#credpalpay Archives - CredPal

CredPal Pay: An omni-channel merchant suite to drive sales through BNPL.

CredPal — Mon, 06 Jun 2022 10:40:59 +0000

The evolution of payment has transcended from simply carrying out transactions to bridging the gap between provider and user through innovative technology. The ecosystem has experienced massive growth, particularly in digital payment solutions and consumer credit. In recent years and amidst the global pandemic, there’s been more adoption than ever before just as there has been a lot of focus on embedded finance but this comes as no surprise.

Our focus has always been to play a key role in driving the retail market through embedded finance and innovative solutions like buy now, pay later that cater to businesses and consumers. We’ve been doing this for over four years and continue to evolve in building products that cater to all kinds of merchants; eCommerce, social commerce, as well as brick and mortar stores. It is what has led us to a continuously evolving product – CredPal Pay.

What we now call CredPal Pay started out as a point-of-sale financing solution for merchants. In 2018, we started out with a plugin integrated at the checkout point of eCommerce stores like Pointek, Slot, Dreamworks, and a number of other online retailers. This checkout plugin served as an embedded integration that allowed online merchants to offer their customers a flexible payment option when shopping.

And in November 2021, we redefined the point-of-sale financing solution and birthed an improved product called CredPal Pay. An omnichannel suite designed to enable merchants of any size conveniently offer buy now, pay later to their customers, receive orders via a number of channels, and most importantly increase order value and sales.

The challenges and potential

Cart abandonment

According to Baymard Institute, the average e-Commerce site has a cart abandonment rate of 69.82%. This means that for every 100 potential customers that visit a merchant’s website, 70 of them leave without making any purchase. Let’s do a quick maths to see what this means for revenue, let’s say a merchant with an eCommerce site makes a revenue of $10,000/month. Then finds a means of turning just 25% of the abandoned carts into orders, they’d make an additional $2,500/month!

Consumers’ low purchasing power

Only seven African countries on the continent have a minimum wage equal to or less than $200, while for the majority of other African countries, it’s below $100. The low economic growth and insufficient well-paying jobs have made it a challenge for a large percentage of African consumers to pay outright for small or large ticket purchases.

The average purchasing power is still very low in even the fastest-growing markets because there is just a small class of middle and high-income earners which leaves a large population still struggling with minimal spending power.

A cash-driven economy

Cash is still popular within the informal retail sector in Africa and this is because consumers still trust cash transactions first, still opting for cash-on-delivery when shopping online and paying cash in informal retail markets like roadside stores. While it’s important to note the increasing adoption of digital payment methods, there’s still a significantly large gap to fill in reducing the cash spend in Africa. As of 2021, cash was still the main payment method for online shopping in Morocco, Egypt, and Kenya.

Merchants’ in-house financing is a disadvantage

In an interview with one of CredPal’s partnered merchants, he explained how they offered to finance specific segments: customers with high Life Time Value (LTV), friends, and well-acquainted customers. His experience was that 70% of them defaulted on the payment for items they got despite the relationship and assurance of payment.

It was a business risk that didn’t pay off because the merchant was handling an in-house consumer financing that wasn’t sustainable and worse of all, tied down capital that could have been used for inventory. Other small and medium-size merchants wouldn’t even consider this option despite customers requesting it because of the high-risk and capital involved in consumer lending.

Building for merchants: a buy now, pay later solution for the retail industry

Driving a significant increase in sales

Offering payment options to potential and existing customers gives consumers the financial flexibility to manage their budgets and increase their purchasing power. What this means for merchants is higher purchase value, frequent purchases, and most importantly, an increase in sales.

Alternative payment options have been recognized as a strategy to combat cart abandonment and secure potential customers. The article by Shopify further states that one in four merchants offering buy now, pay later double their average order value because they offer customers the choice to spread their payment over monthly installments.

RBC Capital Markets 2021 outlook estimated that point of sale financing increases retail conversion rate by up to 30% and lifts the average ticket size between 30% to 50%. Furthermore, BNPL sales are expected to double between 2021 and 2026, keep in mind that as of 2019, BNPL represented 2.6% of global eCommerce sales (excluding China) estimated at $60B.

Making your business every customer’s shopping destination

Due to the global pandemic, it was important for CredPal Pay to evolve to suit the demands and changes of the retail market. With the redefined and improved product, what we’ve done is build an omnichannel suite that offers merchants a range of digital payment options to choose from when offering their customers buy now, pay later.

Over and over research has proven that retailers with more payment options have a higher chance of receiving more orders. In a survey carried out by CR Research, 60% of the respondents indicated that they have used a buy now, pay later service and 46% of those were currently making a payment through buy now, pay later.

