Consumers love having payment options and more companies are offering flexibility in the way you pay. Shop pay instalments, a buy now pay later solution launched last year is now introducing new monthly payment options for all US merchants.
Buyers will have the flexibility to pay in 4 interest-free biweekly payments or in monthly instalments up to 12 months on orders between $50 and $17,500. This means that customers have greater flexibility at checkout, while merchants can drive more sales and still get paid in full upfront.
Financial strain caused by the pandemic and inflation is being felt all over the world and so, it is important that consumers are offered flexible payment options. Consumers have been demanding and using instalment payment options where they can and merchants can benefit from higher conversions, lower cart abandonment, more repeat purchases, and new customer acquisition if they offer them. Shopify’s checkout experience reduces cart abandonment by up to 28%, increases repeat purchases among first-time buyers by up to 23%, and allows you to convert more sales, faster.
Offering Shop Pay installments is a no-brainer. The customer experience is so smooth. Not turning it on would be a disservice to myself and my customer! We offer another buy now, pay later provider, but Shop Pay Installments is getting 90% of the action.– Kim Carrasco, CCO at RevAir
Shop Pay Instalments enables you to offer shoppers even more choice and flexibility at checkout while increasing sales. Using Shopify’s new, improved solution, you can dynamically provide a wider range of payment options, such as four interest-free biweekly payments, monthly payments, or both.