New Data: Timing Is Key to Success of Installment Plan Offers

The popularity of pay later plans has been on the rise. Consumers are becoming more aware of options such as buy now, pay later (BNPL) and card-linked installment plans. Merchants and acquirers broadly agree that offering pay later plans can both boost sales and drive revenue growth. Merchants and acquirers that hope to stay competitive […]

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The popularity of pay later plans has been on the rise. Consumers are becoming more aware of options such as buy now, pay later (BNPL) and card-linked installment plans. Merchants and acquirers broadly agree that offering pay later plans can both boost sales and drive revenue growth.

Merchants and acquirers that hope to stay competitive need to take note. Those that understand where these plans best fit into their customers’ shopping journeys will have a market advantage. However, PYMNTS Intelligence’s research finds that just 30% of merchants accurately anticipate consumers’ preferences about when in the checkout process the merchant should offer pay later options.

PYMNTS Intelligence’s latest infographic, “How Offering Card-Linked Installment Plans Early Can Boost Sales,” a collaboration with Splitit, provides a snapshot of the pay later space.

“How Offering Card-Linked Installment Plans Early Can Boost Sales” gives a birds-eye view into:

• When in the shopping journey consumers prefer to learn about pay later options
• Consumers’ preferences for using pay later options for both big-ticket purchases and regular purchases.

• To learn more about how merchants view pay later plans and how offering card-linked installment plans drives higher consumer spend, read “Merchants’ Evolving Perspective on the Value of Card-Linked Pay Later Plans.”
• For more about why 94% of acquirers say card-linked pay later plans boost merchants’ sales, read “The Use of Card-Linked Installment Plans in Online and In-Store Sales.”
• To understand what consumers, especially Generation Z consumers, want out of card-linked installment plan offers, read “Redefining Retail: Consumer Finance Trends Driving the Evolution of Pay Later Plans.”

The post New Data: Timing Is Key to Success of Installment Plan Offers appeared first on PYMNTS.com.