How Offering Customers Monthly Instalments Can Improve Your Business
We work with a wide range of different companies who have improved their business by offering their customers the option of monthly instalments. Their orders have increased as has the average sale value. You can do the same things to improve your business.
A business may offer retail finance already, but may still be losing sales. The reason behind this is that the type of finance on offer could eliminate several potential buyers. This is due to the criteria the finance company requires. A long, complicated process will also often put potential customers off. Having to wait to find out whether they have been successful may also influence their decision, particularly if they have had to endure a long process already.
Giving customers the option to PayItMonthly can improve your business by catering to as many customers as possible. To see how offering your customers the option of paying by instalments can help your area of business, please select the relevant category below.
Goods:
Whether you are a business who deals with essential or luxury goods, offering finance can both increase your number of sales and value of sales.
The fact is that many people cannot afford to pay out a one off large sum. And if a business doesn’t offer the option of monthly instalments, they will lose sales.
Whether it is an essential item the customer is looking to purchase, such as a bed, a sofa or a washing machine; or more of a luxury purchase such as an updated family portrait; a high proportion of customers will be looking for a retailer who will offer monthly instalments.
Essential Items:
A customer may have to replace something unexpectedly due to breakage or damage to their current item. This can range anywhere from sofas to ovens to windows. In these circumstances the customer may not be in the position to pay for the replacement outright. But they still need the goods immediately. If they are not able to pay by monthly instalments with your company, you have lost a sale; and more importantly; a customer.
This is also true of expected purchases. Whilst the customer is anticipating the outlay, often they will prefer to pay via monthly instalments, as this has less of a financial impact on them.
Luxury Items:
Many customers will want to purchase more luxury items, such as professional photographs. Because these are considered a luxury and not essential, it can be more difficult to make a sale. Customers are often very impressed with images they have had taken but cannot afford to pay for the package. Giving the customer the option of paying by monthly instalments will make the purchase all the more appealing This also gives the customer the chance to opt for a larger package.
How using PayItMonthly can help improve your business:
Using PayItMonthly will enable you to offer monthly instalments to more customers. This will increase sales and give the customer the opportunity to spend that bit extra on your product. For example, if a customer is deciding on a product at £750 or a product at £1000, when paying in instalments the more expensive of the two is a much more realistic option. After all, a product for £1000 works out at £2.74 a day, about the price of a coffee each day; and is just 69p more a day than the £750 product. Showing these types of breakdowns to customers can really encourage sales.
Giving the customer options will help to increase loyalty. When your customers require a new product, the flexible and easy payment option will be a factor when deciding on where to make that purchase.
Services:
Providing a service for a customer gives a business a great opportunity to build an ongoing, long term relationship with each customer. However, a business can lose customers despite offering a great service, because some customers cannot afford to pay outright for the service they require.
Offering retail finance will help improve your number of customers as well as the value of sales made.
Services such as dentists or beauticians can look to increase their sales and encourage loyal customers by offering monthly instalments.
Initial treatment by a dentist, for example, may be necessary. However, if the customer has had the opportunity to pay in manageable instalments, they may be more likely to look at returning for other treatments, such as cosmetic work.
How using PayItMonthly can improve your business:
Using PayItMonthly will enable you to offer monthly instalments to more customers, increasing sales and giving the customer the opportunity to spend that bit extra on the service they require. For example, if a customer is deciding on a service priced at £750 or a service priced at £1000, when paying in instalments the more expensive of the two is a much more realistic option. After all, a service costing £1000 works out at £2.74 a day, about the price of a coffee each day; and is just 69p more a day than the £750 service. Showing these types of breakdowns to customers can really encourage sales. Paying by instalments gives the customer more options that they may never have considered before.
By offering customers the chance to PayItMonthly, you can increase sales and value of sales; as well as customer loyalty. Once somebody signs up to a service that they are happy with and pay a monthly instalment, they are more likely to reuse or continue to use the service. Add to which they will likely recommend the service to others.
Subscriptions:
A business that is based on subscription sales will benefit from happy and loyal customers. Offering retail finance to your customers can both increase your number of customers and the value of the sale.
Whilst some customers will want to pay for a subscription to something outright, the fact is that many are not able to do this.
Customers will more likely return to you if they are given the option of spreading the cost over a period of time. They may also be more inclined to increase the number of visits and/or the value of their purchase.
Hair salons could see an increase in the number of visits a customer pays throughout the year by offering monthly instalments. Smaller, regular instalments each month will seem more feasible than a paying a large sum every 3 months.
The same can be said of Botox treatments. Customers that are able to breakdown their payments may visit more regularly for treatments where they weren’t able to before.
How using PayItMonthly can improve your business:
Using PayItMonthly will enable you to offer monthly instalments to more customers, increasing sales and giving the customer the opportunity to visit more frequently. For example, if a customer is deciding on a treatment priced at £750 or a treatment priced at £1000, when paying in instalments the more expensive of the two is a much more realistic option. After all, a treatment costing £1000 works out at £2.74 a day, about the price of a coffee each day; and is just 69p more a day than the £750 treatment. Showing these types of breakdowns to customers can really encourage sales. Paying by instalments gives the customer more options that they may never have considered before.
Giving the customer the option to PayItMonthly could mean the difference between a customer visiting once and the customer becoming a loyal customer. Loyal and happy customers are also likely to recommend you to others, further increasing potential sales.
Our system is quick and easy to use. It is a completely online system by which you collect the customer’s relevant information at point of sale, including an affordability statement. This gives you an indication of the customer’s ability to afford the payments. The legally binding contract is formed between you and the customer which they sign electronically. Finally, they fill out their payment details. This typically takes 5 minutes from beginning to end.
A quick and easy process enabling you to improve your business today!
If you do not see how we can help you improve your specific business here, that doesn’t mean we will not be able to help you. Please contact us for details.