How can you integrate our multi-installment payment solution into your e-commerce site?

What is a multi-installment payment solution in e-commerce?

A multi-installment payment solution is a system that allows customers to spread the total cost of a purchase over several payments spread over a defined period. This payment method is particularly popular for expensive items or high-spending periods such as the festive season.

In B2B, it reduces pressure on the customer's cash flow.

Here are just a few of the benefits:

• Facilitating purchasing

The idea is to make purchasing easier by spreading the payment to encourage people to buy more or more often .

• Impact on sales

E-merchants who offer multiple payment options often see an increase in the average shopping basket. A study on a panel of e-merchants showed that merchants who offer payment in instalments see their average 20% increase in sales .

• Competitive advantage

In a saturated online market, offering flexible payment options can set an e-tailer apart from its competitors.

What multi-installment payment solutions (BNPL) are available for e-tailers?

Among the players offering payment in instalments for integration into an e-commerce site are :

• Hero

• Alma

• PayPal

• Oney

• Younited Pay

We detail the advantages and disadvantages of each of these solutions below.

Why integrate an instalment facility into your online store?

Let's take a look at the advantages and disadvantages of a multi-installment payment solution in your online store.

Customer benefits

With this solution, you will first and foremost improve customer satisfaction:

• Financial flexibility

Customers can spread the total cost of a purchase over several months.

• Increased purchasing power

To be able to allocate costs can encourage customers to make larger or more frequent purchases.

• Increased trust

This option reinforces the perception of a brand concerned with customer satisfaction, thus cultivating customer trust.

Benefits for retailers

Propose a multi-installment payment solution is also beneficial for retailers. It can boost sales, improve conversion rates and reduce cart abandonment.

• Sales boost

For example, a store generates €100,000 in sales with 2,000 sales per year (€50 per sale). With fractional payment, it attracts 500 additional sales (+€25,000) and increases the average basket by 10% (+€12,500). BNPL's solution costs her €2,500 per year. This operation saves her €35,000 a year (€25,000 + €12,500 - €2,500).

• Improved conversion rate

Split payments make it easier for hesitant customers to buy, which in turn increases the number of sales.

• Reduced cart abandonment rate

Cart abandonment is a major problem in e-commerce, with 80.68% of abandoned baskets . By offering flexible payment options, you can reduce cart abandonment rates by eliminating one of the major obstacles to finalizing a purchase. It is estimated that this novel means of payment will increase the size of the average shopping basket by about 15% of the .

How can I offer payment in instalments in my store?

Here's a detailed guide to integrating a fractional payment solution:

1. Choosing the right solution

Choosing the right solution is crucial to the success of integrating payment in instalments on your site.

• Needs assessment

Before choosing a solution, assess the needs of your business and your customers. What type of fractional payments do you want to offer? Over how many months? At what cost? At the customer's expense or from your own cash flow?

• Offer comparison

Compare different multi-payment solutions such as HeroPay , Alma , PayPal , Oney and Younited Pay . Look at fees, features, ease of integration and reviews from other merchants (we'll tell you more right after).

2. Technical integration

Once the solution has been chosen, the next step is technical integration on your e-commerce platform.

• Plugins

If your CMS supports plugins, check to see if the multi-payment solution you've chosen offers a plugin. Platforms such as Shopify , Magento or WooCommerce often have dedicated plugins for popular payment solutions. This is notably the case for Hero which offers plugins for PrestaShop, WooCommerce and Magento.

• API

If a plugin is not available, or if you have specific requirements, integration via API may be necessary. In this case, it would be wise to work with a developer or a specialized agency. Most tools provide technical support (sometimes for a fee). At Hero, we can help you successfully integrate our fractional payment solution.

3. Communication

Promote the option of paying in instalments in your sales channels, and prepare your customer service department to answer questions about this payment method.

4. Monitoring and optimization

Performance analysis and ongoing optimization are crucial to maximizing the benefits of multi-payment.

