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PYMNTS Intelligence Report cites '85% of Retailers See Rise in Online Card-Linked Pay Later Plans'. https://lnkd.in/eqgKGyYf As #BNPL gains popularity as the payment method of choice for many, smart retailers are leveraging #BaaS to offer flexible payment options linked to their own branded cards. For example, we partnered with METRO AG, a wholesaler to the hospitality sector, to launch their METRO FS card integrated with flexible payment options to offline check-out and cashback. This gave customers choice in how they wanted to pay for goods and served as a compelling reason to use the card. For Metro, this helped to build greater loyalty and deepen their understanding of customer shopping habits. Read our Metro case study in the comments section.

Five reasons why online stores have high cart abandonment rates 🚩    Think about it, You work hard to attract customers to your site, only to see them leave without completing their purchase.   Your customers demand ✔️seamless ✔️personalized ✔️and convenient shopping experience And if you can't deliver, they'll take their business elsewhere.    Here Are the Top 5 Reasons for Cart Abandonment  ❌ Unexpected extra costs: 48% of shoppers abandon their carts due to surprise fees like shipping, taxes, and other charges. ❌ Mandatory account creation: 24% of potential customers will bail if forced to create an account before checking out. ❌ Complicated checkout process: 21% of shoppers cite a confusing or lengthy checkout flow as their reason for abandoning. ❌ Slow-loading pages: 57% of customers will abandon their cart if they must wait 3 seconds or more for a page to load during checkout. ❌ Lack of trust: 17% of shoppers will abandon their purchase if they have concerns about payment security or don't see trust signals. ✅ There's a simple solution that could change everything. By implementing a one-click payment solution, you can transform your checkout process from a sales barrier to a conversion booster. Here’s Why Consumers Love One-Click Payments  💚 Customers love how fast and easy one-click payments are. 👨🏼💻 It makes buying easier ⌛️ Customers don't waste time filling out forms. Checking out takes just a few seconds. 🤔 Customers don't have much time to change their minds, because one-click checkout is so quick By using one-click payments, stores don't lose as many customers who give up at checkout. A bonus to that merchants get lots of useful information from one-click orders, like what customers buy, how much they spend, and what they leave in their cart. One-click payments: https://lnkd.in/dWRcgVeV #openbanking #ecommerce #payments #growth

BNPL Competition Drives Wins for Merchants: The lines have blurred between buy-now pay-later providers and credit card issuers. The winners are merchants and consumers. The post BNPL Competition Drives Wins for Merchants appeared first on Practical Ecommerce.

Heading into the holidays, we’ve seen abundant research regarding the adoption of buy now, pay later (BNPL) services by online and in-store retailers, and the news is positive. Despite an unpredictable economic environment, reports project that flexible payment methods like BNPL will drive $17 billion in online holiday spending, up $14B from last year. Consumers are turning to installment payments in the face of challenging economic conditions, and retailers, not wanting to miss out on revenue, are looking for accessible recurring payment services that are easy to implement but have card account updating features to ensure that payments are honored long after the gifts are unwrapped. Retailers who implement recurring payment solutions offered by eProcessingNetwork can expect to see a boost in their revenue. With ePNRecur, our recurring transaction processing service, retailers selling holiday essentials like toys, electronics, apparel, sporting goods, jewelry, and furniture can easily manage their customers’ large-ticket costs using installment payments. ePNRecur offers custom scheduling options to meet the needs of customer payment preferences and integrates with our robust QuickBooks Solutions for easy accounting management. Coupled with ePNRCAU, our card account updating solution, merchants can ensure they never miss a payment due to outdated/bad card information. Using affordable and integrated services from ePN will help bring installment payments into higher ticket markets, making the season merrier for both businesses and their shoppers. Join Melanie today, November 29th, at 2:00 PM, CT, to learn about ePN's Subscription-based solutions. #eprocessingnetwork #epn #resellers #smbs #onlinepayments #contactlesspayments #contactless #nfc #emv #mobile #mobilepayments #ecommerce #bnpl #omnichannel #cashdiscounts #BOPIS #jpos #quickbooks #smallbusiness #inventorymanagement #realtime #cloudbased #integration #mRDC #ACH #SDK #CDM #PFG

