weeks time with no interest and additional fees.
The simplicity and ease of use make Sezzel another best buy now pay later provider for your eCommerce that you can use.
While handling payments of the Buy Now Pay Later solution may seem tricky and complex, investing in the right tools would make it a breeze. Moreover, using the following eCommerce payment method allows you to show that you care for your customer and understand how you can be helpful to them.
Nonetheless talking about the customer experience, we would also like to mention that your eCommerce product images play a crucial role in growing your eCommerce. Even before making a purchase, the quality of your product is determined by the editing of your product image.
As an eCommerce product photo editing service, PixelPhant recommends you to get your free product image editing trial now, by clicking on the "Get Started" button below. Experience the best product image editing service from real professionals and see how you can enhance your customer experience drastically.
Chetan Menaria is Partnership & Collaboration Manager at PixelPhant, an eCommerce & fashion photo editing service provider. PixelPhant edit product images to make them look professional & eCommerce ready.