What impact does Partial payment have on E-Commerce?

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Partial Payments

Partial payments is when customers are provided the privilege of buying a product or service at half the price or at the minimum amount set by the store owner. Remaining amount is paid in small amounts or as set by the store owner.

The main question that you may ask is-

• Does it benefit your e-Commerce store? 

• Why would a customer opt for this payment method?

• Being an e-Commerce store owner you would want your business to provide you with maximum conversions or transactions and profit. Partial Payments helps in improving both. How? 

We will be answering all these questions and more in this blog, so dive in to know more about it.

Why would your customers choose Partial Payments?

There can be many reasons for choosing Partial Payments. Let's take a look at them-

• The biggest factor is that customers may find it difficult to trust your store, especially if you are a new store. E-Commerce stores like Amazon, Flipkart, Myntra have long earned the trust of their customers but if you are a newbie it is difficult to attain trust, this is where Partial Payments becomes your saviour. 

• Product or service may be too expensive, making the customer wary of spending so much money in one go.

• Financial status of customers may not allow them to spend this much amount of money outright. Most of our customers are salaried people who splurge in the starting weeks of months and live like hobos in the last week. These customers can obviously not spend a huge amount on one thing, and put their monthly budget in jeopardy.

Why should you choose Partial Payments

• Increases your customer base, with partial payments you include customers who are financially not as sound as the rest of your customers.

• Increases your Liquidity, by liquidity we mean that your money would not be stagnant or in a bulk with the amount of partial payments being on a definite period you can be sure to expect frequent payments. 

• An increased payment method will make your customers feel more comfortable and invoke trust, thus giving you an edge over your competitors.

Partial Payments has many benefits but it can also become hectic when you have to keep track of payments made and to be made by numerous customers. You may also struggle with how to include this payment method in your e-Commerce site.

This is where we at Codenia Technologies come in to make your life easier, we enhance your existing e-commerce website with our unmatched UI and easy to navigate website links, or create you a new one that takes your business to new heights. We can create various payment options through extensions designed by certified developers.We ensure stability through coding, in depth testing, maintenance and ongoing updates

Our extensions will ensure that all your hard work is done while you Netflix and chill!

We design the Wand; you make the wish

We attach this extension in your website thus enhancing a payment method for your customers.

• Your customers will see an added payment option along with other options like Credit Card and COD

• You can set a minimum payable amount that is agreeable to both you and your customers. 

• The rest of the amount goes in balance and is paid later by the customer.

Conclusion

The Online market is like a huge sea, where you can get lost if you do not take steps to stand out from your competitors. By using Partial payments you can not only increase your customers and also invoke trust among them. It helps you stand at par with already existing e-Commerce stores. Thus it is advisable to opt for this.