• Performance Analysis

Use free tools such as Google Tag Manager and Google Analytics 4 to measure the impact of payment in instalments on your sales and conversion rates.

Create events for each stage of the payment process Set up specific trackers to measure user interactions on your site, such as reaching the checkout page or choosing the option to pay in instalments.

Observez cart abandonment rate on the payment page and average basket size in the Google Analytics 4 engagement tab.

Performance analysis at every stage of the payment process

• Optimization

Use the data collected to adjust your payment in instalments offer:

• Optimize the minimum amount required to access payment in instalments.

• Adjust the number of payments , the time between payments et the cost of paying in instalments . This cost can be absorbed by you, making this option free for the customer.

The main multi-installment payment solutions for e-commerce

In this section, we take a look at reliable multi-installment payment solutions for your online store.

1. Hero

Hero logo

Hero Checkout is an online payment solution that stands out for its ease of integration with most e-commerce platforms. It's also a complete suite of tools to facilitate your company's finances.

Features :

• Easy integration with most e-commerce platforms (PrestaShop, WooCommerce, Magento)

• Flexible payment options for customers

• Transaction security

Price : Pricing based on transaction volume. Please consult us.

How to integrate it into your site :

• Use a plugin if your CMS is compatible

• Integration via API with the help of one of our experts

2. Soul

Alma's logo

Alma is a French solution that makes it easy for merchants to pay in instalments, with simple integration into popular CMS systems and an easy-to-use interface. ongoing support during integration .

Features :

• Easy integration with popular CMS such as Shopify, PrestaShop, Magento, WooCommerce.

• Customer support throughout the integration process.

Price : Commission of 3.8% per transaction.

3. PayPal

PayPal logo

PayPal is a well-established online payment solution that offers merchants a 4-installment payment option .

Features :

• 4-installment payment option for customers.

• Simple, customizable integration with most e-commerce platforms.

Price : The charge to the consumer is 2.1% of the transaction amount, up to a maximum of 20 euros.

How to integrate it into your site Connect your e-commerce platform to your PayPal account using an API key.

4. Oney

Oney logo

Oney offers a payment in 3 or 4 instalments accessible to both online and physical stores.

Features :

• Customers can pay in 3 or 4 instalments.

• Simple, secure integration via API or directly via your PSP.

Price : Fees and rates are specific to each store. Please contact their customer service department.

How to integrate it into your site : Add a module via an API.

5. Younited Pay

Logo de Younited Pay

Younited Pay is an instant credit solution designed to facilitate major purchases online or in-store. It offers a payment in instalments simplified, up to 50,000 euros over a period of 10 to 84 months all completed in less than 5 minutes.

Features :

• Instant credit for amounts from €300 to €50,000 over 10 to 84 months.

• 100% digital process with confirmation of identity, provision of proof of identity, bank connection and electronic signature of contract.

Price : For fees and rates specific to each store, please contact their customer service department.

How to integrate it into your site :

• Create a Younited Pay account.

• If you're using an e-commerce platform like Prestashop or Shopify, integration is a snap. For customized sites, integration will require a few days of development.

6. How can I pay in instalments with Shopify?

Shopify home page

Shopify offers a multi-installment payment solution with its Shop Pay Installments .

Shop Pay Installments offers customers the flexibility to pay in instalments for orders between €50 and €17,500 .

How can you integrate a multi-installment payment solution into your e-commerce site?

Hero Pay is a solution that stands out for its ease of integration. They manage the integration for their customers, which can simplify the process considerably.

• Contact Hero Pay to discuss your payment needs.

• Follow the instructions provided by Hero Pay to integrate the solution on your site.

Conclusion

Integrating payment in instalments can enhance the shopping experience, boosting your sales and conversion rates. Explore the options and choose the right integration method to offer your customers greater financial flexibility.

You want to deploy a multi-installment payment solution for your e-commerce business efficient and competitively priced?

Request a Hero demo with one of our advisors.