Online businesses have been evolving since the inception of the internet and have also changed how traditional business operates. The constant need to create a better purchasing experience for customers/clients has ensured that the art of selling lives longer. Due to that, both online and offline businesses have creatively embedded the revolutionizing payment technology into their checkout process. This way, they can influence their sales number and simplify the shopping experience for their customers.
One such technology is the “Split Payment” method, changing the selling and purchasing experience of businesses and customers, respectively. This write-up will discuss “what is Split payment” and “How can split payment help increase sales in 2023”.
So, What Exactly is Split Payment?
Split Payment allows customers to pay their bills using two or more payment sources. These sources can be two different credit cards, debit cards, or a combination of cards and cash. This way, you not only allow customers to pay their bill with better convenience but also enables you to attract customers of diverse demographics. These payment methods are already prevalent in restaurants and offline retail stores.
Why Should You Add Split Payment To Your Checkout Process?
More than accepting a credit card for bill payments is required in today’s era. One needs to diversify their payment method to ensure that customers can find it convenient to purchase the goods and services they want. So what else can one do if a credit card isn’t enough? You can add cash payment, Payment through net banking, UPI, etc. But is that enough? No, it certainly doesn’t end here. You have to make your payment method more flexible and swifter for customers. And that is where split Payment comes in.
Reasons Your Business May Need Split Payment Option
● When you add a split payment method in your checkout process, you ensure that your customer can conveniently redeem the accepted gift card or just the bill amount.
● Split payment options are top-rated among young customers. When you add split Payment, you increase your business’s potential sales.
● It also enhances your customer’s trust in your business, as customers like a more flexible and transparent business.
Benefits of Split Payment Feature
Consider that your customer wants to buy fancy sneakers from your online footwear store but is willing to pay only part of the amount in one go. Their reason could be anything – consider insufficient funds or financial anxiety about spending a significant sum at once. These reasons may drive them out to leave that fancy pair of sneakers in the cart with no will to buy them anytime soon. That’s where the split payment feature may help your business, as it lets customers pay the bill in multiple installments.
Below, we have summarized some of the significant benefits of the split payment feature and how it will increase your business’s sales potential in 2023.
● Better Checkout Rate: Primarily, the split payment/pay in multiple installments features help you influence your target customers into buying products by resolving their anxiety about spending a significant amount at once. Thus, more checkouts are likely to happen.
● Enhances Customer’s Purchasing Power: Sometimes, people have budget issues and can’t afford things they want to buy from your online store. In this case, the split payment feature allows them to buy things without paying the entire amount in one go. This way, you can actively influence the purchasing power of your customers. Simply put, your customer’s purchasing power positively reciprocates the sales potential of your business.
● Increases Customer Loyalty: Once you let your customers shop at their convenience, they think of your business as more customer-friendly. Thus, the split payment feature may reflect on your loyal customer base.
Furthermore, you can also stand out amongst your competitors by embracing the split payment option. It’s 2023, and, likely, your competitors are yet to embed a split payment option in their options. Hence, adding split payment into your business may help you increase sales and beat your competitors easily. It’s a win-win situation for your business and the customers you cater to.
Consider These Steps While Adding Split Payment to Your Checkout Page
Split Payment options are already popular amongst offline businesses. In this section, we will learn how to add a split payment option to the checkout page.
● First, you should carefully understand its need in your business, what sort of customers you cater to, and why they may need it. Most adult customers need a split payment option for convenient transactions. You should also carefully develop these features into your website to ensure the user experience remains good and the load speed of your website is decent.
● Moreover, you should also consider what payment methods your customers prefer most. You must add all the popular online payment application payment methods to ensure you meet the need of most of your customers.
● Consider adding the right tools to track payments from various payment modes. It will ensure you can easily track all the payment-related data when needed.
Split payments provide customers with more options and flexibility when making a purchase and can also provide merchants with various benefits such as reducing fraud, improved customer experience, increased data security, and better cash flow management. Adding a split payment option to your business ensures ever-growing sales. Additionally, the split payment feature of your website can make you stand apart from the competitors and help you a great deal in increasing sales.
Shlok Parikh
Shlok is working as Operations Manager and leading the consulting team at iCreative technologies, we're a digital eCommerce agency mainly serving B2B clients across the globe. With experiences in more then 15 eCommerce framework segments, Shlok offers consulting and expert advices to different business problems and getting custom as well as process oriented solutions for his client. Given more then 100 solutions to our customers and made them happy with the best possible consulting services!
