Benefits for the customer.
Easier Budget Planning.
The “Buy Now, Pay Later” solution allows dividing the total purchase value into three, six, or twelve payments, alleviating immediate pressure on the customer’s or household’s budget. This payment method provides a convenient and flexible way to plan finances and prioritize higher-quality products or services.
No Additional Costs.
“Buy Now, Pay Later” is always free for the customer, meaning no processing fees, down payments, or interest charges. For example, with a €600 purchase, the payment is €200 per month for three months. The first payment is due one month after the purchase is made.
Wider Availability.
The solution is available for goods and services starting from relatively small amounts – €75, where other financing options might not apply. People often use it for unplanned expenses, such as surgeries or other medical services, purchasing higher-quality and more sustainable clothing, which usually costs more, or covering travel expenses to take advantage of a last-minute deal.
Easier Decision-Making.
When the full payment isn’t required upfront, it becomes easier for the customer to decide on a purchase, especially when they need to buy several items at once. This is also a handy solution when furnishing a home, as it allows the entire shopping cart amount to be split into installments. While this is a convenient solution, it’s important for consumers to remember that using this payment option creates financial obligations, so each purchase decision should be carefully considered.
Benefits for the merchant.
Increase in Sales Volume and Average Purchase Amount.
Our partners’ data shows that this solution increases the total sales volume by one-third for merchants. Since the solution doesn’t impose immediate pressure on the customer’s budget, the average purchase amount also increases, currently reaching €410 among our partners.
Fewer Abandoned Carts.
Offering “Buy Now, Pay Later” results in a 90% conversion rate, meaning a significant decrease in abandoned shopping carts and the completion of more purchases.
Customer Loyalty.
By offering flexible payment options, one in three customers returns, boosting customer loyalty and enabling merchants to reach a broader customer base.
Quick Payment and Simple Integration.
Merchants receive the payment immediately, regardless of the payment schedule. The service is available to both in-store and online customers, and integration with the merchant’s existing e-commerce platforms is very simple. Our team provides support with setting up or integrating the payment method.
An Effective Sales Tool.
“Buy Now, Pay Later” is an affordable and effective sales promotion tool for merchants, costing less than an advertising campaign or offering discounts to customers. We also provide our partners with marketing support, as well as insights and recommendations to boost sales.
Contact us.
Competition in retail is intense, and innovation is the key to success. “Buy Now, Pay Later” is certainly one of them! If you want to learn more about how this solution can help your business grow, contact the “Inbank” team! We will help you implement this innovative payment method and increase your sales!
