It’s hard to resist a good sale. When you see a product that you want at a lower price where you feel like you can pay in your next payday, you must absolutely go for an installment. The question is, which one is the best one? These installment payment software are some excellent software to use with attractive features and promos that make you buy now and pay later! Here are some of the best installment payment software available right now!
10+ Installment Payment Software
What Is Installment Payment Software?
Installment payment software is a financial software service that allows customers to purchase items through an installment plan provided by the business or the software. Using the software helps businesses keep track of the money that is owed by their customers which the process is usually automated.
An attractive benefit of using installment payment software is that it allows customers to avail and enjoy the product now and have it paid at a later time. This marketing tactic can increase customers who are confident that they can pay for the products at a later time at their own pace, which is beneficial for the business. The payment methods are also flexible for both customers and businesses, making the software a two-way win for both parties.
- Customers can buy the products now and pay for them later.
- It increases customers and sales engagement
- Flexible payment options for customers and businesses
The fundamental feature of an installment payment store is that it should provide customers with options to purchase their items in installments. The software or their business client may require their customers to pay a downpayment first or have them start paying at a later time. The number of installments and how much each installment costs can vary depending on the software and the business client. The software may implement an interest and/or fees depending on the client as some software may not charge customers with an interest fee or won’t penalize customers with late payments. It should be able to remind customers of their upcoming installment payments through push notifications.
- Provide customers options to buy their items in installments
- Choose a number of installments allowed
- Fees implementation
- Push notifications to customers to pay their installments
Top 10 Installment Payment Software
Bread provides a “buy now, pay later” platform that is flexible for both businesses and customers with a powerful point of sale POS software payment processing and versatile payment methods. Owned by Lon Operations, the company earned $82 million in revenue.
Splitit helps customers pay their installment dues easily just by using their own credit cards which businesses can benefit from its fast payment processing. The company has 111 employees and earns annual revenue of $14.4 million.
Stripe provides easy, streamlined payment processing in paying installment dues that are supported by well-known businesses such as Amazon and Shopify and connect well with Apple Pay and Google Pay. The company has 3,618 employees and earns annual revenue of $470.3 million.
Sezzle assures customers with a worry-free buy now, pay later system with its interest-free rate and instant approval of installment that won’t impact customers’ credit. The company has 313 employees and earns annual revenue of $40.7 million.
Afterpay wants customers to shop now and pay later with their attractive installment plans that are integrated into their online e-commerce shop hub. The company has 695 employees and earns annual revenue of $90.4 million.
With Quadpay, customers can shop at popular brands and pay later at four-installment periods over 6 weeks with no interest fee! The company has 157 employees and earns annual revenue of $20.4 million.
Klarna gets a personalized shopping, buy now pay later system with flexible tools that allow customers to customize their installment periods split into four periods without interest fee. The company has 4,069 employees and earns annual revenue of $529 million.
8. Paylater (QuickFee)
Paylater, known as QuickFee, helps businesses of all sizes to increase their sales and improve their customer relationship management (CRM) skills with customer-centric service and flexible installment payment plans. The company has 66 employees and earns annual revenue of $13.9 million.
Affirm allows customers to pay their installments at their own preferred pace without having to worry over late fees. The company has earned annual revenue of $121.8M every year.
Wecoderz helps small businesses grow with their software addressing basic and important needs in running a show such as attendance management software and online POS payment processing billing.
What makes “buy now, pay later” an attractive promotion tactic for customs through installment payment software?
The “buy now, pay later” marketing promotion tactic allows customers to purchase their items without paying immediately, which makes it an attractive offer for customers who are confident that they can pay at a later time. For businesses, this increases customers and sales engagement. Providing various options to customers on how they can pay their installments brings in good business.
Is it better to subscribe to an installment payment software service that offers no late payments or no interest fee?
Some installment payments offer flexible, little-to-no-charge fees in order to attract customers to subscribe to their software to pay their installments. For customers who aren’t sure whether they can pay on the promised settle date, they won’t need to worry about being charged for late fees though the software will have to be firm with the customer that they need to pay on time. For customers who don’t want to pay more than the actual total value of the items, they purchased in the long run, opting for software that doesn’t charge an interest fee is more suited for them. However, they must pay on time or they might be penalized with late fees. The software cannot provide both options at once so it’s up to the customers to choose the best software service that best accommodates them.
How much does installment software cost for businesses?
The prices can vary with customizable pricing options available. Each software has different arrangements with its business partners so it’s best to consult with the developers before opting for their service to the business.
Subscribing to these offers cuts the waiting time of having installments approved by the bank. Instead of waiting for the bank’s approval who is going to charge you with heavy fees, opt for an installment payment software that allows you to buy now and pay later!
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