07 2018 | INSIDE PAYSAFE
"Payment by invoice can increase sales by up to 35%"
Claire Gates, CEO of Paysafe Pay Latertm, explains why invoice payment is so popular in e-Commerce and which other options will drive sales conversion at point of sale.
Invoice payment isn't the first thing that comes to mind when thinking about the future of digital payments ...
Actually, today it is one of the most popular payment methods in e-Commerce, especially in markets like Germany where it tops the list, offering consumers a "try before you buy" experience. Whilst invoice was the product, Paysafe Pay Latertm was founded on, it is just one of the innovative payment services we offer merchants to drive sales conversion at point of sale. The cost of customer acquisition is a significant expense for any merchant, and our primary focus is delivering products which maximise customer conversion. Research shows that by offering pay by instalment, which is another product we offer, reduces the rate of card abandonment by 40% and those purchasing with instalment will purchase on average 11% more. That is why a single product solution won't drive merchants' success, they need a variety of pay later solutions to address the changing needs of the consumer.
»Today invoice payment is one of the most popular payment methods in e-Commerce.«
- Claire Gates,
CEO of Paysafe Pay Latertm
Which kind of merchant can take most profit from Paysafe Pay Latertm solutions?
Our pay later solutions address the needs of merchants in a variety of sectors, and irrespective of the merchant's size of business. Paysafe Pay Latertm offers market competitive solutions which maximise purchase conversion at point of sale and helps improve margins. Payment by invoice can increase sales by up to 35%, as customers get a sense of reassurance that they can "see and touch" the product before committing to it. We are also one of the only providers of white-label solutions, which eliminates any "brand disruption" at the point of checkout. Offering this proposition to consumers creates brand loyalty for a merchant and is also risk-free, as Paysafe Pay Latertm guarantees the pay-out in the event that the consumer does not make payment. Prior to 2016, our team was focused on e-Commerce but due to demand from a number of merchants, we have subsequently developed and launched our in-store Paysafe Pay Latertm instalment product - a convenient, discreet way for consumers to apply for credit in store. Is Paysafe Pay Latertm just about checkout options or do you have a broader perspective? Our strategic focus and value proposition is about maximising check out conversion for merchants, whether online or at a physical store. This requires us to continue to develop and enhance our product proposition as consumer behaviour and demands change rapidly. Our objective today remains core to our business as it did when we first launched: to remain focused on being a long-term strategic partner and friend of the merchant; creating payments solutions delivered through relevant customer experiences which ultimately drives profitable sales for the merchant.