The ultimate guide to launching checkout finance
The checkout process is one of the most critical parts of your customer journey. It’s at this stage that, on average, 7 in 10 customers will abandon their baskets, with the most common reasons being extra costs incurred, too many forms to fill out and a sudden loss of trust.
Merchants therefore spend a lot of time and money thinking of ways to optimise this stage. In recent years, Buy Now, Pay Later (BNPL) and checkout finance has become one of the most popular ways to drive customers through the checkout process and reduce basket abandonment. Around three-fifths of merchants who have implemented checkout finance have seen a reduction in customers dropping out, according to data from one BNPL supplier.
But there is still a way to go if retailers want to claw back some of the $18 billion dollars they could lose every year through basket abandonments (as was reported in a Forrester study back in 2010 – given the growth of ecommerce since then, the modern day number is likely significantly higher). Implementing retail finance at the checkout is a good starting point, but how do you maximise your efforts?
In this guide, we cover the practical considerations for launching your own proposition. You’ll learn:
- How to prepare your website
- Where to advertise retail finance in your customer journey
- How to market your solution
- How to increase your accept rates
- How to handle negative PR
This guide will give you the best chance to succeed in your retail finance journey. We’re with you all the way.