Split payments don’t just include Buy Now Pay Later solutions. While Buy Now Pay Later has taken the online world by storm as one of the most popular eCommerce payment solutions, we’re currently in a rapidly evolving payments landscape. Customers expect more ways to pay than ever before. In fact, 85% of people will abandon their cart if their preferred payment method is not available. Therefore, it’s vital to innovate the online checkout to keep up with mounting customer expectations, before you’re outpaced by competitors.
It’s for this reason that adopting split payments is essential to give customers more choice on how they pay, as well as a truly unforgettable customer experience that leads to customer retention.
Allow your customers to split the payment seamlessly as a group using Hands In Group Payments.
How many times have you paid for something on behalf of a group? Perhaps it was a takeaway for your group of friends- or something much more expensive such as holiday accommodation or flights.
Regardless of the amount, it can be a highly time-consuming process that often leaves the lead booker out of pocket. For example, a group payment journey without Hands In tends to look like:
The group decides who the (often reluctant) lead booker will be, who will take on the cost upfront to be reimbursed later
The lead booker then must chase the other members of the group for payment
This becomes more complicated if the amount is too much to place on their card due to insufficient funds or credit limits, a member of the group drops out of the payment, or if each member of the group owes a different amount
This can lead to frustration among the group and poor customer journeys
Customer churn, dissatisfaction, and failed payments can often be the result
However, here’s what a split payment journey looks like with Hands In Group Payments
The lead booker clicks the Group Payment option at checkout
They can then choose to collect a fixed amount per person or do custom amounts for everyone
Customers then invite the rest of the group to the payment via text, email, QR code, or payment link, allowing companies to collect all customer profiles - not just the information of the lead booker
Each customer joins the booking window and pays the amount they owe
We offer customised checkout windows, decided by the merchant, from 5 minutes to 7 days
Customers have the option to pay on each other's behalf or change the amount they owe at checkout; in case someone drops out
Once the full payment is made, the funds are captured and sent to the merchant
Group split payments remove the strain placed on the lead booker, so merchants can:
Capture more customer payments
Reduce failed transactions due to insufficient funds and credit limits
Decrease abandoned cart rates due to frustration with a clunky payments process
Create a better customer experience
Group payments are one of the leading eCommerce payments solutions because they allow customers to:
Eliminate friction from their payments
Reduce the amount of money they are out of pocket for, when they’re the lead booker on a large transaction
Not have to awkwardly chase their friends and family for money owed to them
Have more options to pay - from link payments to QR codes
Splitting payments across multiple cards is something you often see in brick-and-mortar shops but much less online. This is a significant missed opportunity to recover revenue, especially when we see that 67% of eCommerce firms cited recovering customers after failed payments as a significant issue.
Without the option to split payments across multiple cards, the customer journey can look like:
A customer goes through the process of purchasing a high-value item
The payment fails due to insufficient funds or a credit limit on their card
The customer, frustrated, goes elsewhere
The merchant has now lost this revenue
However, by using Hands In’s Multi Card to split the payment, that journey will look more like this:
A customer goes through the process of purchasing a high-value item
The payment fails, but a pop-up appears
The customer now has the option to split the payment across multiple cards, natively within the checkout
The customer is relieved and fills out the information for each card
The payment is a success and the customer (and their revenue) is retained
Multi Card creates a streamlined customer experience, allowing merchants to:
Recover transactions at the point of decline
Set the limit of cards that customers can use to split the payment
Create a better customer experience
Reduce failed transactions due to insufficient funds and credit limits
Decrease abandoned cart rates due to frustration with failed payments
Multi Card helps customers to:
Eliminate frustration and time wasted on failed payments
Reduce the impact that credit limits have on failed transactions
Make their money go further
Curious about the value split payment technology can bring to your business? If failed transactions are costing your business, allowing your customers to split the payment is a cost-effective and transformative solution. Get in touch with the team to organise a free demo.
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