zipPay and Afterpay

eCommerce / 15 Dec 2016

For retail businesses, these new payment options could be a valuable opportunity to increase your sales. It’s an interest free payment option which allows customers to pay for their purchases in four fortnightly installments, instead of one immediate lump sum.

  • How does it work?

Customers initially sign up to the payment option and add their payment details. This information creates an account for the customer and doesn’t have to be repeated. The customer then selects afterpay or zipPay as their payment option when purchasing a product and their selected card will be charged the amount. 

 

When using afterpay or zipPay, although the customer is charged in four installments, your business receives the full amount immediately. Your business is charged a small fee for each purchase that is made through the payment options. There are no set-up fees, monthly charges or ongoing fees. 

 

  • How can it help my business?

The idea of paying $25 on four separate occasions, to some people, is nowhere near as daunting as paying $100 in one transaction. This mentality is what is leading to such success for businesses using these options. 

 

Businesses such as SurfStitch, Princess Polly and Cue have all seen considerable increases in average order values, store sales and conversion rates since adding these payment options to their websites. The fact that it is interest free and the customer receives the product before paying in full are two reasons these options are proving to be so successful.

The low-risk association of these products are leading to significant sale increases. 

 

  • Any catches?

Not for the business. It is advertised as interest free, however the customer will end up paying more if a payment is missed. This has no effect on the business though as you get paid as if it were a regular transaction.

 

  • Can I install it now?

zipPay offers instant integration on Magento, Woo Commerce, Shopify, Neto and Shopp. Afterpay offers instant integration on Magento, Shopify, Woo Commerce, Neto, Island Pacific and Infinity.  Both companies offer integration support for installment on other platforms. 

 

At Stead Lane, we can help you with the integration of either of these payment options. If you think this could be a good opportunity to increase sales of your business, contact us today. 

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