From the proliferation of digital purchases, consumers have evolved and developed a new set of demands regarding the purchase process. Therefore, there is currently a wide demand for more flexible payment solutions that allow customers to make purchases with less concern about their budgets.
These new payment solutions not only offer an advantage for consumers, but also for stores. Since these can help improve conversion rates and customer acquisition, ultimately driving eCommerce growth. Among the most recent payment solutions is Pay in 4, which has had a great impact in the US market, especially among younger consumers.
What is Payment in 4 about?
The Payment method in 4, presents a format that allows the amount of purchases to be divided into a maximum of 4 payments. However, one of the features that makes it more attractive to consumers is the absence of interest on payments. In other words, in addition to deferring payments, this method offers an interest-free payment, thus avoiding higher expenses for consumers.
On the other hand, sellers will not have to pay a fixed amount for offering this means of payment within their gateways. If not, they will pay a small percentage based on the sales volumes presented through Payment in 4. In this way, this payment solution is presented as a very attractive option, both for consumers and for businesses.
Taking into account the current state of the digital economy in Spain, the use of these payment alternatives poses a good growth strategy. According to a study generated by Open banking Algon: 43% of Spaniards have already interacted with flexible payment methods, such as “Buy now and pay later” or deferred payments. Even these methods are available on Amazon, the main marketplace within the Spanish market.
A suitable solution for trend shopping
Flexible payment methods such as Payment in 4, offer advantages for any type of electronic commerce, whose ticket does not exceed 500 euros, since if it is higher it would be better adjusted to other means of financing. However, its features can be better used in e-commerce related to fashion and beauty, whose sales are influenced by current trends.
By offering these payment facilities, stores offer a more accessible environment to your customers so that they can keep up with the trends of their interest. Some examples would be: the latest winter clothing collection, the latest perfume from your favorite brand, a new makeup line, etc. Since they will be able to acquire the products easily, without generating a strong impact on their budget or paying more than the cost of the product.
Following this line of thought, the Spanish natural cosmetics eCommerce, implemented this payment method in its gateway. This was done by , which has the Payment in 4 service together with a variety of alternative payment methods.
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