Tip: Increase conversions by allowing customers to pay in installments
Selling single-payment products? Reduce friction and boost conversions by offering payment plans.
One study (of retailers) found that payment plans increased conversion rates by 20-30%. So let's say you've got an online course or some other product that you sell for a one-time payment of $200. Selling it for 4 payments of $50 will spread out the financial hit for your customer, thereby reducing friction. Plus, the smaller pricepoint for each installment will act as an anchor price, which is helpful when a potential customer compares your price against a competitor who only accepts lump-sum payments. Setup will vary depending on your payment provider or marketplace, but most should either have partner products (e.g. PayThen) or their own solutions.
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Nice thought on this @growthbites. A lot of businesses can increase conversion by offering flexible payment options at checkout.
We already helping a lot of businesses with this at PayFlexi. Beyond just payment links, PayFlexi easily integrates with ecommerce platforms and accounting solutions.