ShopBack, Asia-Pacific's leading shopping and rewards platform, today announced the launch of ShopBack Pay Later, a BNPL payment option that allows shoppers to split their purchases into three interest-free monthly instalments. The launch of ShopBack Pay Later is part of the company's broader move into offering a suite of financial services to its shoppers.
“Financial flexibility is the key to achieving our goal of making shopping rewarding, personalised, and accessible to all. Our Pay Later feature removes the need for initial large lump sum payments and allows users to divert resources saved from installment payments to merchant purchases or even their own savings. This makes ShopBack an optimal space for enabling rewarding shopping experiences while encouraging financial mindfulness,” said Hamish Moline, Managing Director, Financial Services.
ShopBack Pay however, is a payment solution that allows merchants to offer their customers cashback rewards. This can be a great way to attract new customers and boost sales.
In this blog post, we will discuss how ShopBack Pay works, how much it costs, and how it can benefit your business. Furthermore, we will also discuss ShopBack Pay Later, a BNPL (buy now, pay later) service that can help customers spread the cost of their purchases over 4 interest-free instalments.
How does ShopBack Pay Work?
ShopBack Pay works by integrating with the merchant's checkout process. When a customer chooses to pay with ShopBack Pay, they are redirected to the ShopBack website to complete the transaction. Once the transaction is complete, the cashback is automatically credited to the customer's ShopBack account.
The amount of cashback that a customer earns depends on the merchant and the product category. However, cashback rates are typically between 1% and 5%.
How Much Does ShopBack Pay Cost?
ShopBack Pay charges merchants a commission on each transaction. The commission rate varies depending on the merchant and the product category. However, the commission rate is typically between 1% and 5%.
How Can ShopBack Pay Benefit Your Business?
ShopBack Pay can benefit your business in a number of ways, including:
- Attracting new customers - Cashback rewards are a great way to attract new customers to your business. When customers see that they can earn cashback by shopping with you, they are more likely to choose your business over your competitors.
- Boosting sales - Cashback rewards can also help to boost sales. When customers earn cashback, they are more likely to spend more money at your business.
- Improving customer loyalty - Cashback rewards can also help to improve customer loyalty. When customers earn cashback, they are more likely to come back to your business in the future.
Key benefits of ShopBack Pay Later:
- Interest-free monthly installments - ShopBack Pay Later allows shoppers to split their purchases into three interest-free monthly instalments. This can help shoppers manage their finances more easily and avoid paying high interest rates on credit cards.
- Flexibility - ShopBack Pay Later gives shoppers the flexibility to choose when they want to pay for their purchases. They can choose to pay the full amount upfront, or they can spread the payments out over three months.
- Convenience -: ShopBack Pay Later is a convenient way to pay for purchases. Shoppers can use ShopBack Pay Later at any participating merchant, and they can make payments through their preferred payment method.
ShopBack Pay Later is a BNPL (buy now, pay later) service that allows customers to spread the cost of their purchases over 4 interest-free installments. This can be a great way to help customers who are unable to afford to pay for a large purchase upfront.
To use ShopBack Pay Later, customers must be approved for a credit limit of up to $1,000. They can then use this credit limit to make purchases at participating merchants.
When a customer makes a purchase with ShopBack Pay Later, they are given 45 days to pay off the balance. If they pay off the balance in full within 45 days, they will not incur any interest charges. However, if they do not pay off the balance in full within 45 days, they will be charged interest on the outstanding balance.
How to Get Started with ShopBack Pay?
To get started with ShopBack Pay, you must first create a merchant account. Once you have created a merchant account, you can integrate ShopBack Pay with your checkout process.
If you are looking for a way to increase your business's bottom line, ShopBack Pay or ShopBack Pay Later is a great option to consider.
