Being able to offer finance to customers has become essential for retailers that are looking to drive sales and enhance customer satisfaction. Retail finance options are rapidly becoming more of a must-have for businesses that are looking to take the edge over their competitors, however, not all businesses offer their services or products through an online store. This is where Payl8r comes in with our in-store financing solution that makes high-ticket items more accessible helping retailers boost sales.
Contents
- Why Should I Offer Finance To Customers In-Store?
- How To Implement Finance Options In-Store With Payl8r
- Benefits Of Using Payl8r For In-Store Retail Finance
Why Should I Offer Finance To Customers In-Store?
There are many reasons why businesses have started and continued to offer the options to buy now and pay later to their customers as it can have many benefits to your business. Let’s take a look at why you should be offering finance options:
- Increase sales: Offering split finance options to customers can encourage them to purchase items they may not have been able to afford upfront. By offering quick finance options like Payl8r, you enable customers to buy now and pay later, leading to higher sales volumes and average order values.
- Enhance customer loyalty: Providing flexible payment options can massively improve customer loyalty as customers are much more likely to return to a store that offers convenient payment plans, helping you build a loyal customer base.
- Stay competitive: We are in an age where online retailers are thriving more than ever, so having a seamless in-store retail finance option can help you stay competitive. This means you can offer the same checkout experience that a shopper would expect to get online, creating a more versatile shopping experience.
How To Implement Finance Options In-Store With Payl8r
- Choose the right finance provider: The first step to being able to offer finance to customers is finding a finance provider that suits your needs and business model. You need to make sure that the finance options you are offering are going to be in line with both your business goals and customers’ needs. You can find details of our products here: https://www.payl8r.com/products-and-plans/.
- Integration: Once you have found the finance solution that suits your needs, you will need to integrate this. Payl8r offers an innovative mailer system that is key to offering quick finance in-store. The system enables you to send finance options directly to your customers’ phone, this is where they can quickly complete the application and spread the cost of their purchase. This speeds up the checkout process and makes a more convenient experience for your customers.
- Promote Your Finance options: To benefit from your newly integrated financing options, you need to make your customers aware that they can split the costs. This can be done across social media accounts and with store signs. It’s very important that you use marketing techniques to reach out to your customers, as this could be what drives new visitors to your store. We’ll provide you with our advertising guidelines and templates to help you get started.
Benefits Of Using Payl8r For In-Store Retail Finance
- Customisable Payment Plans: Payl8r gives your customers the option to choose a payment plan that suits their financial needs, whether that be paying no deposit and spreading the cost, or paying a larger deposit to reduce monthly instalment costs.
- Seamless integration: Our system integrates effortlessly with your existing business model, so you can be sure that both your staff and customers experience a smooth transition.
- Counter offers: We have developed our approval process to ensure that your customers are satisfied. That’s why we created the Counter Offer feature which will try and match customers with a more affordable payment plan where possible.
- Improved cash flow and AOV: With Payl8r, you will receive payments within 24 hours once your customers application has been approved. This improves your businesses cash flow, allowing you to reinvest your money more quickly.
Being able to give your customers the option to pay later, creates not only a better opportunity to boost your sales, but also creates a better shopping experience for your customers. Partnering with Payl8r can offer you quick finance options that enable shoppers to buy now, and spread the cost over time. It’s a great way to improve customer loyalty and ensure that you stay competitive.
Get in touch to start offering flexible retail finance options today with Payl8r by calling 0161 425 6363 or emailing [email protected].