6 Ways Flexible Payment Can Give Your Business a Competitive Edge

Every business faces competition, and you need every advantage you can get. Gaining competitive advantage isn’t easy and chaos is almost guaranteed. However, technology has made it easier than ever for companies to win in this challenging new economy by providing you with tools such as flexible payment option at checkout. First, we need to define what flexible payment is for the customer;

• For Kelvin, flexible payment could mean buy the new laptop, but pay later where he spread the cost in more manageable payments over time
• Sandra would define flexible payment as being able to save towards those pair of shoes for her birthday in 2 months
• It could also mean being able to make purchases in a group in order to get a discount whenever you buy with your friends.

Offering flexible payment to customers helps to transform their buying journey and experience. So many businesses are still in the dark by clinging to old payment option such as cash on delivery, checks, credit cards. Most customers are now moving to other businesses that are flexible with payments and are providing them with options that meet their needs. Embrace your customers’ growing payment needs so that your company is not left behind.

Flexible payment options increase your customers’ purchasing power. With more purchasing power, customers are better able to buy goods and services with confidence. Flexible payments also give customers more control over when they pay, which can help them buy even more.

A customer visits your site and finds items they like but can’t bring themselves to buy them because they cannot afford to pay at once for all the items. However, with flexible payment such as buy now pay later, they can choose to continue with the order because they can now pay in their own terms and this will help you to lower the rate of shopping cart abandonment.

Here are the 4 benefits of offering flexible payment options at checkout to your customers;

1. Lowers the Rate of Shopping Cart Abandonment
2. Increase customer conversion
3. Improve customer relationships
4. Creates a positive company image in the mind of customers
5. Faster payment and improved cash flow
6. Broaden customer base

Bottom Line

The benefits of offering existing and potential customers a simple and fast, flexible payment options are obvious. Businesses already doing this have seen see an uptick in sales, an increase in average order value, and significant gains in their profitability.

PayFlexi gives you the tool to accept flexible payment today on your store. We provide financing, target savings and group buying for your customers at the point of checkout. With a PayFlexi purchasing line of credit, your customers can make larger, more frequent business purchases.

Learn more about how PayFlexi is transforming the way businesses buy and sell here.