It’s no secret that today’s customers are savvier than ever before – with technology enabling them to access endless information with the click of a button.
From discovering new products, brands, and customer reviews, to understanding details on their chosen brand’s shipping policies or payment options, such as Buy Now Pay Later (BNPL) providers, consumers are empowered to make informed choices that suit them.
With this extra knowledge comes confidence, and with confidence comes power. Businesses can no longer hide elements of their value chain, as greater transparency has proven to be fundamental in driving customer
confidence and trust.
One of the first industries to undergo a major overhaul was retail, where e-commerce customers demanded a greater level of clarity from their brands of choice. This inquisitive nature forced businesses to disclose where clothes came from, how they were made and whether the value of the price tag would match customer expectations. Social impact and sustainability have become elementary criteria for customers’ brand selection.
With innovation and digitisation in the financial services industry evolving at a rapid rate, Australian customers are turning away from credit cards, and seeking out non-traditional payment methods like BNPL plans. Such options are proving to be more beneficial than ever before across the retail landscape in converting sales, increasing ATV, and driving business progression.
Offering only one BNPL option at checkout was in the past, a benefit. Consumers are now looking for a range of payment providers as they understand the different benefits or choices that each offers. It’s not just the youth market seeking out alternative payment solutions, Openpay’s customer base shows that all ages are now utilising BNPL, with users outside the youth market rapidly growing.
Openpay offers some key differentiation points for customers across all life stages, with repayment terms over a two to 36 month period.* Unlike many other BNPL providers, Openpay’s flexible, interest-free payment plans are
available to customers across a wide range of industries, with specialised arms servicing the retail, health, automotive and home improvement sectors.
Customers are empowered to manage their expenses in a responsible way that works best for them. For businesses, Openpay’s simple on-site sign up process is seamless, paperless and stress-free, with the merchant receiving payment on the next business day.
There are a number of areas where deferred payment solutions are giving the power back to both customers and retailers, and payment methods like Openpay are only set to become more entrenched in consumer spending habits.
For more information about Openpay, please contact us at growth@openpay.com.au.
*Merchant fees and payment plans vary.
