Timing is everything. It can spell the difference between a raucous joke and an utter flop, a winning goal and certain defeat, a successful pitch and a complete rejection. Salespeople understand this intuitively. They know that if they reach a customer at just the right time, they’re more likely to make a sale.
More likely, that is, if the person actually has money on them. Window shoppers and browsers won’t do you any good if they don’t have the cash to actually buy from you. This is especially problematic in an online marketplace. Visitors may put items in their virtual shopping carts so they can buy it later, but very few people actually follow through on these plans.
Fortunately, there’s an easy way to turn these fair-weather shoppers into paying customers. Pay later e-commerce payment solutions allow consumers to order products without the immediate financial repercussions of an actual purchase. Users have 14 days to settle their bills, after which time the amount is automatically withdrawn from their bank accounts.
If this payment method interests you, these tips will tell you why it can benefit your business.
1. You Need to Capitalize on Visitors’ Impulses
Desire is a fleeting feeling. Think about all the steps shoppers have to take to get to a point of purchase. They have to realize what they want, find a place that offers it, navigate to it, find the item they’re looking for and decide to follow through on their impulses. That’s a surprising number of decisions to make for a process you may assume is almost automatic. Even online shoppers have to carry out most of these steps if they want to buy something.
When you think about this process, an abandoned shopping cart represents the ultimate defeat. It means that you convinced someone to take all of the steps mentioned above, but you weren’t good enough to get them to follow through on the deal.
Pay later e-commerce payment solutions remove the last barrier between a visitor and the product. If visitors don’t have to pay for their orders, they have no reason to reconsider their impulse to buy. This makes them more likely to purchase a product, which benefits you.
2. It Gives Customers Greater Flexibility
What makes online shopping so convenient? Price plays a big role, but there’s another factor involved. E-commerce offers consumers more choice. If they don’t like the services rendered at one retailer, they can go to another almost instantly. Shoppers are free to follow their whims, wherever they may lead.
Deferred e-commerce payment solutions reinforce those choices. They allow customers to break free of time-based restrictions. Say one of your shoppers doesn’t get paid until a week from now. Before, this would have greatly diminished his purchasing power. With pay later options, he can buy what he wants when he wants it. If you give your customers this power, they’re sure to appreciate it.
3. You Don’t Stand to Lose Anything
You may be thinking that these solutions come with strings attached. After all, if customers don’t have to pay for their orders, how will you earn a profit? What happens if a shopper doesn’t have enough money in his account to cover his debts?
In these cases, payment processors assume full financial responsibility.It’s up to them to recoup any outstanding amount. You get paid as soon as customers buy your products, so you get all of the benefits with none of the risks.