How does the Payflex payment gateway help merchants?
Payflex is an innovative eCommerce payment solution that can help online retailers make more sales. It enables consumers to break up the cost of their purchase into four payments. They receive their goods upfront, but they are able to pay for it in instalments every two weeks, at no additional cost to them. It’s a free spending plan.
Here’s how it works:
Let’s say a customer wants to buy an item costing R2000 from your online store. Instead of paying for the item in full upfront, they have the choice of using Payflex when they check out.
Payflex allows them to split the cost of the purchase up into 4 equal, interest- and fee-free payments. When checking out the customer completes a quick form and is instantly vetted. Upon approval, they then pay the first 25% of their purchase (R500) as a deposit, using their credit or debit card.
Payflex then collects the other 75% in three instalments of R500 each over the next six weeks.
But don’t worry – you’re not left waiting to be paid. Payflex will pay you for the sale upfront (less their commission). So even though your customers have a long time to for pay it in full, you will receive the money for the purchase up front.
What benefits does the Payflex payment gateway offer to merchants?
Instalment payment options like Payflex have been shown to improve sales by as much as 30%.
Reduce abandoned carts
This kind of payment solution will reduce abandoned carts and therefore increase your conversion rate. It’s also been shown to increase basket size. Customers are more willing to buy, and often end up buying more!
Savvy payment solutions
Global research has shown that millennials are often mistrustful of banks and don’t want to take out personal loans or spend large amounts on a credit card, but they welcome the idea of a savvy payment solution that won’t cost them more in the long run.
The Payflex model has been proven to work in countries around the world, and now this innovative way to pay is available to South African online retailers.
But what happens if the customer doesn’t pay?
Payflex takes on the full credit and fraud risk on all purchases for you. Payflex will collect money from the customer over the six week payment period – you don’t have to do a thing. In fact, you’re given the funds for the goods sold upfront (less Payflex’s commission), so you won’t have to wait to receive your money.
Can Payflex work like a normal payment gateway?
Yes! Some customers prefer to pay for their entire basket of goods in one go, so they don’t have the hassle of making additional payments. Payflex works for them too. Payflex can be used like any other debit or credit card gateway – add it to your site and give customers the opportunity to purchase from you using their card.
How do I integrate Payflex into my site?
We’ve made it incredibly easy to integrate the Payflex payment gateway into your site. If you’re using one of the major CMS platforms, we’ve developed easy to use plug-ins and add-ons that can be quickly integrated into your site without any fuss. If you’re a developer and are building your site from scratch, our API documentation will help you quickly add Payflex to your checkout.
The best online payment gateway
If you’re looking for the best payment gateway for eCommerce, you need to consider Payflex. Not only does it offer your customers a revolutionary way to pay that can increase your profits, but it’s also safe and secure and easy to use.
Sign up for PayflexContact Payflex to open a merchant account and start using it as a payment gateway for your online store.
Learn more about our merchant services here.