If you run a retail store or an e-commerce business; one easy way to attract more customers would be by displaying ‘EMI Facility Available Here’ sign. EMI is a cost-effective payment method with which your business can benefit greatly. For high priced products such as mobile phone, electrical appliances and home furniture EMI schemes have proven to increase sales.
When customers want to purchase a product like an electrical appliance; the first thing that comes to their mind is how to pay – cash or card. The right option for them would be using credit card & opting for EMI. Business owners who provide EMI facility to customers have a higher chance of up-selling too. Customers looking to purchase a product worth 8000/- can be recommended 10000/- worth product. Add to it the option of 0% processing fee & splitting up the amount into multiple EMI’s like 3 months, 6 months or more. The 0% interest EMI is a big hit with customers who want to buy big ticket products without any interest burden. Customers will be more open for purchases, when banks offer cash back on their cards; thereby resulting in more purchases.
60% of high-income customers preferred installment plans, and 4 in 10 credit card users would increase their purchase size by 10% or more if given the option of an interest-free EMI plan
How Offering Card Payments & EMI Option Influences Impulse Purchases
As of May,’17, there were 30.86 million credit cards, 880 million debit cards in India, while the average number of debit cards per person was around 3 showing Indians favoring plastic money. With cashback offers, discounts and instant credit readily available; individuals get greater freedom to spend resulting in unplanned purchases called impulsive buying.
Shopping online can be cumbersome and may sometimes lead to abandoned carts. While in a store, customers tend to make impulsive purchase because all they must do is just swipe the card. Businesses that have card swiping machines in their stores with option to offer EMI can capitalize on these customers & enjoy increased sales. EMI options are widely available at furniture stores & online stores who are offering attractive & affordable EMI schemes even on a purchase of a Rs 2000 product. Companies like Samsung India are providing the scheme on debit cards also.
In 2013 the iPhone sales in India increased by 400% due to EMI schemes, discounts
Give your customers the freedom to make that BIG purchase by offering EMI option in your store. EMI option is available for your Payswiff ONE and Digital POS/POS+ Printer from the leading banks – Axis Bank, Central Bank of India, ICICI Bank, HSBC, Corporation Bank, IndusInd Bank, Kotak Mahindra Bank, RBL Bank & Standard Chartered Bank.
If you’re using either of the devices – Payswiff ONE mPOs or Digital POS, then here’s the steps on how to perform an EMI transaction for your customers.
If you’re a business owner and planning to start offering EMI option in your store to your customers, then get your Payswiff Digital POS device today.