Shop Pay allows customers to pay in 4 interest-free payments while the store gets all the money upfront.
Shopify says that allowing the function can increase average order value by up to 50%. Customers can use the service for orders up to $17,500.
Giving your store’s potential customers options on the payment method could ease the checkout process and reduce abandoned carts.
There are two options with Shop Pay. The customer pays in 4 payments every 2 weeks or monthly installments for up to 12 months.
In both options, the store gets paid in total upfront, and there are no hidden or late fees for customers nor impact on their credit scores to apply.
Using the 4 payment option, customers can split purchases for orders between $50 and $999.99. Using the monthly payment option, customers can split purchases between $150 and $17,500.
Ariel Ben Solomon is the Growth and Strategy manager at Ecomhunt. He is the host of the Ecomhunt Podcast. Can be followed on Twitter at @ArielBenSolomon
