Want to attract more customers and stand out from other businesses? The best way to achieve this is to offer your clients the pay-over-time option.
When an individual agrees to pay over time, they essentially agree to pay back a debt in predetermined installments. This could be monthly, weekly, or even bi-weekly payments. The payments are often set up for automatic deductions from the individual’s bank account, so they do not have to worry about making payments manually.
There are a few reasons why someone might agree to pay over time rather than all at once. Yet the most common one remains affordability.
These are a few things your customers should understand while considering the pay-over-time option:
- They must be sure they can afford the payments.
- They need to be aware of the interest rate.
- They must ensure to make payments on time.
Regarding consumer behavior, people increasingly prefer to pay for items over time, especially for big-ticket items like furniture, appliances, and electronics. And it’s not just young people; even older consumers are more open to the idea of making smaller, more manageable payments.
As a business owner, you can take advantage of this trend by offering the pay-over-time option to your customers. Doing so can help you close more sales and grow your business.
Here’s a closer look at how pay-over-time can benefit your business:
- Improved Sales
Offering the pay-over-time option can help you close more sales. When you give customers a choice to pay at once or over time, they are more likely to choose the second option. It’s simple! Pay-over-time means manageable payments for buyers.
- Greater Customer Satisfaction
In addition to increasing sales, offering the pay-over-time option can lead to greater customer satisfaction. When buyers are happy with their purchase experience, they’re more likely to come back and make additional purchases in the future.
- Better Cash Flow
Another benefit of offering the pay-over-time option is improved cash flow. You get paid incrementally over time, helping your short-term cash flow needs.
- Competitive Edge
In today’s competitive market, offering customers a unique shopping experience is critical, and the pay-over-time option can help you do just that. Giving buyers the flexibility to pay for their purchases over time can set your business apart from the competition.
- Increased Customer Loyalty
Offering the pay-over-time option can also lead to increased customer loyalty. Buyers with a positive experience with your business are more likely to recommend your brand to others.
Besides, if you’re looking for a way to grow your business, offering the pay-over-time option to your customers is a great place to start.
How can the pay-over-time option, also known as buy now, pay later, help your customers?
There are a few different ways that the buy now, pay later option can help customers.
- The first way is that customers can manage their cash flow. When customers make purchases with a credit card, they often have to pay the entire balance off by the end of the month. This can be difficult for some, especially if they have made a large purchase. With a buy now, pay later option, customers can spread the cost of their purchase over time, making it easier to manage their cash flow.
- The second way is that customers can make their payments on time and build their credit.
- The third way is that customers can make larger purchases and pay for them over time, comfortably.
What are the disadvantages of the buy now, pay later option?
There are a few disadvantages of the buy now, pay later option.
- The first disadvantage is that it can be easy to get into debt. When customers use a buy now, pay later option, they often make regular payments over time. If customers are not careful, they can quickly get into debt.
- The second disadvantage is that customers may be charged interest. When customers use a buy now, pay later option, they may be charged interest on the outstanding balance. This can add to the cost of the purchase.
- The third disadvantage is that customers may be required to make a down payment. When customers use a buy now, pay later option, they may be required to make a down payment before setting up a payment plan. This can be difficult for some customers as they may not have any extra funds.
Endnote
The pay-over-time feature is beneficial for both businesses and customers. Companies can have more satisfied customers and a better chance against competitors by offering this flexible feature.
On the other hand, which customer would complain after receiving such a fantastic offer? Your clientele will most certainly purchase from your company because buying now and paying later simplifies everything.
Are you wondering how you can integrate this feature into your system?
Simply reach out to Denefits.
Pay-over-time by Denefits can give your business the power to boost sales and earn unrealized revenue.
Give your customers the capacity to purchase anything and everything from your brand by making Denefits pay-over-time accessible.
Integrating Denefits is quick and easy, and if you want help, schedule a demo today!