Payment apps are a great way to increase the conversion rate on your eCommerce store. By providing more options for consumers, some additional percentage is likely to convert. Changes in conversion rate may be incremental, but many small changes add up. And in the increasingly competitive space of eCommerce, it's generally better to err on the side of caution and give your consumers more payment choices and therefore a better experience.
There are plenty of easy integrations on every eCommerce platform these days such as Affirm and Sezzle. You can provide more options for payment methods, or even create a custom experience with an app like Klarna. Klarna is a payment app that allows you to split your purchase into four equal payments, spread out over six weeks. These app types allow for more flexibility which is helpful to customers that may be on a tight budget but still want to purchase your product.
It’s important to remember that not every payment method will work for every customer, so giving them as many options as possible is key to having a successful business. Having a multitude of payment plans and options grants the ability for your e-commerce website to cater to different needs.
Overall, payment apps are the best way to increase your conversion rate and total sales.
What is a Payment App?
A payment app is a digital tool that allows users to make payments or transfer money electronically from one account to another. It typically uses the user's smartphone, tablet, or computer to securely store and process payments.
Fun Fact:
"In 2019, mobile payment apps were used by 37% of all U.S. adults to make payments, up from 33% in 2018, according to a survey conducted by the Pew Research Center." (Pew Research Center, 2020)