What prevents online shoppers from purchasing your products? Do your competitors offer better products at lower prices? Does your store lack an intuitive interface? Is your checkout process too convoluted? All of these factors contribute to slumping sales and abandoned shopping carts, but even the best online stores can suffer declines for one simple reason that often gets overlooked: They make their customers pay right away.
Think about it. How many people window shop without any intention to buy? Some consumers even enjoy browsing just so they can figure out what they want. However, these shoppers rarely follow through when it comes time to put cash on the table. The instant they have to trade their money for the object of their desire, they lose interest. But what if you could keep that interest alive until they’d bought a product?
A new e-commerce payment solution can make this idea a reality. Pay later programs allow customers to buy products without surrendering any money for up to two weeks. This reduces the consequences of their decisions and allows them to buy from you sooner than they might have otherwise.
If you still have doubts about this method, read on. The following article will show you how this e-commerce payment solution can benefit your business.
It Offers More Flexibility
Customers shop online because they crave choice. The internet allows them to buy from hundreds of different retailers based on their unique interests. But until now, most e-commerce solutions have failed to offer consumers the same freedom. Many users still have to use credit cards to pay for their purchases, and these methods offer relatively little flexibility.
Pay later solutions can help your company offer greater flexibility where others cannot. If you give customers the opportunity to defer payment, they’ll be able to buy products on their own terms. This will encourage them to buy from you more often, increasing sales and helping your business.
It Removes Obstacles from Your Customers’ Path
Why do you think online shoppers abandon their carts? Is it because they don’t like the delivery methods that companies offer? Does the site’s security worry them? Both of these answers are often true, but there are other, more prevalent reasons for ending a transaction.
One of them is that the entire process can take far too long. Entering credit card information, scrolling through additional offers, and dodging mailing lists can frustrate even the most patient patrons. Unfortunately, some of these steps were unavoidable until recently.
If you implement pay later solutions, your customers won’t have to suffer from such delays again. These e-commerce payment methods remove steps from your checkout process and ensure customers can finish their purchases faster. As a result, you’ll reduce shopping cart abandonment rates and ensure more customers buy from you on a regular basis.
It Eliminates the Need for Credit Cards
Credit card fraud is a scary prospect for online shoppers. Customers can suffer significant financial repercussions if their information is stolen. Even huge retailers like Target and the Home Depot have seen data breaches in recent years that have exposed consumers to this threat.
Pay later solutions reduce online shoppers’ reliance on credit cards, which downgrades the risk of fraud significantly. As a result, consumers will feel safer when they browse your site, which will make them more likely to buy from you.