Instore Instant Financing
Quick & easy payments by instalments directly at the Point of Sale
Summary: Payment options for customers – even at the POS!
At the request of an existing e-commerce merchant, Paysafe Pay LaterTM developed an instore product to complement our traditional online offering. The product needed to integrate into their existing check out flows and be simple enough to roll out across their sporting goods stores. We responded by creating a custom tablet-based solution that is quick and easy to use. Even better, Paysafe Pay LaterTM Instore is now available to all merchants!
The goal: Instant installments payments!
A long-term Paysafe Pay LaterTM customer and sporting goods merchant asked Paysafe Pay LaterTM if customers could have an option to pay by installments at the POS. The merchant didn’t want to distract the sales staff from their primary tasks, and didn’t want to burden them with any additional training or paperwork. This would not be a standard credit contract!
The challenge: How to keep things moving at the POS?
The existing in-store installments solution did not encourage spontaneous purchases. Installments payments meant lengthy consultations with customers, extensive paperwork, and lots of time when the sales staff couldn’t perform their primary tasks. Staff in the store were so unhappy with this solution that they no longer actively offered it as a payment option to their customers. This led to a decline in customers and lower transaction values.
The solution: A simple installments option!
Working with the merchant, Paysafe Pay LaterTM developed a prototype for installments payments at the POS. Customers at the store are now able to choose this payment option spontaneously at the checkout. The required personal information is entered, and the customer selects their preferred installment amount and contract length. After a successful credit check, performed on the spot, the customer can take their purchases home. By offering this 0% financing option, the merchant has access to a much broader customer base.
The solution: Satisfied customers everywhere!
The Paysafe Pay LaterTM installments solution allows a transaction to be completed in only three steps, and it takes less than five minutes. Staff involvement has been reduced by 75%. After a pilot period, the solution was rolled out in over 60 locations. As the number of installments payments has grown, so too have sales and customer satisfaction. After receiving regular feedback from the merchant, we were able to further refine and improve this POS installments solution.