Digital payments as a convenience

In Nigeria, wholesale and retail sales are the third-largest contributors to the country’s GDP, contributing 16% although mostly driven through informal markets. According to Statista in 2021, cash was also not very prevalent in Nigeria compared to a few of its counterparts, with 35% of eCommerce payments transacted by card, and 21% by bank transfer, it is obvious that consumers are embracing the ease that comes with digital payments and exploring more options including installment payment.

As a merchant, if you’re yet to add BNPL to your payment options, now is the time to do that.

Providing your customers the ease of paying without cash and a higher purchasing power is the extra boost your business needs to close more sales. CredPal Pay is built with no restrictions. No matter the size of the business, online or offline, there are enough payment options to use instead of sticking to just cash, POS, and bank transfers.

The value and convenience of CredPal Pay

QR Code and Payment Link

CredPal Pay makes it convenient to offer buy now, pay later from anywhere you operate.

Whether your business operates from a brick-and-mortar store, or social commerce (Instagram, Facebook, Twitter, and other social platforms). Once you register as a business, you get a dedicated dashboard that gives you access to everything you need including your payment link and QR code both of which can be shared with anyone who wants to pay you through CredPal.

But there’s more, you can track payments, and access digital assets to help you promote your business as a CredPal partnered merchant. We’re not just helping you offer your customers convenience and flexible payment options, you’ll also be handling fewer cash purchases and more contactless payments.

When using CredPal Pay, you no longer need POS machines, cash payments, or bank transfers. Everything is done via your own generated QR code and payment link.

Checkout Plugin

Revenue for the eCommerce sector in Africa is set to reach a value of over 46.1 billion U.S. dollars in 2025 and BNPL is one of the major factors that have been repeatedly highlighted as a tool for this growth. Also, research by After Pay states that customers are more likely to shop from an eCommerce store that offers BNPL as a payment option.

So, how else do you leverage this opportunity? By including flexible payment options at the point of checkout. Integrating CredPal’s plugin at the checkout point of your eCommerce store is straightforward, whether it’s WooCommerce, Magento, etc. there’s a plugin for you. Our Relationship Managers will also guide you through the integration if there are any challenges.

Building for merchants: The CredPal Pay advantage

Increase in sales and average order value.
Merchants bear no risk with CredPal Pay: They are paid immediately once an order has been made while CredPal takes sole responsibility for customer repayments.
Merchants tap into thousands of new low to medium-income buyers! These buyers are used to having to save up before making major purchases. Now, they can use CredPal and instantly buy what they need.
Simple onboarding for merchants to process customers’ orders.

How to get CredPal Pay

Registering to be a merchant partner is easy, simply click here to register and a member of the Retail Partnerships Team will reach out to you to educate and onboard you. Once this is done, the next steps will be to offer CredPal’s buy now, pay later to your customers and start making more sales!

Visit credpal.com/business
Tap on “Become a CredPal Merchant”
Fill in the required details to register
Our Relationship Managers will contact you within 24 hrs
Get onboarded and start using CredPal Pay!

Whatever your business goals are, CredPal Pay aligns with them.

Source

The post CredPal Pay: An omni-channel merchant suite to drive sales through BNPL. appeared first on CredPal.

Restaurants that accept Eat Now Pay Later in Lagos

CredPal — Wed, 06 Oct 2021 14:55:36 +0000

Food is one of the most vital basic needs of life that cannot be underrated or overhyped. Its benefit to the body helps us to value its essence more than any other basic need because food is essential to gain strength before chasing other needs. Now, we are talking about “eat now, pay later” what exactly does this entail.

As much as food is important to the body, no restaurant wants to feed for free or in credit. You’ve probably seen skits or videos where individuals have been embarrassed because they could not afford to pay for the meal they bought. These restaurant owners are also entrepreneurs who want to make profits too so we can’t totally blame them for the actions they take during these moments.

The narrative is changing. Customers can now eat and pay later. They are not paying in kind by doing the dishes in the restaurant or any domestic activities like it is usually done, they are eating and paying back in cash.

Eat Now Pay Later Innovation

The buy now, pay later payment method has moved fully to restaurants to allow customers to manage their cash flow and still enjoy themselves. Here at CredPal, we have partnered with restaurants that are open to the ENPL payment method. So if you need to eat and your account isn’t capable, you can go to any of these restaurants to eat and pay with CredPal. CredPal pays the restaurants immediately while you pay CredPal later.

List of restaurants that accept eat now, pay later in Lagos State

1. Orile Restaurants and Bar

Address: 2, Ichie Chris street, Chris Madueke, Lekki Phase 1, Lekki Phase 1, Lagos.

