Ecommerce giants in India took the lead in extending buy now pay later credit (BNPL) for customers who don’t prefer to pay for big purchases upfront. Now many brick-and-mortar retailers are following suit. Especially after the Covid-19 outbreak, this hassle-free, credit-based payment option has become a lifesaver for customers. And retailers are keen on offering this facility due to a host of benefits, the most prominent one is to ensure higher sales and profitability even in these tough times. Subsequently, the concept of the best POS machine in India today encompasses not just convenient digital payment options, but buy now pay later credit as well. Here are 5 strong reasons for your business to offer BNPL credit:-
- Boosts Customer Loyalty
Not all retailers extend flexible credit payment options. As a business owner, you can outdo your competitors by empowering customers with the EMI-payment options that they desperately require. This is a sure-shot way of cementing positive customer relations, targeting untapped market segments, and building a loyal base of customers who keep making repeat visits and repeat purchases. So along with the integration of loyalty programs, the best POS machine in India that enables buy now pay later credit is indeed a worthwhile investment for luring in a higher number of customers.
- Raises Average Purchase Value per Customer
The average purchase value per customer is an important metric for any retailer, online or offline. A customer might hesitate to purchase high-value merchandise or buy too many products at the same time as he/she may not be able to afford the entire amount in one go. With the help of buy now pay later credit, this hesitation can be countered and the average purchase value per customer will automatically increase.
- Fosters Higher Footfall and Conversions
Both footfalls and conversions are integral to your daily store performance. Not being able to convert your walk-in customers (which goes hand in hand with the abandoning of shopping carts mid-way in e-commerce) are detrimental to your business performance. It is therefore pivotal for retail store owners today to provide all kinds of flexible payment options like buy now pay later credit so that the conversions are higher, the chances of repeat visits are increased, word-of-mouth becomes positive, and therefore the footfall steadily increases with every satisfied shopper.
- Eases out the Checkout Process
Reducing chaos, crowding, and long wait times at the checkout aisle is essential for retailers. The smoothness of the checkout process is crucial to the entire customer experience. This has become all the more important due to the new Covid-19 norms of physical distancing. Your checkout process can be seamless when you have installed the best POS machine in India with varietal payment options. Owing to customers who hesitate to pay after hearing the final billing amount and start haggling for discounts or credit options, providing BNPL credit ensures that the checkout remains hassle-free.
- Instils Brand Positivity
The fact that you are capable and willing to extend credit-payment facilities to your customers gives a highly positive impression of your business. It portrays your credibility and assertiveness as a business to take a step ahead to prioritize the needs of your customers above everything else. In the long run, investing in a holistic POS system with all the popular digital payments and credit facilities definitely brings you a lot of customer goodwill and positive word-of-mouth. You can even showcase your POS offerings on social media and local SEO outlets to gain higher recognition and an immediate flurry of eager shoppers eager to check out your products or services.
Extending credit might appear risky, but when you decide to provide it for high-value transactions or a specific stratum of prime customers, it yields multiple benefits as discussed above. An assertive step that you need to take as a retailer to enable your business to survive the brutal market scenario in the aftermath of Covid-19, buy now pay later credit is indeed a savior for your business in many ways. If you are looking for the best POS machine in India for your start-up or want to switch over to a better POS for your existing business, make sure you opt for one that has integrated credit payment options like BNPL and debit card EMI.