Benefits of BNPL financing for Businesses and their customers
Nowadays, companies have possibilities to offer their customers different financing options. ChargeAfter is a financial platform that provides businesses with a Buy Now Pay Later option, leading them to get more new customers on the market, increase their income and average order value.
Advantages of Financing for the Customers
There are examples of big companies, which benefitted from a Consumer financing system. Point of sale financing is always a great way out of a situation when a customer doesn’t have enough cash to pay for a product. As more clients are using POS financing these days, that is where ChargeAfter comes in with the BNPL solution for them, to be able to split their purchases over a couple of months, instead of paying them all at once.
A financing platform, such as ChargeAfter, is a new opportunity for the buyer to get different offers from the lenders and finance their needs.
How BNPL Converts More Customers and Increases Sales
All the businesses are having the same issues when it comes to converting customers, companies see how their consumers are adding the products to their carts online, or checking them at shops and still leaving “empty-handed”. Most of the time, the problem is the financial situation at the time. The buy Now Pay Later system has improved those situations for the businesses and the customers.
When the buyers are using Consumer Financing options, they do not have to think about how much money they have at the moment, which gives them the possibility to get a product of a higher price and quality or purchase more quantity of it. With last research, we see that financing platforms are increasing the sales amount for the companies, showing us how businesses are becoming bigger and stronger with the help of POS Financing and the BNPL option.
Higher Average Order Value (AOV)
When you can split the payment for your customers, you are making your merchandise more affordable for them, giving them the possibility to purchase more expensive products.
Many big companies show that after implementing Point of Sale financing in their businesses, the average order value has increased. The reason behind it is that the BNPL gives the consumer the power to avoid fitting the budget process and they can simply purchase the products of their needs. So, if the customer had to buy a product that costs the amount they had at the time, now they can widen their interest, and with the help of Consumer Financing, they can purchase more. It is a great example of how BNPL benefits both companies and consumers and how comfortable solution POS Financing is.
Getting New Customers for the Company
When any customer is looking for an option to purchase a product or a service, they’re always trying to find the best offer available on the market. If the business is offering Point of Sale financing from their side, they have a much higher possibility to be the company that customers need. Consumers prefer to choose the Consumer financing option over paying the price at once.
Companies that have a Consumer Financing option have an advantage over their competitors in attracting new customers. To put it in simple terms, if the buyer has two options, to pay the price totally, or split the payment using BNPL. Even in the situations when the customer has a total amount, they prefer to use the Buy Now Pay Later option, as people don’t want to spend all their finances at once and prefer to save it for emergencies.
Returning Customers Make Businesses Strong
Point of Sale financing programs encourages existing customers to return to businesses and reorder the products or make even bigger purchases. Everyone knows that a happy customer is a key to companies’ success. So, when the consumer already knows how comfortable BNPL is, and how they can use Consumer financing, they will never go to competitor businesses who might not offer Buy Now Pay Later option and will always be the returning customer of the company.
As with ChargeAfter, any business can implement the BNPL option, they can know for sure, that most of their customers will come back to reorder and experience the comfortability of POS financing.
With All these advantages of financing, ChargeAfter can give any company great value, offering them the possibility to close more sales and give their customer a much better experience with Buy Now Pay Later option.
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