Skip to main content

All You Need to Know About the Buy Now Pay Later for Shopify

 

Overview

As the desire of people to buy the latest and the best in class products increase, “buy now pay later” payment model is becoming more and more popular among consumers. In a time like this, the Canadian multinational e-commerce company Shopify has decided to launch a new feature that is going to allow the sellers on their platform to let their customers shop through installment plans. To provide the customers with buy now pay later Shopify plans, the multinational company has joined hands with the popular buy now pay later platform Affirm through an exclusive partnership in the US.

The Canada based e-commerce company has assured that all of its users will be able to use the buy now pay later Shopify plans when they turn to the Shopify payments section.

This announcement is done after Shopify ran a test last year with a selected number of clients. The company reportedly saw close to 30% drop in abandoned carts. In one of the quarters, the sellers saw an increase of 50% in order values. Shopify officials have publicly accepted that the result of the test was satisfactory and that is why they moved forward with the new buy now to pay later Shopify plans.

All You Need to Know About the Buy Now Pay Later Shopify Plans:-

  • Similar to the service plans of Affirm, Shopify’s buy now pay later Shopify plans offer the customers an option of splitting the price of a product into four different payments without any interest or additional charges. The Shopify officials have accepted that the lack of extra charges played a significant role in them partnering with Affirm as their exclusive US partner for their buy now pay later Shopify plans. The “no late fees, no hidden fees” model of Affirm attracted the Shopify officials as models like these reaffirm the trust between Shopify and its sellers and buyers.
  • Affirm on the other end is excited about spreading its business model to the huge customer base of Shopify. The officials at Affirm believe that this deal will ensure a steady growth in the popularity of their affordable, flexible and transparent installment plans. They believe that these plans will also ensure a steady growth in the order values of the customers.
  • The e-commerce pundits are seeing this as a significant step forward for Shopify. In the time of this pandemic, the relevance and popularity of the e-commerce industry has increased a lot. Recent reports suggest that close to 60% of people in the US used buy now pay later plans in the recent year, which was less than 40% of the population last year. So, these reports clearly show a huge growth in the popularity of these plans.
Labels:

Comments

Post a Comment

Popular posts from this blog

Are You Looking to Establish a System of POS Financing in Your Business?

  Do you own a small business or are you starting a new retail business? Are you planning on establishing a pos financing system? Here are all the things you should know about. Pos financing converts the bills of the customers in easy installments spread over a period of time as per the convenience of the store or the customer. Why is Pos financing important? The system of Pos financing has been changes over the time span of few years. There have been various changes in the system which offers more flexibility to the consumers and the end users and turns up the sales of the merchant company. The few variations are guaranteed approvals, zero interest charges on the payments and bills and easy and no paper work requirements for availing these services. With the introduction of these services, customers are buying more items and the sales have gone considerably up profiting all the parties involved. As you are starting your own business, turning potential customers to your clients is...
Post a Comment
Read more

What are Consumer Financing and Its Importance?

Consumer financing is when a company, with the aid of a specialist finance company, gives its clients financing. This allows the customer to pay in cash or credit card for a product or service they could not pay for upfront. For both businesses and customers, consumer finance is beneficial. Areas where consumer financing has become important Automated Finance A proper solution to mid-to-high dollar value cashiers is the point of sale funding. Customers get the things they want, before racking up a massive credit card bill instantly. Instead, they are approved immediately for financing that is mainly connected to their cart. Instead of paying big bucks outright, they will pay back their purchase over time in manageable stages. Simple is Best Due to its versatility, one of the key reasons why consumer financing is moving ahead in eCommerce is. Funding is integrated in the same way as other common checkout choices, such as Apple Pay, Visa Checkout and Google Pay, in an era where more me...
Post a Comment
Read more

The Pros and Cons of Point Of Sale Financing

  Point of sale financing is a type of financing that is available to point of sale owners. It allows them to purchase point-of-sale equipment without having the upfront costs in order to get their business off the ground. This post will explore point of sale financing pros and cons so you can make an informed decision about whether or not a point of sale financing is right for your business. Pros of Point of sale financing Point of sale financing companies allow businesses to offer point of sale loans and credit cards. Point of Sale Financing can be an excellent way for business owners looking to grow their customer base by offering point-of-sale loans and credit cards that may not have qualified otherwise, or when a small short term cash infusion is needed in order to help the company meet payroll. The benefits are many: it’s easy – point of sales financing solutions handle everything from application process through fulfillment; they increase your consumer reach as you can now ...
Post a Comment
Read more