What kind of relationship does your customer want with your brand?
One brand, one payment provider
Brand loyalty is about how customers perceive your brand.
In short, it’s about trust.
When customers shop with the brands they trust, they feel secure and are likely to buy more and or spend higher amounts. Their relationship with you strengthens when they experience your brand every step of the way, from browsing to checkout.
Sure, you can offer a list of Buy Now Pay Later (BNPL) providers when customers get to checkout, in an effort to offer customers several choices. But introducing more brands and another decision can cause buyers stress and distract from you and your brand.
Keep your checkout simple and on-brand by using Limepay’s brand-first solution. With Limepay, you get the power of a payment platform engine working behind the scenes, and your brand gets the uninterrupted attention and equity it deserves. It’s important to promote your brand from start to finish, with a cohesive checkout tailored to your brand look and experience.
Protect your brand
BNPL is the fastest growing way to pay in Australia. In fact, 30% of the Australian adult population has a BNPL account.1 As consumers eagerly jump on board, so do the number of payment providers. With so many payment options available, customers easily experience decision fatigue and online shopping becomes more complicated than it needs to be.
In order to offer the right payment options, you need to understand which payment brands are trustworthy. You’re associating your brand with the reputation of the payment providers. Do customers trust them? Another company’s brand reputation is out of your control and can affect how customers perceive you.
Instead, invite customers to pay under your branded checkout like Made With Love and protect the brand loyalty you’ve earned.
How much do customers trust payment providers?
Most consumers don’t understand fintech as much as we think they do, and their limited knowledge leads to a lack of buyer confidence. Technology is moving fast, and even though consumers are adapting quickly, change aversion persists.
With the explosion of tech companies, especially fintech companies, consumers are left wondering who to trust. So, rather than asking your customers to invest energy in understanding which BNPL provider is reputable, you can keep them connected to the brand they already know and trust – yours.
It wasn’t that long ago that the majority of Australians were paying for everything with cash. Consumers trust the physical representation of money and continue to hold banks in high regard. There’s comfort in holding notes and coins. In the new electronic banking landscape, trust is arguably lagging. Payment providers and fintech companies have work to do to gain the same level of trust as brick and mortar banks.2
Customers are loyal to stores, not payment providers
70% of people who have a relationship with a store don’t want to go elsewhere. If their favourite store doesn’t offer their preferred payment option, they’ll switch BNPL providers rather than look for a new store.3
This level of loyalty is positive for retailers, but it’s not fool proof and distracts at the point of sale where closure is important. You should choose a payment provider that aligns with your brand values and promotes your brand (not distracts from it). Checkout can be a complicated final step leading to abandoned carts, so keep payment options simple, streamlined and on point. Select a provider that both protects and promotes your brand.
If you’re considering consolidating your payment options, talk to the Limepay sales team about using a brand-first platform.
2https://morningconsult.com/2021/06/08/fintech-trust-awareness/
3 https://www.bankingday.com/little-bnpl-brand-loyalty