How Buy Now, Pay Later drives Black Friday conversions for e-shops
Why do people like Buy Now, Pay Later?
Imagine you’re shopping online and filling your cart with items you love. But when you get to the checkout, the total price is more than you were planning to spend. Your first thought might be to remove some items, or you might leave the site entirely and come back when you have more money – or not at all. That’s a lost sale for the store, and it has nothing to do with the quality of the products or your trust in the brand. It’s simply a matter of budget.
This is where Buy Now, Pay Later comes in. As the name suggests, it lets you get your items right away and pay for them later, often in smaller, manageable instalments. It’s a win-win for both customers and businesses!
How BNPL can benefit your online store
The BNPL payment option isn’t just good for shoppers – it’s great for your business, too!
Increase your average order value
With BNPL, clients don’t have to pay the full amount upfront. This means they’re more likely to add extra items to their cart or choose more expensive products, increasing the overall order value.
Attract new shoppers
Black Friday is a prime opportunity to spread the word that your store offers BNPL. Shoppers who have been eyeing your products but waiting for a good deal might jump at the chance to buy now and pay later.
Build customer loyalty
When you offer flexible payment options, people take notice. They remember that shopping with you is easy and stress-free, and they’re more likely to return. Plus, if your competitors aren’t offering BNPL, you’ll stand out even more. After all, not all online businesses know that Buy Now, Pay Later is becoming increasingly popular.
Appeal to younger generations
Millennials and Gen Z are especially fond of BNPL because it fits their lifestyle and budget preferences. These younger shoppers are also more comfortable with online shopping, making BNPL a great way to reach them.
Is Buy Now, Pay Later (BNPL) available on Paysera Checkout?
- The BNPL that is available for Paysera Checkout clients, Moki 3, is available exclusively for shoppers who are Lithuanian citizens. They will need to sign a contract with Inbank for Moki 3.
- The total order value must be at least 50 EUR to use Moki 3.
- A fee of 2.5% of the amount of the buyer's shopping basket will be applied to the merchant.
Don’t need it? You can disable it anytime by following these simple steps:
- Log in to your Paysera account.
- Go to Projects and Activities > My Projects.
- Click Project settings> Payment gateway service settings;
- Select a country;
- Uncheck the payment method you want to disable and click Save changes.
Don’t forget to promote it!
If you decide to offer BNPL – or you already do – make sure to highlight it in your Black Friday promotions! Many potential clients may be looking for a flexible payment option, even if they don’t realise it yet.
Happy selling, and here’s to a successful Black Friday!
