In the world of eCommerce, payment solutions and financial technology (FinTech) have dramatically changed the way businesses offer financial solutions. Shoppers now expect multiple payment options at checkout and appreciate the ability to choose the method that suits their needs. Merchants who work with a platform like WeGetFinancing can offer their customers an unmatched checkout experience, where they can select from a range of lenders and payment options that suit their individual preferences.
Overall, gone are the days of working with one specific lender, as the trend now is to use a platform that simplifies the process of accessing a multitude of lending solutions. By using a platform that provides seamless access to a multitude of lending solutions, eCommerce businesses can increase their volume of sales and eliminate confusion at checkout – ultimately leading to a more profitable outcome.
Trends In Payment Solutions & Technical Integration
The payment solutions landscape is rapidly changing, with an increasing emphasis on frictionless transactions and simplified access to financing options. One of the biggest trends in this arena is the escalation of Buy Now Pay Later (BNPL) solutions, which allow consumers to defer payment for their purchases. According to a recent study by The Ascent, 62% of Americans have used BNPL services, and this number is only expected to grow in the coming years.
However, it’s not just about BNPL solutions. Merchants are also looking for ways to simplify their technical integration and streamline the financing process. Platforms like WeGetFinancing are becoming increasingly popular as they allow merchants to access a network of lenders without having to manage the integration themselves. This approach not only removes the technical headaches for merchants, but also provides their customers with a simple and linear financing process. In fact, a survey conducted by PYMNTS found that 77% of consumers prefer to finance their purchases through a merchant’s website rather than through a third-party provider, highlighting the importance of seamless integration in the payments and financing space.
To capitalize on these trends, merchants are leveraging this level of technology by integrating BNPL payment options seamlessly into their checkout process. This ultimately provides a frictionless user experience and the freedom to focus on their core business of selling goods rather than the technical details of each transaction.
The One-Lender Path – Why It No Longer Meets Modern Day Consumer Needs
Gone are the days when merchants could work with just one lender and expect to meet the diverse financing needs of their customers. Today’s consumers demand flexibility and convenience, which can only be provided by a platform that simplifies the use of technology and provides seamless access to many lending solutions. It’s crucial for eCommerce merchants to focus on selling their goods rather than managing technology or figuring out which financing company will work best for their customers. With the right platform, merchants can remove the pain points associated with technical integration, lender relationships, and provide end-users with a simple and linear process.
Remember, confusion at checkout is the enemy of conversion, and merchants in this tech-trending age must adapt to survive.
1. Limited Financing Options
Working with just one lender limits the financing options available to consumers. As the demand for flexible financing options grows, it’s becoming challenging for one lender to meet all the diverse needs of consumers. For instance, many consumers prefer to pay in installments or choose a “Buy Now Pay Later” (BNPL) option. However, not all lenders offer this option. A platform that provides access to multiple lending solutions can increase sales volumes as it caters to the diverse financial needs of customers.
2. Tedious Technical Integration
Technical integration is a critical component of online sales. It makes the customer’s journey seamless by integrating the lending process seamlessly into the merchant’s website. However, working with one lender often requires time-consuming and expensive technical integration, which is both frustrating and at times confusing for customers. With a platform like WeGetFinancing that has ready to go plugins from all major third-party shopping carts, merchants enjoy a less tedious process of integrating the lending solution without compromising the customers’ experience.
3. Difficulty in Managing Lender Relationships
One lender may not be able to keep up with the fast-changing financial landscape. Working with multiple lenders can be overwhelming, as managing lender relationships is time-consuming and tedious. A platform that provides multiple lending solutions reduces the burden of managing lender relationships. This enables merchants to focus on selling their goods and providing a seamless customer experience.
4. Confusing Customer Experiences
A confusing customer experience can be a significant deterrent to conversion. The One-Lender Path is often characterized as the path of least resistance and less likely to be confusing during the checkout processes. However, having a single lender limits the number of financing types that can be offered to applicants and greatly reduces the number of qualified consumers. No one lender solution can cover all verticals, ticket size and credit types. While displaying a multitude lending brands on the checkout page would logically provide more financing options, it would undoubtedly leave most consumers perplexed as to which one to use, and by default be a deterrent to conversion. The solution? A platform that provides multiple lending solutions through a single point of entry and that simplifies the checkout process and increases conversion rates.
5. Conversion & Profitability
Finally, the most important aspect of an eCommerce business is conversion and profitability. The checkout process plays a fundamental role in optimizing conversion and therefore, profitability. Traditional lending options available in the market can sometimes be confusing for the customers, and that leads to abandoning the cart. Customers want a seamless and more streamlined experience. A platform that offers multiple BNPL solutions can help merchants offer their customers a smooth checkout experience by providing them with choices, clarity, and a simple linear process. This results in much higher conversion rates and, ultimately, improved profitability for the eCommerce business.
In short, the one-lender path is no longer feasible in today’s eCommerce landscape. Working with a platform that provides multiple BNPL solutions, installment payment for all credit types, and financial technology options, in addition to simplifying the integration process, managing lender relationships, and provides a seamless customer experience is the clear path forward for success.
Merchants focused on growing their sales volumes should without waiting sign-up with WeGetFinancing that empowers them to meet the diverse financing needs of their customers. The key is to focus on the customer experience and provide a frictionless process that promotes conversion and profitability.
The Top Financing Platforms for ECommerce Businesses
When it comes to financing platforms for eCommerce businesses, the trend is now focused on accessibility and seamless integration. As such, the best course of action for merchants is to identify a trustworthy platform that streamlines the process for their users and removes all pain points of technical integration and lender relationships. One such platform is WeGetFinancing, which stands out as the best option for merchants. WeGetFinancing offers not just one but multiple BNPL solutions, making it a one-stop shop for payment solutions that can meet a vast range of customer needs. As a financial technology platform, WeGetFinancing eliminates the pain points of technical integration and lender relationship management, allowing merchants to focus on what they do best – selling their goods. Though single-lender, other notable solutions include Klarna, Afterpay, Affirm, and PayPal Credit.
All in all, the rise of eCommerce has led to an increased demand for flexible payment solutions and financing options. Merchants no longer need to work with just one lender, as these platforms provide access to multiple lending solutions, increasing sales volumes and providing financing options to meet diverse consumer needs. With the right financing platform equipped with cutting-edge financial technology, eCommerce businesses can provide their customers with the best purchasing experience possible.
Stay Ahead of The Trend with WeGetFinancing
It’s no secret that payment solutions and financial technology are rapidly evolving to meet this demand. This is where WeGetFinancing comes into the picture as the ultimate solution for eCommerce merchants. Overall, WeGetFinancing simplifies technology integration, enables access to multiple BNPL lenders, and offers a simple and linear user experience to enhance conversion and profitability. Furthermore, it is the only platform that delivers seamless access to multiple lending solutions, removing confusion from checkout and increasing sales volume.
In summary, WeGetFinancing is committed to providing cutting-edge payment solutions and financial technology to eCommerce businesses. You can trust that they are at the forefront of the industry, constantly innovating and improving their platform to better serve your business needs and the high stake demands of modern-day consumers.
