Why You Should Get on the Buy Now, Pay Later Wagon

Integrating quality applications into your WooCommerce website is one of the many reasons the versatile platform is so popular and has a rapidly expanding user-base.

Including features that consumers expect to find when shopping online can be valuable to your business, as it instils a sense of trust and increases opportunities to convert.

A great example of this is the rise in buy now, pay later services – such as Afterpay and Zip Pay. These services allow a consumer to purchase a product immediately through the provider and then pay them back over weeks or months. They work much like a credit card, with the providers earning their money from late repayments and by taking a percentage of the sale cost from the retailer (typically between 4-6%) .

Many consumers expect to see buy now, pay later services integrated into eCommerce sites, with up to 34% of users more likely to make a purchase if the option to use a pay later service is available.

“$1.45 billion dollars passed through Afterpay in the first three quarters of the 2017-18 financial year”

Taking this stat into consideration, it’s with no surprise that by not integrating buy now, pay later into your eCommerce site you could be missing out on potential revenue. To put it into perspective on a global scale, $1.45 billion dollars passed through Afterpay in the first three quarters of the 2017-18 financial year.

Benefits of pay later applications include:

  • Consumers receive items with no initial payment – adding a level of convenience to your site
  • No risk for the retailer, as the service providers pay your product cost immediately and then collect repayment from the consumer
  • Small 4-6% fee for your business per sale, however comes with an increase in conversions
  • Returns and refunds are typically managed through the platforms
  • No matter which pay later service you decide to integrate into your site, WooCommerce can accommodate it seamlessly

To include a buy now, pay later service into your eCommerce website, don’t hesitate to get in touch with our friendly team who can discuss the right solutions for your eCommerce site and look at optimising it for conversions.

If you already offer buy now, pay later payment, but still want to boost your conversions – you can read about the power of free shipping in eCommerce by clicking this link.

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