Customers are highly crucial for any business, they constantly look for ways for financing options from e-commerce businesses to buy products that they want. Often customers like products, add them into the cart but abandon the cart at the time of payment due to a lack of financing options. It’s not necessary they will have money to buy what you are offering, if you provide them financing options you can retain your customers and reduce cart abandonment. However, how do you finance your customers, do you have enough resources to finance your customers? Will that finance option be able to help your business? If are planning to provide financing online purchases to your customers, these tips can help you:
Scalability: The type of customer financing you are planning to use should be able to improve your business’s scalability. Ask yourself if they can improve your sales and add to the growth of your business. If your financing for my customers facility cannot offer scalability to your business, it will only waste your business resources, so it’s better to avoid financing programs for the time being. However, if in-house financing options cannot work you can try financing platforms, but make sure these tools on platforms add to your business growth.
Flexibility: Some financing options are limited to certain products, so often customers looking for other products abandon carts. Your financing program or tools should be able to provide customers with flexible financing even for smaller purchases. Use financing platforms and programs that offer higher flexibility to cater to customers looking for smaller products or purchases.
Integrate financing options: Doesn’t matter if you want to opt in-house financing option or outsource, your customers should be able to get services at all POS and across all channels. Provide financing options in website product listings, website checkout, in-store, online product pages or landing pages, etc. Integrate all your marketing channels with consistent financing options for better results. The best financing platforms or programs can help integrate financing online purchases options and streamline the checkout process.
Select various financing options or select a good third-party financing platform: if you are not adopting an in-house financing option, third-party financing becomes crucial. Make sure you select third-party financing that offers the best tools for business growth. If you are thinking of financing my customers, then you need to select a reliable financing partner. Various financing options are available for providing third-party financing, such as:
- PayPal: PayPal offers great financing solutions, and one of the best options is PayPal credit. It’s a great financing tool to offer your customers, especially those who accept PayPal payment options. You can add an additional banner offering PayPal credit financing to your customers. PayPal offers free services to businesses or merchants using PayPal.
- LendPro: Lend pro is another popular financing option opted by many small businesses. Your customers can easily go through their financing options through your website. They offer two main options for customer financing in a box and enterprise solutions.
- Afterpay: Afterpay is an extremely popular financing option used by many big companies. They finance small purchases, so businesses selling products like Jewelry, clothing, etc. can opt after pay.
There are several other options such as Viabill, Financeit, etc. that can be your financing option. You can select according to business requirements and customer needs.
Include financing options on price tags: often customers leave products after price tag during in-store shopping and price online. Including financing online purchases options on price tags and below products can lure them into buying products according to their budget requirement. Product price is one of the most prominent reasons for abandonment. If you want your customers to make purchases before leaving your platform, start including financing options below the product or on price tags.
Develop marketing programs: To attract customers for financing options, provide incentives on sales or transactions. Many customers like products, but hesitate to take financing options, so you can provide incentives like reduced interest rate, deferred payments, or 0% interest rate, no payments for six months, etc. to encourage customers for making purchases. You can run limited-time offers on financing options during special occasions such as valentines, thanksgiving, etc.
Promote your financing options: Promotion to the right people about financing options can help you retain customers. Not all customers visit your platforms for financing options, so might not find the right product or some might have size issues, etc. promoting financing options to such customers will be of no use. Therefore, study the behavior pattern of your visitors, learn why they abandon the cart and promote your financing options accordingly. However, that doesn’t mean you will not convey them of financing options.
Conclusion: financing online purchases is a great technique to reduce cart abandonment on platforms and improve customer retaining. Many businesses are already using financing options, though small businesses hesitate to add financing options. To reduce overall cost and other issues, you can opt for third-party financing. It will work both ways, small businesses need not invest in an in-house team, tools, and other essentials, and you can improve your sales.