The shopping cart abandonment and drop in the conversion rates on the checkout pages are the bitter news for any e-retailer. Are you facing this challenge? Have you wondered why is it happening to YOUR business and not your competitors? Have you contemplated that your payment options are holding you back? The fact is, your competitors are giving their customers every possible option in their online store, like multiple payment options on the product and check-out pages. And you aren’t!
Studies show that 67.89% of the online shoppers abandon their shopping carts. This means you are losing at least 2 – 3 times of your potential sales every year!!! A likely cause is the inability to pay for the product at the moment of buying. They come to your site, like the product, put them into the cart, but then realize they really don’t have the money for it right that moment. And they leave it there in the cart and you have a lost sale.
This fundamental cause of the high cart abandonment rate led to the launch of the Buy Now, Pay Later concept for ecommerce. It’s a simple and swift method that doesn’t require any lengthy paper work to fill our or long wait times to get approval. Buy Now, Pay later is one of the major developments for e-customers and e-retailers.
Introducing Pay4later. They are here to save the day and your shopping cart abandonment problems!
Your ecommerce website needs Pay4later integration
We will integrate Pay4later to your ecommerce website and watch your abandonment issues disappear. Customers deemed eligible for the loan through Pay4later can purchase any product from your store without paying anything from their own wallet right then. The lender pays on their behalf and they get the product they wanted in their hands.
E-retailers can offer multiple options to apply for the loan with multiple durations and different deposit levels. The e-retailer can pick the options that he wants his customers to enjoy. The customers will see the total amount payable and monthly installments before getting the loan.
Once the customer selects the finance option, he will need to fill out a short form with his personal information. The integrated system takes the application for analysis and returns with a decision in seconds. On approval, the electronic signature is required and then it is back to shopping.
The e-customer gets credit and you make your sale successfully!
Want to know the benefits?
Instant financing is paperless, it’s secure and instant approval grows online sales. This option also brings site browsers and surfers into the purchase funnel too. Many who do not have real intention to buy the products and come just for browsing may become interested in purchase on seeing the available payment options.
The option can revolutionize the way ecommerce businesses make sales online. It’s a proven way to increase sales. The electronic process takes 5-10 mins unlike the traditional loan method that takes weeks and often returns with rejection after the long wait.
This payment method also benefits your regular customers, not just new customers. And if your current customers find an affordable purchase option and they leave with a better purchase experience you are in a win/win situation. For many ecommerce businesses offering products on installments, the Pay4later payment system can replace their existing installment system and reduce administrative costs of managing numerous accounts.
What else you need to know?
We recommend all retailers to include this modern payment options and give their customers every option to purchase. Your customers will buy more and you will be amazed to see the dramatic decrease in the cart abandonment rate.
Is there any reason to not get this solution??? Contact Web Ecommerce Pros to make the change and give your customers what they want!