As the United States and the world deal with the economic impact of COVID-19, both retailers and customers must come up with inventive solutions to ensure that businesses stay afloat and people receive the products and services they need. Developing flexible and reliable payment options can help businesses and customers come out on top, and ViaBill is a global leader in this industry. With ViaBill customers now have the option to pay for their products in monthly installments instead of all upfront, and this option becomes vital during economic hardships. If you are between jobs or have a rash of unexpected monthly expenses, the option of flexible payment plans can be a lifesaver.
Flexible payment options are also great for small businesses and independent retailers, and especially during economic downturns when they need to retain their customer base.
In general, flexible payment options can increase the Average Order Value (AOV) of your customers by over 30 percent and increase your customer conversion rate by nearly 20 percent. Combined, this can result in significant revenue growth during normal economic climates, and during a crisis, flexible payment options can help you retain your customers and attract new ones to help you weather the storm.’
ViaBill provides the platform for economic stability through flexible payment options by fronting the cost of the customer’s purchases and charging the business a small transaction fee. The business does not take on any additional risk through ViaBill. ViaBill charges the customer 25 percent of their total purchase, and then the customer pays back ViaBill over three equal installments. ViaBill does not conduct any credit checks and assumes all risks.