Whether you’re an e-commerce veteran or just now opening a digital storefront, online sales probably feature heavily in your business plan, especially with a global pandemic limiting in-person shopping in several areas. The most critical moment in the transaction—when your customer opens their shopping cart and clicks through to purchase or closes the cart and walks away—depends on providing your customer with an easy way to pay for their selections. Here’s how you can boost your revenue by offering flexible payment solutions.
Flexible Point of Sale Financing Increases Conversion
The primary purpose of your online storefront is, of course, to convert a prospective customer with a full shopping cart into a paying customer with equipment in hand. And flexible payment options can give conversions a considerable boost: 76% of customers are more likely to purchase if they can use point-of-sale (POS) financing. Customers looking at several monthly payments instead of one large upfront payment don’t have to settle for low-budget equipment—they can afford to get the equipment they need because the extra cost is distributed over time.
The best news: you don’t need to spend any money to add POS financing to your website. Clicklease makes it easy to integrate payment options on product pages and at checkout. This means you don’t have to hassle with additional web development fees or struggle through it on your own.
Gen Z and Millennials Prefer POS Financing to Credit Cards
Millennials and Gen Z are known for being industry disrupters. Their list of casualties includes casual dining chains, department stores, and even consumer finance. 52% of Gen Z shoppers and 41% of Millennials prefer debit cards to credit cards. They also carry significantly less credit card debt than Gen X or Baby Boomers.
Equipment financing offers an attractive compromise for younger customers who prefer to pay cash but might not have the entire total sitting in their savings accounts. They can get the equipment they need now and pay in manageable monthly installments without carrying high-interest credit card debt. And, because 14% of customers who use POS financing are ineligible for credit cards, you can reach credit-challenged customers who otherwise wouldn’t make a purchase. You get paid in full by Clicklease, your customer walks away with both equipment in-hand and the type of financing they prefer, and everyone wins.
Flexible Financing Is the Leading Edge of Lending
By 2023, POS financing is projected to account for 13-15% of lending products—for context, that’s up from only 4% in 2016. And 60% of consumers say they’re likely to use POS financing in the next six to twelve months. Customers clearly want flexible financing options when they make purchases, and they prefer them to older models like credit cards and personal loans. Additionally, an a la carte approach to financing allows customers to shop around for the best deal and borrow only as much as they need to spend.
For a B2B customer, flexible financing offers even more security: they don’t need to strain their personal lines of credit to grow their small business. Clicklease offers equipment financing with no hard credit pull, no minimum credit score, and pick-your-payment terms so that customers can tailor their purchases to their business needs.
Any successful online storefront has to keep up with evolving customer demands, and the appetite for flexible payment options isn’t going away. Scoop up more credit-savvy customers with Clicklease’s no-fee financing, and watch your revenue soar.
