Shoppers today expect more flexible payment options at checkout. In June 2021 Shopify launches an shop pay installments solution. Customers now have more flexibility when it comes to paying, while merchants can drive more sales and still get paid in full upfront. In this article, we will provide everything you need to know about shop pay installments for your Shopify store.
What is Shop Pay Installments?
Shopify Shop Pay Installments is a flexible payment option that can help customers buy your products by dividing their purchase amount into four equal, fortnightly, interest-free payments. Shop Pay offers customers the option to pay the entire order at checkout or in installment for orders between 50 USD and 17,500 USD. You can let your customers have what they want, when they want it by using the Shop Pay Shopify payment option, which offers the choice of paying in full at checkout or splitting the transaction, raising the average order value. There are no interest, late or additional fees and your customer credit score is not affected when a customer chooses Shopify Shop Payments. You can enhance your sales opportunities and grow new customers this way. When a customer views your product, the following information about Installment Purchases will be displayed:- Installment amount is calculated.
- Link to know more about Shopify Shop Payments
- Latest regulatory and compliance information
How does the Shopify Shop Pay Installments work?
Steps to take:
- Add in the required items to the cart.
- Check out using the Shop Pay Shopify payment option.
- To pay in installments, select Shopify Shop Pay Installments
- Client chooses the way four installments break down occurs:
- Make the first payment at checkout.
- Make the first payment two weeks later after purchase.
- Customers receive email reminders of upcoming charges until the remaining three payments are charged.
For merchant: Once the order is completed in step 4, you will receive the full upfront payment through Shopify Payments, excluding the Shopify Shop Pay Installments usage fee.
Activate Shop Pay Installments
Steps to take:- From your Shopify admin, go to Settings > Payments.
- In the Shopify Payments section, click Manage.
- In the Shop Pay section, check Shop Pay Installments
- Accept the terms and conditions, then click Save.
Steps to automatically add Shopify Shop Payments product page banners
- Go to your Shopify Admin, and click Online Store > Themes.
- Click the “Update Theme” option when updating your theme to let your customers know you accept the installment banner.
- Click Review changes and
- Further click Got it.
- Based on your preferences, review and adjust the placement of the Shop Pay Installments product banner.
- Click Save , followed by
- Click Save and Publish.
To pay with Shop Pay Installments
Steps to take:- Fill your cart, then choose Shop Pay at checkout.
- Choose to pay in installments and tap Continue.
- Select the installments option that best suits you.