Key Takeaways
The multi-pronged business strategy: Interest-free instalment plans, such as VIS Visa Instalment Solutions, target merchant concerns like sticker shock, cash flow optimisation, and additional operational costs when expanding payment options.
Where it's already working: Interest-free instalment plans are already being adopted across automotive, beauty and wellness, luxury and watches, and furniture and electronics — anywhere high-ticket purchases create hesitation at checkout.
Getting started is quick and simple: Setting up VIS Visa Instalment Solutions takes minutes. Existing KPay merchants can reach out to our CS team via WhatsApp to activate the feature, while new merchants can sign up online or contact the sales team to get started.
"How much is it?” is a phrase all too familiar among business owners trying to close a sale.
Now, the price tag is your hurdle to continuing your sales pitch. This moment is a common memory for any business owner – the customer's sticker shock. As the business owner, you either let the customer walk away or negotiate your best price with the customer.
You're caught in a dilemma where you either lose the lead or reduce your profit margin, which is a frustrating and unsustainable way to run a fast-growing business. This is where VIS Visa Instalment Solutions steps in. Explore how this interest-free instalment plan can empower your customers and help your business drive sales.
What are interest-free instalment plans?
An interest-free instalment plan is a payment option that allows customers to split the cost of a big-ticket purchase into smaller, fixed monthly payments over a set repayment period. Depending on the purchase amount, they typically can choose between 3 - 24 months to pay off the interest-free instalment plan.
Unlike traditional credit, customers are not charged any interest or processing fees on their purchases. These flexible payment plans help to alleviate the financial hesitation that prevents shoppers from committing to big-ticket purchases, incentivising customers to complete their transactions and check out.
How interest-free payment plans help your business grow
Offering interest-free instalment plans is not just about making it easier for customers to pay. It's a strategic, multi-pronged business move that converts more customers, protects your cash flow, and keeps your operating costs exactly where they are.
From converting hesitant shoppers at the point of sale to optimising your cash flow, flexible payment plans like VIS Visa Instalment Solutions are designed to support your business at every stage of growth.
Reduce sticker shock and close the sale
At the final stage of the purchase journey, cost is often one of the biggest obstacles standing between your customer and the sale.
To your customer, a HK$10,000 bill feels like a significant financial hit. But with a 12-month interest-free instalment plan, that same purchase becomes just HK$834 a month, decreasing the perceived cost by over 90% without reducing the value of what your customer is buying.
For you, this means fewer walk-aways, higher conversion rates, and a greater willingness among customers to consider premium products and packages they may have otherwise dismissed.
Receive full transaction amounts upfront
Once your customer completes the transaction with VIS Visa Instalment Solutions, your funds are secured. This credit card instalment plan allows merchants to receive the full transaction amount upfront – letting you optimise your business cashflow and focus on scaling your business.
With traditional instalment repayment plans, your earned revenue depends on the customer. If they delay payment of their monthly instalments, this also means a delay in your access to your earned revenue.
You're waiting on revenue that's already been earned. Visa Instalment Solutions eliminates that uncertainty, giving you immediate access to funds while your customers enjoy interest-free, flexible payments.
More payment methods, no additional hardware required
VIS Visa Instalment Solutions is an add-on feature that can be enabled directly on your existing KPay Terminal Pro. You do not need to sign up for any extra hardware, allowing you to widen your payment options, keep your workspace clutter-free and your operating costs low.
Simply contact our customer support team on WhatsApp to help you activate the VIS Visa Instalment Solutions feature on your terminal.
Different Industries that Use VIS Visa Instalment Solutions
Several businesses across different industries already offer flexible payment plans to empower their customers with greater purchasing power and drive higher sales conversions.
Businesses from these industries include:
Automotive & aftersales: Motorists buying a car or paying for costly repairs typically have to apply for financing plans that involve paperwork and days waiting for approval. With VIS Visa Instalment Solutions, car dealers can instantly offer interest-free instalment plans on the spot.
Beauty & wellness: Customers considering comprehensive treatment packages often hesitate at the last step due to the hefty upfront costs. VIS Visa Instalment Solutions now allows customers to spread the cost into smaller amounts they are comfortable with paying every month.
Luxury & watches: Customers keen on purchasing expensive luxury items often hold back as they do not want to make an immediate lump sum payment. For eligible customers, you can offer VIS Visa Instalment Solution directly on KPay Terminal Pro, allowing them to split the payment into a 3, 6, 12 or 24-month interest-free instalment plan.
Furniture & electronics: Customers shopping for furniture often juggle additional costs like renovation expenses, making them more hesitant to commit to higher-ticket items. Allowing them to split the full payment into a 3, 6, 12 or 24-month interest-free credit card instalment plan will help them turn their big-ticket purchase into manageable monthly payments.
Getting started with VIS Visa Instalment Solutions
Setting up VIS Visa Instalment Solutions for your payment terminal is simple with no need for new hardware, complicated onboarding processes, or workflow disruptions.
Reach out to our customer support team via WhatsApp to enable the VIS Visa Instalment Solutions feature on your existing KPay Terminal Pro to start offering interest-free instalment plans to boost your sales today. If you're not a KPay Merchant yet, sign up online to get started or contact our sales team to walk you through the process today.
