The benefits of instalment payments

Want to increase your sales and keep customers coming back over and over again? Don’t want to decrease your prices and cut margins? Don’t worry – offering your customers the ability to pay in instalments could be the answer you’re looking for. 

With nearly 40% of people in the UK having used a Buy Now Pay Later solution, adding it to the list of payment methods you accept could be a great way of increasing your sales. Keep reading to learn more and discover the benefits of instalment payments for your business.  

‍What are instalment payments?

Instalments payments are taking the world by storm, allowing consumers to split the cost of goods or services across a number of weeks or months. The benefit? Businesses are able to offer their customers more payment flexibility while still getting paid in full upfront – that means more purchasing power to reinvest in stock or start new projects.

Let’s look at an example. Your best friend’s getting married and the wedding’s fast approaching. You need to buy a new outfit, but don’t quite have the cash you need to order the perfect dress. Payday is just around the corner, but if you wait until then it’ll be too late. Instead, you choose to pay in instalments through a Buy Now Pay Later solution – splitting the cost of the dress into three equal (and more affordable) chunks. You pay one at the checkout and schedule the other two for the following months. The business you bought it from gets the sale, while you get the outfit you wanted – simple. 

Giving your customers the choice to pay in instalments is an attractive offering that could help boost your business. That’s exactly what iwocaPay provides – you get paid straight away while your customers can spread the cost of their purchase over 90 days. 

Benefits of instalment payments

Offering your customers the ability to pay in instalments has advantages for you both. It could save you a lot of hassle – while making the overall process of buying from your business better.

We’ve broken down the main benefits of paying in instalments below: 

Benefits for you

• Increase your sales 
• Reduce returns 
• Keep customers coming back 
• Increased average order value
• Avoid chasing unpaid invoices 
• Get paid upfront 

Benefits for your customers

• The product they need, when they need it
• A sleeker checkout experience 
• Break payments into affordable chunks
• Lower interest than alternative credit options 
• More repayment flexibility

How to offer instalment payments

Now you understand the benefits allowing your customers to pay in instalments, let’s cover how to get set up. 

You’ll need to decide whether to offer Buy Now Pay Later on some or all of your products. You could use it as a means of attracting new customers to stock you’d particularly like to shift, or apply it to your whole website as a means of boosting overall business. 

Next, it’s time to choose a provider that can enable your customers to pay in installments. iwocaPay can do exactly that, and signing up is easy – simply enter your business email address, access your dashboard and get started. 

You can choose to offer your customers this service for free or charge them a monthly interest rate, making it easy to try iwocaPay out and see if it works for you. Learn more about iwocaPay today and discover what it can do for your business. 

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