Flexible payment solutions are becoming a necessary offering for a variety of industries.
In order to keep up with the pace of modern retail and increasing consumer demands, retailers need to ensure their payment options are flexible enough to meet the needs of each individual customer. Are you in a business that sells consumer goods or services? Ever wondered if you could be missing out on business due to your inflexible payment options?
Here are four things businesses could be losing out on by not offering flexible payment options.
Attracting new customers
One of the main challenges faced by businesses is attracting new customers. Nowadays, consumers expect to be given different options for how they pay for their purchases. Not all individuals will have the cash available in a lump sum, so may be more willing to purchase if they can either spread the cost or be able to pay at a later date. Therefore, offering different finance solutions could be the difference between a potential customer checking out or heading for the door.
Publicising your finance offering on your website can also improve SEO rankings and online visibility. Consumers actively searching for finance options on their required product or services online can be directed straight to you. According to eCommerce Insights, 83% of customers said the offer of finance heavily influenced their decision to purchase. Up to 50% of the same customers said that retail finance played an important role whilst shopping for their goods.
Increasing average customer spend
Offering different payment options not only increases the number of customers, but can also increase a customer’s average basket spend. As they’re able to spread the cost, they may wish to buy more items. On average, 53% of customers increase their spending when they use point of sale finance across all retail sectors. Offering finance can heavily influence a customer’s decision to buy from a specific retailer.
The ability to empower consumer purchases
Today, consumers want more choice and control over their purchases, not just when they buy and where from – but how they do it. A study by SaleCycle found that one of the top six reasons why people abandon shopping carts is due to lack of payment options available. Being able to spread the cost of purchases simply gives customers more control over on their finances.
Having an edge on the competition
Consumer finance can fit seamlessly into a customer’s purchasing journey and can be easily integrated into any business’ sales process and channels. If a competitor offers consumer finance, the customer may think twice before choosing to shop with your brand, as 18% of customers said that if the retailer did not offer flexible payment solutions they’d be tempted to shop elsewhere.
It’s about adapting to your customer’s needs and creating solutions that are going to attract customers to purchase from you. Flexible payment options can give you a higher chance to lead in your market.
If you don’t currently offer finance, what is it about your business that is giving you the advantage? By adopting finance options into your sales funnel, you will be able to attract more customers and keep them coming back time and time again.
Check out the different sectors we work with here.