Today’s consumers always expect businesses to provide more flexibility in their shopping process, especially payment flexibility. Meanwhile, people are moving towards completely cashless payments but there are still some carrying on old habits and businesses need to decide which payment methods they want to accept and how they will integrate that payment with their business model. In this article, we aim to offer solutions to help businesses take full advantage of flexible payments to achieve maximum benefits.
What are flexible payments?
Flexible payments refer to giving customers the option to buy now and pay later or in installments. This is similar to how a credit card works, but the customer is not subject to high-interest rates.
Benefits of flexible payments
Flexible payments bring many benefits to both sellers and buyers.
First of all, for retailers, this payment can make it easy for them to change their prices. This change in price will save you from incurred costs when the customer does not pay immediately. Besides, this form of payment also helps to increase revenue. Flexible payments help businesses increase revenue by accepting multiple forms of payment. Customers today are often hesitant to make purchases when paying with cash because they see and feel bills leaving their hands. Meanwhile, they often spend more money when paying by credit card because it does not have the same effect when exchanging cash for goods. Mobile payment methods also have similar properties and help shoppers comfortably shop at your business. Providing such a comfortable and fast checkout process will help increase customer satisfaction and thereby enhance the consumer experience. Businesses will benefit from this.
For buyers, this diverse form of payment brings them equally many benefits. With products they love and want to own right away, they can easily do that. Besides, shoppers also do not have to wait or queue too long to pay, so they will have more time to view and search for other products. In particular, the history of this payment form is always stored specifically, so consumers will know what their money has been used for.
Take full advantage of flexible payments
Based on the importance and significant benefits that flexible payments bring, businesses need to make the most of them to reach new customers. The flexible payment method of choice becomes even better when you partner with a flexible payment solution provider. Not only will businesses get more options to offer their existing customers, but they will also have a powerful tool for managing cash in and out. This helps connect brands with shoppers who already love flexible payment methods. BNPL (Buy now pay later) options also give businesses a differentiator for omnichannel marketing efforts. Businesses can easily track abandoned carts, remarket them to consumers, or remind buyers to complete a transaction. All those features from this type of payment will help businesses have breakthrough growth.
Conclusion
Adopting and making the most of the benefits of flexible payments will drive business performance, especially in the reopening market. If you are looking for a tool to support the management of tasks and manage the revenues of your business, feel free to contact us.
