It’s a lot of work getting a visitor to your website.
There’s optimizing your website for popular search terms, paying for ads, writing newsletters and blog posts, posting on social media, or through word of mouth awareness just to get eyeballs on your site.
2-3 Seconds to Pitch Your Brand
Now they’re on your site, and you have to hope that in 2-3 seconds you can effectively communicate what you do, who it’s for, why they need it, why trust you and what to do next.
So let’s say you do all that (here’s a blog post where we talk about how to create compelling copy), and they add a product to their shopping cart.
They could still (after all that) abandon their cart and leave your website!
Shopping Cart Abandonment
The typical shopping cart abandonment rate for online retailer varies between 60-80% with an average of 71% (that’s a lot of abandoned carts)!
So what can you do (especially if you have a higher priced product or added shipping costs) to encourage a potential customer to complete their purchase?
Installment payments allow shoppers the option to budget when they make a purchase.
They can also increase the Average Order Value of your store, encourage them to return to your store to make another purchase, AND they reduce cart abandonment.
Offering Installment Payments in Your Wix Store
As of today 2/12/21, installment payments is not yet a feature Wix offers natively, click here to vote for it.
BUT, there are a few 3rd party options and workarounds available for you to use with Wix…
3rd Party Installment Payment Options:
Note: When we wrote this post, we reached out to several of these companies in the United States, and their service is only available to businesses that sell products (not service businesses, yet).
Now what’s cool about most of these solutions is that they allow your customers to pay at their own pace without hidden or late fees.
What makes these super cool for businesses is that these solutions make it so that you get the full amount when the customer makes their purchase.
They take on the risk and responsibility of collecting payment, not you!
Since this installment payments isn’t a feature that Wix offers yet, a workaround option is to setup another version of your product or service, and break it up into a payment plan for your customers.
You then create a custom category page (this is just a standard Wix page that you have more control over and can add the specific products you want to) and add 2 product widgets to your page.
Your product at the regular price
Your product with a payment plan option with a small fee built in
We recommend adding a small fee to the payment plan option because unlike with the 3rd party solutions, the risk of collecting is on you.
So, to mitigate this risk as much as possible, we add the fee in.
The reason we do this on our website is because the above solutions do not offer their solutions to service based businesses, and our product (Website in a Day) is technically a service.
We also only share a link to purchase our programs after we’ve had a chance to speak with a client and make sure they’re a good fit for it.
Every business has unique requirements, but with a creative approach, most solutions are possible with Wix!
Offering Installment Payments in Your Wix Store – Wrapping it Up
If you are a product based business, offering installment payments is a no brainer.
For those who are service based, you might want to consider if our workaround is right for your business.
There are also other solutions out there that might be available for service businesses. If you find one that works for you, let us know!
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If this resonates with you, book a free strategy session with our team.
You’ll leave the call with actionable steps you can take to succeed online.