Increase Your Sales With KredX’s Buy Now Pay Later Solution
The worldwide pandemic pushed more people than usual to shop online on multiple platforms. As the economy suffered massively, related results like the cash crisis became apparent among individuals. This situation paved the need for hassle-free online shopping with a credit facility. The Buy Now Pay Later facility entered the business arena to provide the right kind of solution.
On the one hand, BNPL allows customers to purchase products without paying anything instantly and repay within a stipulated date. On the other hand, this new-age credit facility enables businesses to receive payment for products sold and run operations. As this service enables consumers to get their products without any upfront payment, enterprises receive the amount, which helps increase sales and enhances customer experience. The whole process runs with the help of a Buy Now Pay Later provider who balances both parties.
Businesses willing to increase sales and looking for similar service providers can rely on KredX to avail the Buy Now Pay Later Solution for the B2B marketplace. Read the following sections to know how the BNPL service from KredX can help businesses expand and climb the ladder of success.
Benefits of KredX Buy Now Pay Later Credit For Businesses
Following is a list of benefits businesses can avail by integrating Buy Now Pay Later into their modules:
- Higher Sales
Consumers who do have credit cards and cannot afford to pay the full price at the time of payment can find Buy Now Pay Later an ideal option. Here, they can purchase products as per their requirements and repay in a series of installments. When consumers get such payment flexibility while buying, they opt for more products.
For instance, if a customer wishes to purchase a laptop or an air conditioner, he/she can do so right away if he/she knows a shopping platform/website that provides the facility of Buy Now Pay Later (BNPL). Here, without thinking twice, the concerned person can purchase preferred products.
Contrarily, if that shopping platform/website does not have the facility, it will lose that customer, whereas a competitor website will secure the customer and provide the product.
- Higher Average Sales Per Person
This point is related to the earlier mentioned one. A business can increase sales in two ways. First by attracting more new customers and second by ensuring each person is shopping for more than one product. When a business/website establishes its brand name in the market, customers slowly learn about all its beneficial features.
So, when customers see the Buy Now Pay Later option at the payment gateway, it enables them to purchase more products as they need not pay the amount instantly. Thus, the average sales per person spike up.
By availing BNPL services from KredX, businesses can increase overall sales and average sales per person by up to 40%. Businesses can double their sales at the same time by offering flexible credit periods to customers.
This point leads to another important aspect of online business, which is cart conversion rate; read on.
- Reduced Cart Abandonment Rate
As per studies, the average cart abandonment rate was 69.8% at the end of 2020. This data shows that almost 70% of consumers left a website without purchasing products even after adding them to the cart.
Here, if businesses add the Buy Now Pay Later option at the payment gateway, it will help them reduce the cart abandonment rate. It will allow companies to get cash immediately, increase revenue slowly, and run operations efficiently. Businesses can continue their activities without adding much of a cost to either party. Therefore, by adding BNPL to a payment gateway through KredX, businesses can easily reduce their cart abandonment rates and increase cart conversion rates by up to 30%.
- Hassle-free Purchase Experience
Consumers prefer shopping at websites that demand less time and offer a better customer experience in this fast-paced age. Therefore, to increase sales, businesses must provide a hassle-free shopping experience.
By integrating BNPL into a business, retailers/merchants can ensure a seamless shopping experience. Unlike the payment facility of credit or debit cards, Buy Now Pay Later eliminates the need to enter any card details. This saves a lot of time for customers as they can shop for products and quickly complete the payment process.
Businesspersons can secure the above-mentioned benefits and other tailor-made solutions once they fulfill the simple eligibility criteria and application process; read on.
Eligibility Criteria of Buy Now Pay Later Solution For Businesses At KredX
- MSMEs or businesses operational for at least 6 months can avail Buy Now Pay Later credit for business.
- Buyers from Proprietorship/Partnership/Private Ltd can apply for the BNPL facility.
Note: KredX serves brands and enterprises that sell to other MSMEs and businesses. These include buyers of the B2B marketplace, high-selling B2B marketplaces, stores of franchise brands, and dealers/retailers of B2C brands.
Application Process of Buy Now Pay Later Credit For Business At KredX
Here is a step-by-step process (both online and offline) to integrate BNPL at the payment gateway through KredX:
- Brands Selling Products Online
Step-1: First, fill out the form available at the official website of KredX and sign up for an agreement to start the application process.
Step-2: Provide essential API integration with the platform.
Step-3: Once the integration process is completed, the BNPL payment mode shows at the payment gateway.
Step-4: When a customer purchases products through BNPL, merchants/retailers receive the payment within 2 minutes.
- Brands Selling Products Offline
Step-1: Fill up the form available at the KredX official website and sign up for the agreement to begin the process.
Step-2: Provide important documents and data to shortlist buyers.
Step-3: Onboard buyers on the KredX BNPL app.
Step-4: Get outstanding payments within 2 minutes.
By following these processes, businesses can complete API integration in less than 24 hours, and start receiving due payments within 2 minutes.
Bottom Line :
Buy Now Pay Later solution for businesses is an effective way to increase sales and offer an enhanced customer experience. As this payment facility aims to include millions of consumers who are yet to come under a formal credit facility/financial structure, businesses can market the features and attract more customers. In addition, more benefits pile up when businesses choose KredX as a BNPL provider and get the chance to enjoy tailor-made solutions.