As shoppers embrace alternative ways to pay, they are fundamentally changing their relationship to payment and price. Whether they are buying a $100 dress or a $2,000 couch, shoppers today expect easy, fast, and flexible payment options that fit their budget and their needs. In a nationwide study of over 500 shoppers commissioned by Bread, the data reveals:
- More big-ticket shoppers would buy an item because installments were available than because the product was recommended by a friend.
- 73% of big-ticket shoppers have experienced significant stress about how to pay for a big-ticket item.
- 74% of big-ticket shoppers say they would shop more often at a store that offers interest-free installments.
Payment is evolving to become a bigger piece of the customer experience. Whether it’s splitting payments, mobile payments, or pay-over-time options, managing the dollars and cents of a transaction is an increasingly important factor in driving customers’ decision to buy. That’s why we’re expanding our horizons and fulfilling our promise of expanding our partners’ payment options.
SplitPay Gives Your Customers Even More Ways to Pay
SplitPay is Bread’s newest payment solution. Now you can let your customers pay for their purchases in four easy interest-free installments. It’s a perfect option for customers who want a simple way to pay over time on orders up to $1000. With SplitPay in your arsenal, your customers have even more ways to pay with just one partner and integration. That means more conversions, bigger sales, and a better experience.
With SplitPay, we’ve seen our partners reach a whole new segment of untapped customers for whom this method is a better fit. In the first full month of adding SplitPay to their site, CordaRoy’s set new records for checkouts and revenue, seeing a +136% increase in total revenue compared to the same time period from the year prior. But customers weren’t just choosing SplitPay instead of other options, financing was bringing in new customers who hadn’t purchased before. CordaRoy’s experienced a +45% increase in the percentage of sales generated by financing along with their overall increase in revenue. Overall conversion rates have increased by +59%, showing that greater payment flexibility drives more customers to check out. They’ve also seen a 25% decrease in abandoned carts, as customers face less sticker shock at checkout when they can choose from several options to pay over time. Since fully launching SplitPay, 63% of Cordaroy’s loan volume is driven by this offering.
How Bread is Preparing for the Future of Payment
As Bread evolves, our goal is to allow our partners to deliver individualized pay-over-time options to their customers from a single platform. This is the first step as we continue to grow the Bread product suite to match the needs of the modern customer. Not only does our platform allow for a faster checkout experience and a guided payments journey, but more options for every customer and every purchase are being added regularly.
With a single integration, retailers who partner with Bread can offer customers new ways to pay that will fit a huge range of different products, retailers, and customers. That’s why brands who partner with Bread have seen up to 61% increase in average-order-value and a 20% increase in conversions. Whether they’re looking to pay for a big purchase over several months, or a smaller one in a matter of weeks, we’re providing options for every customer and every purchase.
To learn more about SplitPay, click here.