Every sales-driven business is always looking for ways to improve conversion. In retail specifically, volume is often the key to stable business income, and so conversion becomes arguably the most critical KPI to attack. Luckily, the fintech market has developed effective new ways to drive sales.
The best way to improve conversion rate is by offering a comprehensive consumer financing and payment platform. These software tools allow retailers to offer multiple different financing products, including buy now, pay later (BNPL), credit cards, and consumer loans. Not only that, but they also allow for one-click payment and guest checkout.
We are going to cover a few different ways to use a consumer financing platform to drive conversion, which include:
- Advertise new financing options on the website and at checkout.
- Offer one-click payment for repeat customers.
- Offer guest checkout to reduce cart abandonment.
Advertise Financing Options on the Website and Checkout
POS financing is a powerful tool for improving conversion at checkout, but it is even more effective when it is clearly advertised throughout the website as well. This is because consumer financing doesn’t only impact conversion, it can also increase average ticket size. The only way it can do this, though, is if consumers know about it while they are still adding items to their cart.
By advertising at the point of sale and throughout the shopping experience, businesses are able to influence purchasing decisions more effectively. After all, buyers can’t have their minds changed based on information that they aren’t presented.
Offer One-Click Payment for Repeat Customers
Financing isn’t the only service that a quality payment platform will offer. Many of them also offer one-click payment functionality for repeat customers. This allows customers to save their payment information to the site so that the next time they come to shop, they can click a single button to check out their purchase.
One-click payment encourages repeat purchases, which allows for better conversion over time by creating loyal customers. By seeking out the easiest way to make their purchases, consumers will naturally gravitate toward the businesses that make payment easy with a quality software platform.
Offer Guest Checkout to Reduce Cart Abandonment
While one-click payment works great for consumers willing to save their information to an online store, some consumers would rather not have to enroll in a program or set up an account to make a single purchase. For these buyers, it is crucial to offer guest checkout to keep them from abandoning their cart.
Guest checkout is a tool that allows consumers to make a one-time payment without saving any payment info or creating a log-in. While businesses want to get as many customers as possible to sign up for profiles for marketing and retention purposes, if that is the only option, consumers that don’t feel like going through the process will simply not make a purchase.
Improve Conversion Rate With Skeps
Skeps offers a comprehensive, end-to-end consumer financing program that helps businesses modernize their entire payment process. We go above and beyond one-click payment, also offering a one-click application process for several different types of consumer financing, including:
- Consumer loans and leases
- Branded credit cards
If you’re looking to partner with a forward-thinking fintech company that will keep consumers' eyes on the purchase while offering best-in-class financing, Skeps is the perfect fit.