If a tree falls in the forest and no one is around to hear it, does it make a sound? You’ve probably heard this thought experiment before, but the rise of internet shopping has raised a similar question: If someone makes a purchase without paying, have they technically made a purchase?
You might be surprised to learn that the answer is yes. With pay later e-commerce solutions, more businesses are allowing customers to order products without paying at checkout. Instead, merchants give shoppers 14 days to pay off any outstanding debts.
Naturally, this solution may raise more questions than it answers. How does this benefit retailers? How can online businesses ensure that they actually get paid on time? Why is it important to adopt this method?
These are all valid questions, but the last one is perhaps the most pressing. Pay later programs are just one of many e-commerce advances that give consumers greater control over how they shop. As time goes by and more people use these methods, shoppers will begin to expect to see them in every online store. Those that forgo these methods now may have to play catch-up later to accommodate these demands.
This doesn’t have to happen to you, though. Adopting a deferred payment solution can take your adequate online store and put it on the cutting edge. This article will outline just a few of the advantages of such a program. Read on to find out how these innovative practices can benefit your business.
1. They Eliminate Impediments to Purchasing
Doubt is the enemy of action, especially when it comes to shopping. If your prospective customers question whether they should buy from you while they’re in the checkout process, you’ll be less likely to make the sale. This can lead to abandoned shopping carts and lost revenues.
That’s why you need to eliminate every opportunity for doubt in your checkout process in order to maximize revenue with your e-commerce solution. The more steps you place before your shoppers, the more likely they are to reconsider their decisions to buy. Thankfully, the right pay later e-commerce solution can help you do this with ease.
When you give customers the opportunity to defer payment, you remove all direct financial repercussions from the transaction. Customers don’t have to face the outcomes of their purchases right away, which makes them more likely to follow through with a purchase.
Deferred payment solutions also use shorter forms than other checkout options, so shoppers can finish the process faster. All of these features remove hurdles that prevent your visitors from buying your goods.
2. The Right Plans Don’t Feature Hidden Fees
Some readers may view deferred payment plans with suspicion. That’s because physical retailers offer similar programs that feature a host of hidden fees. However, these practices have little in common with e-commerce solutions that allow customers to pay at a later date.
If you sign up with the right processor, your plan will contain absolutely no hidden fees. This allows you to deal with your customers in an honest, straightforward manner that will preserve your credibility.
3. They Keep Customers Safe
Online shopping is more dangerous than you may think. The transactions consumers make may compromise their identities or their credit ratings. Shoppers can be understandably wary as a result. Thankfully, deferred payment can help ease your customers’ minds.
These methods don’t actually draw from your clients’ credit cards. Instead, they take the owed amount right out of shoppers’ bank accounts. This ensures merchants get paid on time and consumers remain safe throughout the transaction.