Convert more visitors into customers with the right payment solutions

Instalment payments help close many major purchases

If you sell expensive or medium-priced goods in your store, you may want to offer your customers some form of financing. This could be, for example a form of instalment paymentwhere the customer can split the purchase into 10 or 15 instalments. This way, you'll be able to close deals with customers who wouldn't normally have the finances to buy your products. Most people are on a fixed income, but not everyone has the financial scope to pay for expensive goods in cash.

For example, it's a good idea to offer instalments if you sell any of the following:

• Designer clothes
• Furniture
• Appliances
• Electronics
• Bikes
• Art

Of course, there are risks associated with providing credit to customers. If you want to avoid the risk, you should offer financing in collaboration with an external partner. This external partner could be Sparxpres, Santander Consumer Bank, Klarna or Qliro.

Consider if instalments could help close, say, 10 or 15 % more sales - it would definitely have an impact on the bottom line.

Mobile payment is almost mandatory too

You're probably missing out on a lot of sales if you don't offer mobile payments in your store. This is because Danes increasingly prefer to pay via their mobile phones instead of having to get out their payment cards. That's why it would be a shame if you can't offer this option.

Today, there are a wide range of solutions, including apps, for mobile payments. For example, you can offer the following in your store:

• MobilePay
• Apple Pay

If you offer payment via MobilePay and Apple Pay, you are catering to the vast majority of customers. The majority of Danish consumers have either MobilePay or Apple Pay. You can pay with MobilePay in stores across the country, so why shouldn't your store get in on the action? It doesn't cost much to get started, so set up a business agreement today.

Traditional card payments are still a hit

Although many people have started using mobile payments and instalment payments, it's no secret that many consumers still use payment cards. That's why it's crucial that you invest in a card machine or a payment solution that accepts all major payment cards.

You should also consider whether you want to charge fees for card payments. As a general rule, you should offer fee-free card payments, as fees can scare customers away. If you run a physical store, you should give your customers the option to use contactless payment. This ensures faster transactions.

As a minimum, it should be possible to use the following payment cards (both credit and debit) in your store:

• Thank you card
• Visa (Dankort, Electron etc.)
• MasterCard (Basic, Gold etc.)

In your digital store (webshop), you can also consider bidding for payment via PayPal. PayPal is not as widespread in Denmark as in many other countries, but it is nevertheless a solution that many people know and feel comfortable with.

Don't forget to mention the many payment options

When marketing your store, you can emphasise many different parameters. Your marketing should be based on what makes your store special. This could be a special selection, low prices, excellent service or versatile payment options. As for the latter, you can point out that you offer instalment payments according to the customer's wishes, among other things. This sends a signal that anyone can find money for your products, even if the customer's bank account is not currently overflowing with money.