Black Friday is approaching, which this year falls on November 25. This famous date is a unique opportunity to retain new customers in stores. PaynoPain, Spanish technology company specializing in the development of online payment tools, explains how through online payments, businesses can offer a solution that benefits both the buyer and the company, creating a stronger bond in the business relationship.
In 2021, the average cost per person on this date was between 100 and 300 euros, according to a study by Privalia. As the page indicates Buy Better, what was purchased the most during this date were toys, home, fashion, health and personal care. These categories fit within the necessary expenses in Spanish homes, which means that customers take advantage of this day to buy items they already needed at a discounted price.
PaynoPain seeks to go further. They explain the idea of not only offering discounts to buyers, but also offering them to pay in installments, so they can get all their needs without being drowned in expenses, taking advantage of the discounts on this date and paying months later. Specifically, according to Paynopain, the most outstanding benefits of payment in installments are four:
- They provide great payment flexibility: When making a purchase, consumers decide whether to make installments in fixed amounts, the frequency of payments, and the interest, which is generally zero.
- They have immediate financial approval: One aspect that usually throws both the business and the buyer back is the time of the approval process, which can take days, especially in purchases with higher prices. With PaynoPain, this process can take as little as 0.2 seconds and if it takes a little longer it is usually due to lack of coverage.
- They offer the possibility of buying everything you need: With this method, the business offers the client the possibility of being able to buy all the things they need in one day. In particular for the Black Friday date, the buyer can take advantage of the offers, buy more at a lower price and achieve real savings by being able to pay for the purchases that they would have to divide over the next few months if it were not for the deferred payments.
- They adjust to the economic needs of each one: By offering the possibility of dividing the charges without the need for a minimum amount, any purchase can be managed with deferred payments. This means that a new range of possibilities is opening up for those who previously could not cover all their needs, in which saving and being covered are combined in a new reality.
Offering an option that serves the customer as a financial opportunity will always be a way to earn their trust. Deferred payments can also be applied to loyalty programs, in which add rewards through points per purchase or month subscribed. The user will find an ally in the business and will look for it before the others when they need to make their next purchase.
“We find ourselves in an uncertain economic situation, prices have risen and inflation each time means that the buyer can afford less. As solution companies, FinTechs have a responsibility to find a way to maintain balance, ensure that the buyer has a way to afford their needs and that the business can sell their products. Deferred payments make the perfect unraveling to stay afloat for both buyers and sellers.”, he maintains Jordi Nebot, CEO and Co-Founder of PaynoPain.