EPP and BNPL Payment Options: Opening Doors to More Customers

Affordability has become more than just a buzzword; it’s a critical factor in driving sales. Offering affordable payment solutions catering to various financial needs boosts customer satisfaction and expands your brand’s reach. Payment plans like Easy Payment Plans (EPP) and Buy Now, Pay Later (BNPL) make affordability a reality, ensuring no customer is left behind due to budget constraints.

What Does Affordability Mean in Payments?

Affordability in payments is about giving customers the freedom to manage their finances without compromising their purchasing power. As 74% of consumers use split-payment plans because they believe it enforces better spending management, it’s about transforming “I can’t afford this now” into “I can make this work”. By breaking down payments into smaller, manageable amounts, businesses open the door to a broader customer base, accommodating those who may hesitate to pay upfront. This approach empowers customers but also builds trust and loyalty, as they feel their needs are prioritised. 

The Role of EPP in Affordable Payments

Easy Payment Plans (EPP) allow customers to convert big-ticket purchases into smaller instalments over a fixed period. Typically tied to a credit card, EPP lets shoppers enjoy their items immediately while spreading the cost over time. For businesses, this means higher conversion rates and increased average order values.

For instance, a customer eyeing a high-end gadget or a luxurious piece of furniture might think twice about an upfront payment. However, the option to pay over 6 or 12 months removes the financial strain and makes the purchase more appealing. 

The Rising Popularity of BNPL

On the other hand, Buy Now, Pay Later (BNPL) has revolutionised how consumers approach shopping. It has seen a steady growth in usage amid double-digit growth at 77.3 million transactions recorded in 2023. Unlike traditional credit-based EPPs, BNPL services typically require no credit card and often come with zero-interest plans, making them highly attractive to younger, digitally-savvy shoppers. Customers may or may not pay a portion of the amount upfront, and the rest is split into a series of payments over time.

For businesses, integrating BNPL can mean tapping into a younger demographic who prefers alternatives to credit cards. It encourages impulse purchases and reduces cart abandonment, as customers feel more confident about spreading out the payments.

Empowering Businesses with Affordable Payment Solutions

Curlec enables businesses to embrace affordability through cutting-edge payment technology. With EPPs via major banks, Curlec provides one integration for an end-to-end payment solution. Alternatively, Curlec offers BNPL as well through Atome and PayLater by Grab. These features set your business apart, allowing you to provide the convenience your customers crave. 

Affordable payment plans are more than a feature; they’re a tool to drive growth, foster loyalty, and create lasting customer relationships. They’re not just trends—they’re essential tools in modern retail. 

If you’d like to learn more, start by signing up.