With virtual wallets and payment gateways fast becoming the choice for consumers to make a transaction, we take a look at some of the 0% interest-free instalment options available out there and the benefits of having them on your Shopify store.
While there are many payment gateways out there, let’s talk about the giant that everyone is familiar with; GrabPay, and why you should include their solution in your store.
Benefits
The main benefit of incorporating Grab’s payment solution into your store is that they have 2 options under them: GrabPay & PayLater. The latter also further breaks down into 2 different schemes as shown in the table below.
This allows consumers to make larger purchases at a go without worrying too much about the hefty price tag. Furthermore, by also using Grabpay to check out, consumers get incentivised with points when they make a purchase, which can be used to redeem rewards.
What is the difference between GrabPay & PayLater
Grab has 2 payment options under them; GrabPay and PayLater.
| GrayPay | PayLater |
| GrabPay Online ($5k Limit) | 4 times 0% interest free instalment plan or Pay the next month |
GrabPay is essentially Grab’s cashless payment methods including credit / debit cards, partner wallets like PayPal, and your GrabPay balance. Simply top up your GrabPay wallet and start making payments from there. You can read more about it here: https://www.grab.com/sg/pay/
PayLater is Grab’s postpaid, interest-free option, to help with making the buyer’s large bill, smaller upon check out.
Here’s an easy breakdown:
1. There are 2 Postpaid Options
|
4 x split payment
4 times 0% interest free instalment plan: |
1 month Postpaid
Pay the next month: |
If you’d like to read more about PayLater, you can do so here: https://www.grab.com/sg/finance/pay-later/
2. Commission fee
Finally, Grabpay’s commission fees are lower than its competitors, ranging from 2.5-6%, depending on the sales volume achieved.
Both options help to ease the consumer’s payment load, allowing them to make quicker purchase decisions which ultimately increases sales for you.
Not only is it easy to manage, but it also comes with business insight tools to help you drive sustainable growth!
To get started on incorporating Grabpay into your store, reach out to us via https://enginestudios.sg/pages/contact or WhatsApp us at +65 9230 0959.