IG handle: @orilerestaurantandbar

2. 12 Baskets

Address: Plot 45, Chief Collins Uchidiuno Street, Lekki Lagos.

IG handle: @12basketsfoodsltd

3. Koffee Hut

Address: Plot 24, Block 113, Adebisi Ogunniyi Crescent, off Freedom Way, Lekki, Lagos.

IG handle: @koffeehut

4. My Konos on the Roof

Address: 6a, Ogunike Crescent, Lekki, Lagos

IG handle: @mykonosontheroof

5. Hard Rock Cafe

Address: Landmark Village, Water Corporation Road, Oniru VI, Lagos.

IG handle: @hrclagos

6. Burger Place

Address: 301, Herbert Mcauley Way, Before Spencer Bustop, Yaba, Lagos.

IG handle @theburgerplace.yaba

7. Bukka Hut

Address: 271, Herbert Macauley Way, Alagomeji- Yaba, Lagos.
IG handle: @bukkahut

8. The Balcony Lagos

Address: 70b, Kusenla Road, Ikate, Lagos

IG handle: @thebalcony.lagos

9. Eden Life Concierge Limited

Address: Block D3 Flat 5, Jacob Mews Estate, Adebisi Street, Yaba, Lagos.

IG handle: @ouredenlife

10. The Metaphor Lagos

Address: 78a Younis Bashorun Street, Victoria Island, Lagos

IG handle: @themetaphorlagos

11. Chef Nahnah

Address: 17, Amodu Close, Micom, Egbeda, Lagos.
IG handle: @chef_nahnah

12. W Bar Lounge

Address: 5 Cowries Terminal, LASWA Yard, Falomo Ikoyi, 110233, Lagos.

IG handle: @wbarlounge

These restaurants are all listed within the CredPal app. You can either walk into their store to eat and pay with your CredPal account or order and pay within your CredPal app. You don’t have to starve your cravings because you don’t have enough to satisfy your stomach. Feed yourself, order for your loved ones, and enjoy the benefits of having a flexible mode of payment that can allow you to pay back at once or spread your payment within 2 – 6 months.

Feedback from Partnered Restaurants

The CEO & owner of Orile Restaurant & Bar, Bimpe Fashogbon, spoke about the value of accepting the eat now, pay later feature on CredPal, “Orile Restaurant and Bar partnering with CredPal is of great value to us and our customers. Our tagline ensures that all our customers that come here leave happily. Now, what does CredPal do? CredPal ensures that whether or not you have money, you can have access to good food from Orile and pay later.”

Tochukwu Chukwuka, the CEO of Koffee Hut also mentioned that “CredPal creates an opportunity for you not to overstretch your budget or touch some of the funds that is allocated for something just to meet your immediate gratifications. So with platforms like CredPal, you can eat now and pay later.”

If you are not on board yet, you can download the CredPal app to join the category of people who are satisfying their cravings with CredPal.

Source

The post Restaurants that accept Eat Now Pay Later in Lagos appeared first on CredPal.

5 Reasons to add Buy Now, Pay Later option to your E-commerce

CredPal — Wed, 22 Sep 2021 15:41:26 +0000

The consumer market has evolved over the years especially with its payment options. From accepting cash as the only means of payment to accepting bank transfers to using POS services and now to the phase of buy now, pay later in E-commerce.

Who would have thought that the phrase “no credit today, come tomorrow” can inspire a time-changing innovation where customers can buy whatever they need all on credit without the fear of not being able to pay back.

The Buy now, pay later payment option has been available for many years. You have probably heard it as shop now, pay later, installment payment, pay in 4 months, pay small small, pay at your convenience, and many more. Whichever term you’ve heard of, they all mean the same thing – you are simply buying and paying later.

The duration at which customers payback is dependent on the policy of the company. However, customers are not paying you back, you get paid in full while customers pay the financial organization later at their best duration.

Here at CredPal, customers have the opportunity to spread their payment within 2-6 months.

Reasons to add Buy Now, Pay Later to your E-commerce business

Have you heard so much about this payment option but you are not clear about how it works and still have doubts? Here are reasons you can consider adding the buy now, pay later option to your business.

1. Easy to merge to your website

Once you have signed up on CredPal, which we have explained in this article, the buy now, pay later payment is easy to integrate into your website, if you have one. That way your customers that shop on the website are aware that you are accepting such a payment option which makes it easy to shop for customers who would prefer the payment option.

2. You get paid in full while your customer pays in installments

We’ve had to clear the doubts of some of our merchants who ask what happens to a customer when they default or refuse to pay them back. Your customers are not paying you in installment, they are paying us back in installment. You get paid in full as soon as an order is confirmed from the customer’s end.

