E-commerce is growing and e-merchants are faced with the challenge of managing an increasingly complex range of payment options with a customer who expects a seamless and secure payment experience. Let’s explore the advantages of payment in installments for any merchant and e-commerce site
With the ability to offer various payment options, any merchant can reach a wider audience of customers in various regions by offering the benefits of the best installment payment solution.
1 – Offer several payment options to the customer
The first advantage of staggered payments lies in the range of payment options offered to the customer, which will significantly increase the conversion rate, as any customer is likely to finalize a purchase if he finds his preferred method of payment.
2 – Reduce shopping cart abandonment
Another advantage of paying in installments is the significant reduction in shopping cart abandonment. Frequently the customer who encounters a difficulty when paying prefers to abandon his purchase and most often he will not return to this site. Installment payment alleviates this problem by providing multiple payment options and automatically directing the customer to another payment method.
3 – Improve the customer experience
Payment in installments and deferred payment reinforce the quality of the shopping experience. The process provides the merchant with more detailed data about customer transactions, allowing them to optimize the checkout process and improve the overall checkout experience.
4 – Offer increased flexibility in payment options
The e-commerce site easily integrates multiple payment methods into the checkout process, providing greater choice. Installment payment also makes it easy to integrate new payment methods as they become available. This increased flexibility leads to increased sales and revenue for the business.
5 – Reduce the costs of the e-merchant
With split payment, the e-commerce business can reduce costs by streamlining the checkout process, and decreasing opportunities for fraud. The variety of payment options quickly generates increased sales and revenue, while enhancing the customer experience.
6 – Improve the security of operations
Payment in instalments is secure because it centralizes the management of payment data and facilitates the implementation of fraud detection and prevention measures, thanks to a unified system for processing financial information.
In summary, all payment solutions (bank card, split payment, mini credit, financing solutions, etc.) make life easier for the customer and the e-merchant: a boosted conversion rate, boosted turnover and high visibility of customer transaction data.
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