How To Encourage Customers To Use Buy Now Pay Later (BNPL) In Your Store
Buy Now, Pay Later (BNPL) consumer financing is a powerful tool that can help increase sales, push up average order values, and encourage more repeat customers when utilized correctly. In a world where debt and credit have become taboo, BNPL solutions bridges the gap and gives consumers more flexibility and choices when purchasing at any store.
There is no doubt that the demand for this type of consumer financing is increasing, but in order for your business to leverage the full potential of Point Of Sale finance, your customers need to know that your store offers this service. How are your customers able to utilize the service if they have no idea that your store accepts this payment method? Knowledge is power and by offering your consumers as much information as possible, they are able to make wise and financially sound decisions when visiting your retail store.
If you are new to Buy Now Pay Later, here are a few ways to get started:
Choose The Right POS Financing Partner
The first step is finding a trusted consumer financing partner that can be seamlessly integrated with your existing Point Of Sale system to ensure the checkout process runs smoothly and does not require any additional development, manual work, or costs.
ChargeAfter is a multichannel, multi-country consumer financing platform that enables you to offer Point Of Sale consumer financing wherever your customers are and can be seamlessly integrated into your existing POS system, website, or call center operations.
Scope Out The Costs
Everything boils down to cost in business. With most Buy Now, Pay Later solutions, there are some processing fees involved, which is usually a percentage taken from the sale transaction. Always ensure that you have done your research into the fees before settling on a Point Of Sale Financing Partner, you don’t want to end up being out of pocket at the end of the day.
Go For Waterfall Financing
Ideally, you want high approval rates. What this means is that you want to ensure that your customers actually get approved for the financing to use in your store. Consumer financing partners like ChargeAfter have a large network of various prime, near-prime, and sub-prime lenders, which means that your consumers have a higher chance of getting approved even if they don’t qualify with prime lenders. If their application is rejected by prime lenders, they are then vetted against near-prime lenders. If they don’t qualify in the near-prime bracket, their application is then sent to sub-prime lenders for the final decision.
The entire process takes place on the merchant’s website without any redirects and takes only seconds. Because multiple lenders are checked in the waterfall, various rates and terms are available to shoppers once approved allowing the consumer to pick the best-personalized offer for them.
Advertise Your Buy Now Pay Later (BNPL) Payment Solutions
Once you have partnered with ChargeAfter, it is time to announce it to your customers. One of the most effective ways to announce this is by sending out a mailer to all of your subscribers telling them about Buy Now Pay Later, you can also include a few of your top-selling products to entice your consumers to make the sale using your new Point Of Sale financing options.
Put It On Display
Visuals are always effective when it comes to marketing your products and services. If you own an eCommerce store, use catchy banners, icons, or logos to advertise Buy Now, Pay Later services. If you have a brick-and-mortar store, you can use signage across the store to make your customers aware of your consumer financing. For example, make decals for shop fronts, mirror stickers in dressing rooms, and tent cards at the checkout counter.
Announce It On Social Platforms
Social commerce is thriving so what better way to encourage customers to use your Point Of Sale financing than posting it on your pages. You can create amazing eye-catching graphics on helpful tools like Canva to make your post more engaging and enticing.
Now that you have these tips in hand, it is time to partner up with reputable companies like ChargeAfter and announce it to the world!