We would all agree that we live in an age where expenses are constantly on the rise and our incomes seemingly insufficient. Having acquired a taste of luxury we also look for the most budget friendly option.
The day-to-day cost of living has also increased exponentially, where even the littlest of things such as groceries or gas cumulatively surmount to a huge sum.
In such a scenario, paying for friends or colleagues on top of personal expenses burns a hole in the customer’s pocket. Asking for the money is a tiresome task and at times the ‘gentle reminder’, ends up being ‘not SO gentle’. Reinforcement feels even more embarrassing and the lack thereof results in negligence on the part of the debtor.
From the merchant’s perspective, this issue causes dropouts significantly in industries which cater to siblings, friends, roommates or people buying in groups in general – travel, groceries, restaurants, subscriptions, concert & movie tickets, etc. where members could either split the bill evenly or as per individual’s share.
Another evident aspect is the shift from on ground stores to online webstores. The customer expects seamless transactions, instant & optimized payments and an interactive/user friendly interface. To top it all, customers are constantly looking for choices and demand utmost convenience at each and every step.
Let us meet Jack, a travel enthusiast, running his own travel and adventure company. Jack has many packages and offers running on his webstore. Many of these offers are aimed at attracting youngsters who are looking to travel with their friends or colleagues. During the holidays his webstore had a lot of traction and enquiries were coming in endlessly.
All that being said, his conversion rate was unusually low. Going through the enquiries, he realized that his customers were looking for methods to pay for their individual share. The bookings, the travel, the accommodations and tours were too hefty a sum to be shouldered by one individual. If only there was a way in which the payment could be done by multiple participants for the same transaction.
Jack joined forces with the Newgen Payments team. Newgen, as one of its most creative features, offers Going Dutch – Split Payments as one of its services. This arrangement offers hassle free payments by multiple partakers. With Split payments, customers can buy high value packages and easily choose friends, siblings and colleagues to split the bill with. No awkward conversations or asking for money.
Now Jack’s customers could easily purchase a package for their group and a link with the itinerary and payment details would be sent to each requested member. In this manner each participant would pay for themselves and not burden any one person with all the expense.
It is the foremost duty of any e-Commerce player to strive to provide an exceptional experience for its customers. To eliminate merchants’ challenges while handling and reconciling returns and refunds. Newgen’s free payments plugin does all of this, and more!
Partnering with Newgen not only helped Jack with his conversions, but also made his webstore more attractive and his payments optimized. Jack now gets a complete analysis of his business processes and can now focus on his core tasks. His customers look forward to more announcements of trips he plans and his customer base has increased significantly since.
Jack partnered with Newgen Payments and this is how the team helped him in solving some very specific challenges that he was subjected to. We can help you too with our conversion boosting features such as Split Payments, Saarthi – Intelligent Transaction Routing, QR Payments, and many more!
Reach out to us at firstname.lastname@example.org to know more about Going Dutch – Split Payments and our other features to learn how we can help you optimize your payments to increase conversion rates.