3. Flexible payment structure

Your customers enjoy a flexible payment structure that doesn’t pressure their accounts. They can buy from you, spread their payment, and still sort their other needs. CredPal allows your customers to spread their payment over 6 months with a breakdown of what they’re expected to pay back every month.

4. Convert new customers

Acquiring customers might be easy with the help of a great SEO strategy and social media ads but converting these customers to make sales requires another strategy of flexible payment option. You never know the customers whose preferred payment option would be to split payment, having a payment structure like this, helps to convert these sets of customers.

5. Increases customers Lifetime value (CLV)

A customer’s lifetime value is the total amount a customer spends at your store as a customer. When customers realize that they can buy from you and pay later, it helps them to continue to buy from you because there is a payment option that can help them buy from you while still meeting their other needs.

The buy now, pay later payment option is now one of the most acceptable payment options in and outside Africa. If you are convinced enough and you are willing to accept CredPal as a payment option for your customers to buy and spread their payment, then you should sign up now.

Source

The post 5 Reasons to add Buy Now, Pay Later option to your E-commerce appeared first on CredPal.

Partnering with Merchants to Power Retail in Nigeria

CredPal — Wed, 18 Aug 2021 14:00:43 +0000

It has been exciting times at CredPal and that is because of the partnerships we have been securing with merchants across various industries ranging from electronics and gadgets, furniture, travel and transport, real estate, grocery, beauty & cosmetics to education. These partnerships have been strategic and intentional in order to maintain the leadership position in the buy now, pay later space in Nigeria.

Having partnered with over 13,000 merchants and counting, what this means is that customers can log in to the app and pay directly to these merchants from their CredPal credit card. We’re powering and creating easy access to not just credit but the shopping needs of the average Nigerian.

For merchants, we have designed what we call, CredPal Pay to help them increase sales and transform their business into a favorite shopping destination with exclusive offers for their customers and our customers.

Also Read: How CredPal has become the “go-to” for buy now, pay later payment option.

How do merchants benefit from this partnership?

Reducing shoppers buying hesitation

Adding a buy now pay later mode of payment for merchants means that customers who want to buy your product or services and cannot due to insufficient funds are now allowed to buy and pay later. Don’t get it twisted, you are not paying the merchants later when you shop from them, you are paying CredPal later. Merchants receive their payment as soon as the customer confirms that the product has been delivered.

Increased sales value

The CredPal Pay feature is designed to help merchants increase sales. We have merchants who have recorded sales more than this and we believe that more merchants are on the verge of hitting increased sales of over 32%.

New customers

A new mode of payment means that you attract new customers whose preferred means of payment is to buy now and pay later. Customers that were reluctant to buy before because the pay was probably beyond their budget can now adopt this means of payment to pay ‘small small’

How do I register with CredPal as a merchant?

Joining CredPal as a merchant is just a link away. Click on this link, provide all the necessary information and start enjoying the benefits that come with accepting CredPal Pay.

Also Read: CredPal is changing retail experience with buy now, pay later.

Source

The post Partnering with Merchants to Power Retail in Nigeria appeared first on CredPal.

#credpalpay Archives - CredPal

CredPal Pay: An omni-channel merchant suite to drive sales through BNPL.

The challenges and potential

Cart abandonment

Consumers’ low purchasing power

A cash-driven economy

Merchants’ in-house financing is a disadvantage

Building for merchants: a buy now, pay later solution for the retail industry

Driving a significant increase in sales

Making your business every customer’s shopping destination

Digital payments as a convenience

The value and convenience of CredPal Pay

QR Code and Payment Link

Checkout Plugin

Building for merchants: The CredPal Pay advantage

How to get CredPal Pay

Restaurants that accept Eat Now Pay Later in Lagos

Eat Now Pay Later Innovation

List of restaurants that accept eat now, pay later in Lagos State

1. Orile Restaurants and Bar

2. 12 Baskets

3. Koffee Hut

4. My Konos on the Roof

5. Hard Rock Cafe

6. Burger Place

7. Bukka Hut

8. The Balcony Lagos

9. Eden Life Concierge Limited

10. The Metaphor Lagos

11. Chef Nahnah

12. W Bar Lounge

Feedback from Partnered Restaurants

5 Reasons to add Buy Now, Pay Later option to your E-commerce

Reasons to add Buy Now, Pay Later to your E-commerce business

1. Easy to merge to your website

2. You get paid in full while your customer pays in installments

3. Flexible payment structure

4. Convert new customers

5. Increases customers Lifetime value (CLV)

Partnering with Merchants to Power Retail in Nigeria

How do merchants benefit from this partnership?

Reducing shoppers buying hesitation

Increased sales value

New customers

How do I register with CredPal as a merchant?