H&M are the latest retailer to start charging shoppers for items bought online. This comes off the back of a huge increase in online shopping during the pandemic. Returns are a big headache for retailers as they take a huge amount of time to process and clear. Not only this but the cost to the environment is also significant, with lots of products ending up wasted and not resold. However, if you are a H&M member, returns remain free. This is a fantastic incentive and shows how powerful loyalty schemes can be, but also poses the discussion that scrapping free returns is more about the money than the environment. What are your thoughts on free returns? Should there be a fee to return to prevent people over-ordering with the intention of sending most of it back? https://lnkd.in/ePhzbBt8 #hm #freereturns

As BNPL competition heats up in the e-commerce industry the real winner is starting to emerge..... the merchants E-commerce merchants can see upwards of 35% increase in sales when offering flexible payment options at the checkout. Why are subscription merchants lagging so far behind? Subscription businesses partnering with Jybe are seeing a 40% increase in annual subscription purchases as well as a 19% higher subscription count in total. It's time for subscription businesses to catch up. Convert more subscribers & get more cash in your pocket today. If you're a subscription-based business or know one. Let's connect! https://lnkd.in/e8pFt3js

🚀 Attention Subscription Businesses! 🚀 Are you ready to skyrocket your revenue? It's time to embrace the power of flexible payment options just like our successful partners at Jybe! 💡 Did you know? Subscription businesses partnering with Jybe have experienced a whopping 40% increase in annual subscription purchases and a remarkable 19% higher subscription count overall. 📈 Don't let your competitors steal the show! With flexible payment options, you can attract more subscribers and boost your cash flow in no time. 🤝 Let's connect today and unlock the potential of your subscription-based business! Together, we'll convert more subscribers and drive unprecedented growth

A great delivery experience doesn’t end when the parcel arrives. Your returns process is just as important to shoppers as the checkout or delivery.📦 🛍️More people are shopping online than ever before. But, many items are also getting sent back. In 2021, for every 100 things people bought online, they returned about 21% of them, says the National Retail Foundation. That’s like $761 billion worth of products getting sold, but the money doesn’t really stay with the stores. 📊6 in 10 shoppers say they’ve bought the same item from a different retailer because of a more favourable returns policy 📊75% of customers expect free returns but only 29% of eCommerce retailers offer it 📊75% of businesses wished they had made some changes to their policy over Christmas, such as extending the timeframe or better communicating their returns offer Tips to get fewer returns from your online store customers 1. Suggest swapping products instead of sending them back.  2. Give clear and true details about your products.  3. Show many clear photos of the product from different angles.  4. Share customer reviews, especially about size and colour.  5. Make sure you send out orders quickly and correctly. 6. Use good packaging to keep products safe.  7. Keep in touch with customers after they buy to help with any issues. 8. Watch out for customers who return too many things.  9. Allow longer time for returns.  10. Offer gift cards and rewards points. “Customer feedback allows you to get to the heart of why customers are returning goods. Finding out why and capturing that data at the point of return is critical to retaining them and getting actionable feedback to your product team”. -Cian Wright Swap Commerce 🔄🛒 #Returns #StoreHero #Profitability #DTC #LTV

With Buy Now, Pay Later (BNPL) plans gaining popularity, retailers are leading the charge in embracing this convenient payment method. As 85% of merchants report increased BNPL usage online, it is clear consumers value the enhanced purchasing power and flexibility it offers. Velera’s BNPL solution is aimed to help your #creditunions enhance member satisfaction and engagement, while also supporting growth by meeting evolving consumer preferences. #creditunion #creditunions

The top drivers of their BNPL usage are convenience, financial security and expanded purchasing capability, per the PYMNTS Intelligence and AWS report “Tracking the Digital Payments Takeover: What BNPL Needs to Win Wider Adoption.” 💰 With buy now, pay later (BNPL) plans becoming increasingly accepted across merchant sectors, retailers are proving to be the payment method’s biggest champion. 💰 The results revealed that BNPL is becoming more popular, with 85% of merchants saying that the payment method was used more often during online checkout over the past 12 months.