// "Buy Now Pay Later" the Advantages of Flexible Payment Options - CanCode.io | eComm/Web/UXUI Design & Development - 2023 Blog Details

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“Buy Now Pay Later” the Advantages of Flexible Payment Options

It's becoming more common for people to use flexible payment options when they buy things on the web. Even more so for people who are millennials and Gen Z. The fact that 70% of young people don't have credit cards makes it clear why that is.


Flexibility in payments is going to be talked about a lot in this chapter, so stay tuned. You should think about whether or not you want to give your customers something like this.


cancode.io gift option app ecommerce tips User experience UX Flexible Payment

Source: Sezzle


How Flexible payments are used?


People who use flexible payment options can "buy now, pay later" (BNPL) and pay in installments, like a credit card, but they don't have to pay a lot of interest on their debt. If you're a customer, this is a great way to get more sales.


On product pages, payment options that are flexible are often added as widgets.


cancode.io gift option app ecommerce tips User experience UX

Source: Eames

It's easier to get paid if you don't have to deal with fraud or risk. Then, your payment provider gets paid later.


They usually take a small percentage of the money they make when they sell BNPL to people. Shopify, Magento, and WooCommerce are usually compatible with these apps, as well, but it's not always the case. Make sure you think about how much money you have and what tools you use in your store when you choose a service provider.


The flexible payment providers that you can use are our Sezzle. You don't have to think about adding more payment options when you use these providers. They also help you earn more money. This is why they are so important! To learn how to keep reading.

The way flexible payment options help brands.


If they don't want to look at the products or buy them. Among them are how simple it is to use, what shipping costs there are, and how safe it is.


The more ways people can pay for things, the more likely they are to buy from you.


Shopping carts that are left behind more than half of the time are because the total cost is too high. Then, in that case,


There is a $100 jacket on sale. A person wants to buy it. For the customer, there is no credit card to pay for the service. Because they don't get paid until the sale is over, they don't want to use their debit card. As long as the "buy now, pay later" option doesn't show up on the product page, the sale will not go through. So make sure it's there!


They also get more people to put things in their shopping carts on product pages, and more people buy things. People who don't have a credit card can use flexible payment options that let them pay overtime for things that cost a lot, like cars or furniture.


cancode.io gift option app ecommerce tips User experience UX

Source: Altitude Sports



ACV can be grown in contract payment

Some more research shows people would spend more money if there was a payment plan. As long as the customer knows that there is no interest in the money they spend, they can buy a matching scarf as well.


Meet customers where they are important in the age of personalization, so you can meet them where they are. Flexible payments make it possible for you to do this, and this is why. If you give more options, a lot of people might choose your product over your competitor. This means that both new customers and people who already like your product might choose yours over a competitor's because you have more options.


Improve customer loyalty by giving them different ways to pay.


The more advanced payment options you use to get a customer to buy from you, the more likely it is that they'll stay. When they need something like this again, they'll go back to your store. He has their favorite payment method. You can make that customer happy and excited, and then they'll become a long-term customer and fans of your brand.

Flexibility in payments can help you reach new people

cancode.io gift option app ecommerce tips User experience UX


A flexible payment solution provider gives you more options for your current customers to choose from when they check out at your store. You also get to help them find new things to buy. Partner brands can see where we have stored on Sezzle's website and app. In this case, you'll be able to connect with people who already love flexible payment plans.


The BNPL options can also help you stand out when you're trying to market your business on the internet. As a bonus, it gives you powerful messages for remarketing and following up with people who leave their carts. Google and Facebook can show remarketing ads to people who visit your store but don't buy anything. You can show them how flexible your payment options are in these ads. You can send them a message about BNPL if you put something in your cart but don't finish it.

Summary


At this point, people are shopping online more than ever before. This is a new trend. When businesses have flexible payment options, they can get in touch with a new and growing group of people. Also, it's safe for people to buy things if there are many ways to pay for them later on.

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