Should Your Store Offer Split Payment Options?
Your customers expect and deserve options. Not only when it comes to products, but how they pay for those products as well.
Split payment options have long been the norm in traditional in-person shopping settings such as physical stores and restaurants. Who doesn’t remember the confusion that sometimes arises when a group of diners decides to split a bill after a night out? To stay competitive and attract customers, online stores are increasingly offering alternative payment methods to entice shoppers to buy. Let’s take a look at some before you decide whether these options are right for your store.
Flexible Payment Options Online
It’s no secret that using cash is in decline, especially as the world shifts towards eCommerce and online shopping. Despite this, most online retailers do not allow shoppers to use multiple cards when paying for a single purchase. While combining gift cards and credit cards is generally accepted, using two cards for one purchase is not and technology, security and expense are among the reasons cited. Online merchants use third-party shopping cart vendors for checkout processes and these are configured to only accept a single credit card at checkout. But what eCommerce does offer are interest-free installment plans, which we explain below.
Split Pay and Interest-Free Installment Plans
What online stores can offer that traditional stores often don’t is the option to pay for purchases in installments. This is particularly attractive for larger purchases where spending a large amount of money at once is often a psychological and emotional deterrent for many shoppers. Financial constraints are also solved by offering installment plans.
Interest-free split payment plans allow customers to pay for a fraction of the total cost of an item upfront and receive it immediately while continuing to make monthly payments until the balance is paid in full. Unlike credit-card installment plans, these payments are interest-free.
Sezzle is a leading fintech company that allows online merchants to offer interest-free installment plans to their customers. They have 6.7 million user sign-ups and over 34,000 participating merchants. Westmount Solutions is a preferred partner and we work closely with them to provide technical solutions to their customers.
What About Wholesale Customers?
The buy now, pay later option (AKA interest-free installment plans) can apply to wholesale customers as well. Wholesale purchases are often much more expensive than regular consumer buys, and your store will attract more wholesale buyers if it offers flexible payment plans. Buyers’ cash flows can vary, and giving them options to get the product they need now while paying later is an enticing feature your store should consider offering.
Multiple Payment Options
If your store isn’t ready to offer the above options, the very least it should offer are multiple payment choices. Paypal, Google Pay, Apple Pay, various credit cards and debit cards are all forms of payment that consumers expect. It’s needless to say that the checkout process should be smooth, seamless and with as few steps as possible while giving the online shopper complete control. Remember, buying is an emotional decision and ensuring the payment process is transparent and easy will lead to fewer abandoned carts.
How Westmount Solutions Can Help
Since consumer expect options, it is always to your store’s benefit to offer them. This includes split payment options. Talk to us to find out what’s right and possible for your store when it comes to split payments. Our partnership with Sezzle means you get access to perks and enhancements that can take your store to the next level by offering split payment options to both wholesale and individual shoppers.