Think about how many steps are involved in making a purchase online. From finding the right retailer to locating the product, to checking all of the variables, a shopper has likely made a dozen decisions by the time they reach the checkout screen! Now, they’re faced with one more: How do I pay?
The higher the value of their cart, the more thought they’re going to give this question. It’s easy to click the PayPal button for a $20 t-shirt. It takes a monumental effort to type in a credit card number for a $2,000 leather couch! By the time a shopper types in their name, credit card number, CVV, mailing address, zip code, and other information, there’s a good chance they’ve also talked themselves out of pulling the trigger on that sale.
The numbers don’t lie! Customers get the jitters when the payment process takes too long or is too complicated:
From this data, we can learn two things. First, the longer the checkout process, the more likely customers are to walk away. Second, credit cards cause a lot of grief when it comes to completing payments.
The solution to both of these issues is simple: Consumer financing. Implementing ChargeAfter takes care of both issues simultaneously. Here’s how:
Consumer financing streamlines checkout, addressing all the major factors that might otherwise lead to abandon carts.
Consumers making a high-dollar purchase already have enough decisions to make. When it comes time to decide how to pay, they’ll avoid pressing the buy button at all costs when their credit card is at the receiving end of the transaction. However, when they’re able to painlessly pick their own financing terms, the decision to check out becomes a lot less painful!
Instead of the last decision being “should I stay or should I go?” make sure your customers’ last decision is “which of these financing terms is right for me?” Your abandoned carts rates drop, conversion rates rise and, best of all, returning customer numbers soar.