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Payment methods aren’t simply about an exchange of money. They're personal. And in the ecommerce environment, offering the right payment methods is like extending an invitation — it lets your customers know they're welcome here and they can expect a seamless experience.
Buy now, pay later (BNPL) methods provide even more convenience and flexibility, allowing customers to break their purchases into smaller payments. When you add BNPL to your menu of payment options, you open the door to even more customers and to higher-value sales. In fact, a recent survey found that more than 70% of businesses using BNPL report higher conversions, average order value, and customer acquisitions.
We've partnered with Stripe to make Affirm’s BNPL payment methods available to your customers. Businesses that offer BNPL through Stripe on average see a 24.5% increase in sales. Adding Affirm to your mix of payment methods can help your business:
1. Boost Conversion
A $400 price tag, for example, might discourage some customers from clicking buy, but when they can split that cost into four $100 payments, the transaction may be more appealing. That's how BNPL methods can help motivate your customers to make an order, driving up your conversion rate.
2. Increase Your Average Order Value
BNPL methods may encourage your customers to order more lower-value goods at one time, increasing your average cart size. It may also encourage them to purchase high-value goods, such as luxury items or furniture. In either case, your customers have greater ability to place higher-value orders, which can help drive revenue.
3. Reach More Customers
BNPL methods can help you tap into new market segments by making a purchase easier on a customer's budget through a series of smaller payments. These payment methods are especially attractive to younger customers who may not have a credit card or the ability to pay for large purchases in a single payment.
The flexibility of buy now, pay later is a huge benefit to your customers—one that can inspire them to make a purchase. And—maybe the best part—this all happens without extra work on your part, and Affirm takes on any potential risk.
With Affirm, you get paid in full immediately, while your customer owes only a portion or nothing up front. Affirm handles underwriting the customer and collecting payments, and assumes liability if a customer files a fraud-related dispute, so you can focus on growing your business.
Click here to learn more about how Tekmetric and Stripe can help you optimize your checkout
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