When you’re selling products online, you can find ways to increase your success by examining your sales funnel and identifying potential areas for improvement. What’s causing customers to abandon their carts? How can you give customers a great experience and boost the average transaction amount?
Ultimately, your goal is to lead website visitors to the point of sale and turn shoppers into lifelong customers. Small details in the funnel and checkout system can impact your users’ experience, and many can make or break your closing rates.
Buy now, pay later from PayPal
One proven method for improving conversion rates is offering a buy now, pay later option. Since PayPal is a popular merchant, you — like many other small businesses — might be wondering if PayPal offers buy now, pay later for customers.
The short answer is yes. PayPal does offer buy now, pay later, and many online businesses are seeing great results from implementing this payment option on their websites. Here are a few benefits retailers see from PayPal’s pay later options:
- Up-front payments. Since PayPal handles payment collection, it allows merchants to receive payment up front. Offering buy now, pay later to your customers through PayPal won’t impact your cash flow.
- Flexibility for shoppers. Giving customers the option to pay later gives them more flexibility to make purchases, which increases the likelihood they’ll complete a transaction. In a survey, 64 percent of shoppers say no-interest payment options increase the chances they’ll make a purchase.
- Shopping cart abandonment reduction. A total of 42 percent of merchants say their shopping cart abandonment rates go down when they use buy now, pay later financing.
Buy now, pay later is a great option for customers and businesses. Your shoppers prefer having the ability to make purchases and pay the remaining balance in the future.
Two options through PayPal
If your business uses PayPal, you can adjust your account settings to offer customers the ability to buy now and pay later. It’s possible to integrate this feature into your payment process using one of two options:
- Pay in 4. With this option, PayPal allows customers to complete their purchase with a small down payment of 25 percent of the purchase. PayPal collects the rest of the payments — one every two weeks — until the invoice is paid in full. These payments are automatic, and customers have the option to manage the payment schedule through their PayPal accounts.
- PayPal Credit. Customers can access a reusable digital credit line, which is available for purchases from any merchant using PayPal. This credit line offers six months of financing for purchases over $99. PayPal Credit is subject to credit approval, and monthly minimum payments are required. If the customer pays the balance in full within the six-month time frame, they don’t have to pay any interest. If any balance remains after six months, PayPal charges interest retroactive to the purchase date.
As a merchant, you can now offer buy now, pay later to your customers — at no cost to your business. You just need to have a PayPal business account and use PayPal Checkout to start using pay later offers.
Jotform’s PayPal integrations
With Jotform payment forms, you can seamlessly integrate PayPal into your checkout process. It’s easy to set up professional order forms, payment collection forms, subscription forms, buy now, pay later forms, and donation forms. Jotform doesn’t charge any extra fees for collecting payments through PayPal.
Since 2010, Jotform has partnered with PayPal to provide PayPal integrations. Over the years, these tools have helped tens of thousands of businesses and other organizations collect digital payments. Not only are these digital payment forms convenient, but Jotform offers top-notch payment security that’s PCI DSS Service Provider Level 1 compliant.
Provide your customers with streamlined payment solutions by integrating Jotform into your buy now, pay later offerings. This system improves the customer experience and makes it easy to collect online payments from your shoppers.