The secret to sustained success in the digital space is to know which trends are here to stay – and which are a passing fad. This is where our expert team comes in. As a group of digital obsessives, it’s our passion to keep you and your brand at the forefront of the digital realm with our ever-expanding list of partners and innovative solutions.
Our latest collaboration comes with LayUp, an exciting take on the classic Lay-by payment option.
What does Lay-By Mean?
Traditional lay-by payment solutions allow customers to complete purchases and reserve products, even if they don’t have the cash on hand.
This flexible payment method means that customers are able to buy more items at a time – resulting in an increase in average basket value. As a business owner, your risk is also reduced, thanks to the fact that you only release the goods once you’ve received payment in full.
It’s long been a popular payment option in brick-and-mortar stores, but has been lacking in the online space.
LayUp is filling this gap, serving as a digital middleman between you and your customers. They handle the transactions to ensure the payment process takes place easily, safely and efficiently.
So, how does LayUp actually work?
For customers, the LayUp process can be broken up into five key components:
The core benefits of LayUp for subscribers include:
- No credit checks! This makes it a much faster and accessible payment option.
- Since it’s not a loan, LayUp is also available to foreigners.
- Customers aren’t charged interest on their purchases, making the process less punitive and more rewarding in the long run.
By offering a more convenient and inclusive payment method, your store sets itself apart from the competition and opens your market up to more customers than ever before. Order completion rates are also increased, leading to an overall lift in revenue. The LayUp solution also means that you get to spend less time on administration – saving you time and money and making this a scalable option for your business.
How LayUp works for your online store
As LayUp partners, we are able to speed up your integration process and reduce potential stress-points, by working closely with the team to get your store accepting LayUp payments in no time. You’re always in control and the best part is that you’ll start seeing results almost right away.
What does the process entail?
- Upon signing up, you’re provided with a dedicated management dashboard.
- Your dashboard allows you to set details like final dates, deposit requirements and specific products you’d like to exclude from the lay-by option.
- Having all your data on one dashboard also makes it easy for you to keep an eye on your store’s performance with LayUp and can give you insights into opportunities for future growth.
- LayUp takes responsibility for the transactions until the payments are completed, reducing a chunk of admin tasks on your end.
We love that LayUp is offering eCommerce stores a digital payment solution that not only saves time and money, but also allows for continuous innovation.
The bottom line with any added feature for your online store is always to boost customer activity and thereby increase revenue. These numbers speak for themselves, with stores using LayUp experiencing:
- Up to a 55% increase in revenue
- Up to a 25% increase in basket size.
- Up to a 60% increase in completion and checkout rate
Looking to the future
We are always looking to bring real solutions to our clients. Our partnership with LayUp speaks to this mission and places our ecommerce stores at the forefront of the South African online shopping space. Get started on your own ecommerce journey today, by getting in touch with our team of experts.