Try to learn approval rates the BNPL provider delivers. These companies have different underwriting practices that may have an impact on the quantity of customers who get approv for a pay-over-time plan.
Promoting your partnership with a BNPL provider is perhaps the easiest way to attract some new customers. In fact, 57% of BNPL users learn about the payment option from the product page of an item they purchas online, according to a PYMNTS research report. Just having the option to pay over time can move some shoppers to buy, and this can result in incremental customer acquisition gains.
Consideration 4: Boosting
As more shoppers get us to the convenience of pay-over-time and the flexibility it offers in managing personal cash flow, this form of payment will become even more common. In fact, a March 2021 study by the Motley Fool found 36% of BNPL shoppers use it once a month or more. So just offering BNPL to your customers could bring repeat business from people who love to shop this way.
Many shoppers are inclin to use BNPL again after they experience how easy it is and how it can give them more control over their cash flow. What’s more, most BNPL providers track an average repeat purchase rate from their customers and promote azerbaijan email list 194608 contact leads it on their websites. These are good indicators of driving customer retention and long-term value for merchant partners.
Of course a critical factor in sustaining any growth in repeat business is making sure the BNPL provider treats your customers well.
Consideration 5: Delivering the Best Customer Experience
Shoppers value trust as a key component of their BNPL experience. The imagine two companies selling the same Motley Fool study found that 30% of BNPL users trust BNPL providers more than crit card companies when it comes to fair business practices. Hidden or late fees, deferr interest, and pages of fine be numbers print are just some of the practices that bre distrust with crit card companies.
