Providing new payment flexibility to your customers
Shoppers around the world have a different set of preferred payment methods. For example, while credit card is the most popular payment method in the United States, the majority of online shoppers in China Brazil use QR codes to make purchases.
No matter where your buyers come from, the right payment method can help you improve the checkout conversion rate by providing a more localized buyer experience.
Shopify's team in Shopify Unite worldwide conference announced that the payment platform will release future growth opportunities in new markets and industries. It will enable payment providers to establish new integration in Shopify and open up a broader ecosystem for gateway providing niche functions. This brings new business value to businesses and helps them sell in more places.
Increase average order value through buy now, pay later
You can increase the conversion rate to 50% and increase the average order value when you give customers more flexibility and a larger shopping cart size when checking out. Shop pay installment * allows your shoppers to buy now, pay later, and divide their purchases into four interest-free payments with zero interest, no extra, hidden, or overdue charges.
Currently available for $50-1000 orders, including taxes and shipping.
This new software lets customers "buy first and pay later" through "shopping installment", giving the flexibility to split their purchases into four payments with 0% interest, no charge, and no impact on their credit score - increasing the conversion rate by up to 50%.
Full payment is received in advance and your customer pays over a period of time. There are no hidden costs
For your customers, there are no unexpected expenses or even late fees.
By allowing customers to pay in batches over a period of time, more customers can be converted. Moreover, a faster checkout has shortened by 27%.
Provide your customers with greater flexibility to buy high-priced goods, and to pay with a larger shopping cart scale.
Maximize purchasing power
Let buyers increase their budget and maximize their purchasing power by enabling them to buy what they want.
By providing a better shopping experience and flexible payment methods, customers can come back and be loyal to your brand, as well as reducing the abandonment of shopping carts.
【Source text: by report】