Following this announcement, the Visa Instalments product will enable merchants to offer consumers the facility to split their purchase amounts into convenient, fixed payments over time by using their existing eligible Visa credit cards, which have already been subject to affordability checks.
In addition, the initiative will allow customers to complete their purchase without the need to apply for a new credit line, eliminating extra steps and credit checks, for faster checkout and increased approval. Visa will also notify the issuing banks to approve the credit without needing a new application, ensuring the client stays on the merchant’s checkout page.
According to the official press release, the new integration is expected to offer merchants an efficient and secure way for eligible customers to manage their finances while making purchases, ultimately driving higher conversion rates and increasing the overall average order values for merchants. At the same time, the process of enabling customers to spread the cost of their purchases during the checkout journey will give businesses the possibility to make larger ticket items more accessible and attract a wider customer base.
Furthermore, users will be enabled to split qualifying purchases into predictable, equal payments over a defined period, potentially interest-free or at a low cost. This will allow them to offer optimised financial flexibility. In addition, the collaboration with Visa will provide customers who choose to use this solution with the possibility to experience a secure and familiar payment journey, enabling merchants to increase customer loyalty as well as attract new ones.
By implementing Visa Instalments directly through Ecommpay’s new branded hosted payment page, merchants and traders will have immediate access to Embedded Finance capabilities. Available as a virtually no-code solution, the instalments option can be enabled by the company securely and efficiently for merchants already using our card payment integration.
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