As consumers’ shopping habits are changing, retailers need to deliver new ways of convenience to their clientele. To stay ahead of the developing market, retailers need to deliver upon shoppers’ needs, wants and impulses. This means retailers need to consider abandoning their old strategies and adopt new, customer-first initiatives such as payment instalments.
Responding to these developments, PartPay, New Zealand’s payment supplier announced today a new payment service that enables retailers to offer instalment spread of payment for two months.
PartPay say that the instalment financial solution is proven to deliver a 60% growth in cart conversions, and reduce by 20% digital baskets abandonment rates.
Customers making purchases between £50 and £500 are able to pay for goods over four equal fortnightly settlements with no interest or hidden fees. After a seamless sign-up process, eligible shoppers pay only 25% of the total cost of their purchase to PartPay, with the remaining balance paid by three fortnightly instalments.
Retailers are able to integrate the service with other leading suppliers. These include service providers such as Magento, WooCommerce, PrestaShop, OpenCart and Shopify.
“PartPay provides consumers with an interest-free way to make unexpected purchases or spread the cost of their everyday spending, much cheaper than using Credit Cards or Overdrafts. Our ethical approach to lending ensures that people can buy the things that they need, without being charged eye-watering interest rates or significant late fees.”
-Peter Jasko, chief executive officer of PartPay UK