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How to use payments as a marketing tool
Did you know payments can be more than, well, payments? According to one expert, payments can also be used as marketing tools, giving consumers new ways to pay for items, and businesses new ways to engage those same shoppers. Here are three tips
1. Offer pay-over-time financing to boost conversion and AOV
"You might not view payments as a tool to drive revenue, but offering an easy way to pay over time is proven to turn more browsers into buyers. By including a flexible payment option, retailers can address the key reservation holding customers back from purchasing a big-ticket item: "how can I comfortably afford this?" Pay-over-time financing makes your items more accessible to customers, transforming a "later" purchase into a "today" purchase. The increased purchasing power also enables customers to spend more on the items they want and need. Retailers who give customers the ability to pay over time report significant lifts in both conversion rates and AOV," said Carl Gish, CMO, Affirm.
2. Friendly payment methods can deepen customer loyalty
"While financing can make your items more budget-friendly, it's important to offer an option that's truly on the customer's side. People are shying away from traditional credit due to decades of compounding interest, hidden fees, and unclear terms," said Gish. "Offering a transparent financing alternative like Affirm--which tells customers up front exactly what they'll owe, with no gimmicks--is a great way to improve your customer experience and set yourself apart from the competition. With a NPS score of +72, Affirm is an option that customers truly love. That positive payment experience reflects on the retailer, deepening loyalty. As a result, Affirm's partners see sizable upticks in repeat purchasing."
3. Mobile-optimized checkout to stay ahead of the curve
"With 60% of e-commerce traffic in 2017 expected to take place on mobile devices , it's no secret that a great mobile experience is critical to surviving in this new age of commerce. Creating a simpler, more streamlined mobile checkout experience can increase conversion among mobile users. With Affirm's checkout flow, for example, users enter basic information to receive a real time credit decision. This quick and easy process allows Affirm's mobile purchase rate to top the industry average," said Gish.
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