As the Philippine economy expands into new digital frontiers, consumers have started to expect more convenience in products and services, both online and offline. This is especially true for higher-value purchases since more flexibility lets customers spread payments in a way that better matches their incomes.
Flexible payment options like installment plans and buy now pay later (BNPL) schemes are a win-win for your customers and your business. Giving your customers the financial freedom to pay on their own terms will likely set your business up for repeat business, great word of mouth, and continued success in the rapidly developing Philippine e-commerce market. For starters, you can offer such a plan by creating a custom agreement between your business and your customers. This can be done manually through contracts, terms of service, or order confirmations that outline the installment terms.
Supporting these in-house installment programs with modern payment solutions can further enhance the overall customer experience by providing secure and fast transactions. With a payment gateway like Maya Checkout, for example, your business has more ways to cater to different customer payment needs. Maya Checkout is a comprehensive payment solution that lets your online customers pay with whatever credit card, debit card, or digital wallet they prefer right on your e-commerce website’s checkout page. It can even accommodate QR Ph code payments for better convenience and security.
If you’re operating primarily out of an informal e-commerce channel like a social media account or an online marketplace with no native payment gateway, you can also check out Maya Payment Links, which lets you send a unique payment link to customers who may want to take advantage of your installment schemes.
These payment solutions not only streamline the transaction process but also complement flexible payment schemes, allowing you to meet your customers’ growing demand for convenience. And now, here are a few things that you can expect to happen when you cut your customers a bit more slack in their online payments:
1. Increased Sales and Conversion Rates
Offering flexible payment terms means that more of your site visitors can convert to customers right away. Generally speaking, your business should see a bump in sales once it starts offering more flexible payment terms. Offering more flexibility is particularly useful for high-ticket items like electronics, furniture, and luxury services, since even well-off customers might hesitate to convert if they don’t have the option to break payments down to more manageable amounts.
2. Reduced Cart Abandonments
One of the main reasons for cart abandonment is a lack of payment options that make sense for buyers. For example, many Filipino online shoppers prefer to use digital wallets like Maya, GCash, GrabPay, and ShopeePay, and they might hesitate to buy if your site only accommodates credit cards. If this is the case, you’ll want to integrate a payment gateway Philippine-based buyers can easily use. Adding flexible payment options alongside your gateway may also remove conversion obstacles in your business’s e-commerce operations.
3. A Steadier, More Desirable Cash Flow
Though it may seem counterintuitive, flexible payment plans can help improve your business’s cash flow. Reduced cart abandonments and sustained conversions generally mean that a steady influx of cash is coming into your business, which is usually more desirable than getting occasional big payouts between weeks of poor sales.
4. Better Customer Loyalty
Providing your customers with more doable payment options can build a sense of trust and positivity that leads to repeat sales. With the help of payment solutions that accept a variety of credit cards, debit cards, and e-wallets, as well as QR Ph codes, making the needed payments becomes even easier, leading to more customer satisfaction and stronger brand loyalty. Customer loyalty is particularly important because this sense is a positive signal to other potential buyers, leading to our next benefit:
5. Build a Wider Customer Base
Flexible payment options can expand your customer base in at least two ways. First, they help you appeal to a broader range of customers, particularly those who can’t yet shoulder upfront payments. Second, if you deliver a good payment experience, the people who do convert are probably going to spread the word about your business, expanding your customer base even more. These new sales leads are especially valuable since word-of-mouth referrals tend to carry a significant weight.
Accommodate Your Customers’ Payment Preferences with Maya Business Payment Solutions
Thanks to their convenience and acceptance of a wide selection of local payment options, Maya payment solutions arewidely considered to be the best for Philippine businesses. Sign up for Maya Business to enjoy Maya Checkout’s convenient payment processing, which can support your in-house installment or BNPL program.
Signing up qualifies you for a Maya Business Deposit account which you can use to settle payments made through Maya Checkout, Maya Payment Links, and Maya Invoice Payments. It offers an industry-leading 2.5% per annum interest rate which means your funds can earn PHP 25,000 on each PHP 1 million deposit. To save you more cash, your Maya Business Deposit account lets you do free InstaPay and PESONet transfers to partners and suppliers, making it the right choice for effortlessly growing your business.
Lastly, becoming a Maya Business user also qualifies you for a Maya Flexi Loan offer in only 3 months. Maya Flexi Loan offers are valued at up to PHP 2 million—perfect for developing more flexible payment plans or pivoting your growing business into a completely new direction. For better future loan offers, all you have to do is use Maya as your primary processor for all wallet and card payments.
Send your Maya Business application to activate Maya Checkout and other incredible Maya solutions.
