Business Tips

4 Practical Tips to Choosing the Right Buy Now Pay Later Solution for Your Shopify Store

Last updated January 2022

Shopify has opened the door for many e-commerce retailers to reach potential shoppers like never before. With over 1,000,000 businesses using it each month, Shopify has become the number one online platform for setting up an online store. While there are many tips and tricks for maximizing revenue on Shopify, today we want to focus on buy now pay later (BNPL) solutions to take your Shopify store sales from lackluster to flourishing.

In recent years, Shopify has nearly perfected the online shopping experience for those with an online store. Not only is it budget-friendly, but Shopify allows an e-retailer access to cross-border transactions, cross-channel selling and access to a Shopify app and website. Not to mention the amount of shopper analytics available to you through your Shopify dashboard.

Shopify allows store owners to offer an array of alternative payment methods such as PayPal, Amazon Pay, Google Pay and over 100 other payment methods. Shopify also works with several buy now pay later solutions so you can offer your shopper even more payment flexibility. Offering the right buy now pay later can be a game changer for your store. Let’s look at how you choose the right one and convert every customer’s cart in no time

Why You Should Offer a Buy Now Pay Later Solution

A buy now pay later option, such as Splitit, allows your shopper to take the total purchase price and break it up into smaller, monthly installments. Along with finance flexibility, a buy now pay later solution offers several benefits to both your shopper and your business.

For the shopper, it provides:

  • Ability to budget for higher-ticket purchases
  • A designated period of payments that works best for their budget
  • More positive shopping experience
  • Reduced stressed for those purchasing in an emergency situation

For the shop owner, a BNPL solution provides:

1. Choose a BNPL that Works Seamlessly With Shopify

When you choose a buy now pay later solution, you need one that will integrate with your existing website or app. While the technical aspect can be daunting, it’s important to consider this as you choose your BNPL solution for your online store. Also look for a BNPL that provides technical support and can answer your questions as soon as they arise.

Splitit uses a plugin that works with Shopify so you can leave all the technical details to them. The plugin is free for businesses and assures you can continue using Shopify. Your shoppers will never know what’s going on behind the scenes — leave all the technical details to the plugin and let Splitit take care of the rest.

2. Choose a BNPL that Works with an Existing Credit Card

Asking shoppers to fill out additional applications and wait for an answer regarding approval is no longer necessary. Some buy now pay later solutions will work with your shoppers existing credit card to create an installment plan for their budget. This means your shopper won’t have to complete any additional paperwork, fill out an application, nor be subject to a credit check to enjoy the benefits of an installment plan.

Splitit is a way to offer an installment plan without any new financing for your shopper. Splitit also works with existing Visa and Mastercard credit card holders, which means it will work with the majority of transactions globally.

3. Choose a BNPL with the Right Security Precautions

Shoppers want to know their purchases are secure. No matter how many payments a purchase can be split into, they still need to know their data won’t be compromised. Studies continue to show shoppers are increasingly worried about security and data privacy when making purchases. When choosing a buy now pay later solution, choose one with a high level of security.

A reputable buy now pay later option, such as Splitit, will meet Payment Card Industry Data Security Standards (PCI DSS). This will give your shopper confidence their information is protected while using the Shopify platform.

4. Choose a BNPL with the most benefits for your Shopper

You have several options when it comes to a buy now pay later solution for your shopper. But it’s not only about offering the choice to your shopper, it needs to be the right choice. Look for a solution that provides the maximum amount of benefits for your shopper, including:

  • Ability to make interest-free payments 
  • Allows the shopper to choose the amount of time
  • Work with the shopper’s existing credit card
  • No additional credit check
  • No application fees
  • No additional paperwork required
  • No late fees

By providing a buy now pay later solution with all of these benefits, your shopper can get on with their purchase. In turn, this means a higher conversion rate for your sales. As a matter of fact, businesses who offer Splitit have shown to have a 78% higher checkout conversion.

Make the Right Choice for Your Shopify Store By Choosing Splitit

Fortunately, Splitit has taken the guesswork out of choosing the right BNPL for your online store. If you want to offer your shopper’s a buy now pay later option that easily integrates with your site, and allows them to purchase using their existing credit that they have earned, then you can’t go wrong with Splitit. You’ll have the confidence knowing you’re offering a buy now pay later store solution shoppers will love, while reducing your chance of cart abandonment and increasing your cart conversions.

Deciding between Shopify and BigCommerce? Read our blog comparing the difference between these two mega e-commerce platforms.