Online retailers are always looking for ways to increase their traffic and conversion rates, and using installment payment platforms is a powerful way to achieve this. By offering installment payments, retailers can attract customers who may not have the financial means to make a large purchase all at once. This not only increases sales, but also drives traffic to the online store as customers search for retailers offering such payment options.
In addition, installment payment platforms can help to increase conversion rates. Customers are more likely to complete a purchase when they have the option to pay in installments, as this removes the financial burden of making a large purchase all at once. This can lead to higher conversion rates and more satisfied customers.
To take advantage of the benefits of using installment payment platforms, retailers should consider partnering with reputable and reliable providers. They should also ensure that the installment payment option is prominently displayed on their website and that the process for applying for and using installment payments is seamless and user-friendly.
Overall, leveraging installment payment platforms is a great way for online retailers to increase their traffic and conversion rates, while also providing a valuable service to their customers.
In the US, some commonly used buy now, pay later platforms include:
- Afterpay: Allows customers to split their purchase into four interest-free payments.
- Klarna: Offers flexible payment options, including the ability to pay in installments or delay payment for up to 30 days.
- Affirm: Allows customers to pay for purchases in fixed monthly installments.
- Quadpay: Allows customers to split their purchase into four interest-free payments.
- Sezzle: Offers customers the ability to pay for purchases in interest-free installments over six weeks.