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FINANCE DIGEST │ FINANCIAL LITERACY │ FINANCIAL PLANNING

BNPL FOR SERVICES: UNLOCKING BUSINESS GROWTH WITH TAILORED PAYMENT SOLUTIONS FOR
THE SERVICE INDUSTRY


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BUSINESS


BNPL FOR SERVICES: UNLOCKING BUSINESS GROWTH WITH TAILORED PAYMENT SOLUTIONS FOR
THE SERVICE INDUSTRY

By Asaf Darash, CEO & Founder of Regpack (regpacks.com)

In today’s rapidly evolving business landscape with new payment fads emerging
frequently, service-based companies are increasingly recognizing the need for
innovative payment solutions to enhance their revenue streams, foster customer
loyalty, and ensure financial stability. The transformative power of highly
customizable payment plans, particularly those reminiscent of the European-style
Buy Now Pay Later (BNPL) flexible payment solutions must not be overlooked.
Leveraging these tailored payment options can be a game-changer for
service-oriented businesses.

The Unique Needs of Service-Based Businesses:

Service-based businesses differ significantly from their product-centric
counterparts, requiring specialized tools to address their distinct needs.
Services are intrinsically linked to time and space, demanding unique
considerations in the sales process. Unlike physical products, services exist
within a specific timeframe and take place in a defined space, whether it’s a
classroom, the cloud, or any other environment.

Time and space considerations necessitate tools that accommodate recurring
memberships, subscriptions, classes, and events. The traditional eCommerce
tools, designed for physical product sales, often fall short in meeting these
requirements, lacking essential features such as time conflict management and
quota management.

The Limitations of Traditional eCommerce Tools:

Attempting to adapt traditional eCommerce tools to service-based models
introduces inefficiencies and compromises the competitive edge of
service-oriented businesses. These tools may include unnecessary features like
shipping modules, while crucial aspects like time conflict and quota management
are often overlooked. The unique traits of the service market demand financial
and technological tools that provide a distinct advantage, setting service-based
businesses apart from the competition.

Transitioning from “Buy Now Pay Later” to Installment Payments:

The “Buy Now Pay Later” (BNPL) option, popularized by platforms like Shopify, is
a common tool in the eCommerce arsenal. However, when applied to service-based
businesses, the limitations of this approach become apparent. BNPL, resembling a
loan structure, is more suited to physical product transactions, where ensuring
continued payments after the product is in the hands of the consumer poses
challenges. If a loan structure is not taken, there is a high probability that
the full payment will not be issued since there is little incentive on the
client’s side to do so. Therefore, credit checks are required and loan
agreements are needed.

Service-based businesses, operating within predefined time and space parameters,
have a unique advantage in offering installment payments. The time consideration
allows service-based businesses to offer installments that are not loans but
rather an auto-bill mechanism that splits the cost across time. By ordering
services in advance, service providers can seamlessly integrate installment
plans, eliminating the need for credit checks and risk assessments. If payments
are not completed, the service is not provided or stopped, ensuring a secure and
risk-free transaction for the merchant while offering an interest-free option to
the client.

Increasing Revenue with Advanced Billing Methods:

As billing and payment technologies advance, customers expect seamless checkout
experiences that cater to their specific needs. Service-based businesses can
increase revenue by implementing advanced billing methods, such as auto-bill
installment payments and a customized onboarding experience.

Regpack, an automated billing platform specializing in the service industry, has
observed that organizations using their software experienced an average revenue
increase of 30%. This growth is attributed to the advanced billing features
designed specifically for service-based businesses. Auto-billing installment
plans not only provide customers with flexibility but also contribute to
improved cash flow for businesses. For instance, the Japan-Seattle Suzuki
Institute and Sounds True reported significant revenue increases after
integrating automatic billing into their payment options.

In conclusion, service-based businesses can unlock their full potential by
embracing highly customizable payment plans tailored to their unique needs.
Service-based businesses should seek payment providers that offer advanced
billing features that go beyond the capabilities of traditional eCommerce tools,
leading to increased revenue, improved cash flow, and enhanced customer
satisfaction. By understanding and leveraging the ties between service offerings
and time/space, businesses can position themselves for success in the digital
age.

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      Lifetime relationships and employee loyalty: How the total experience
      approach is transforming insurance

 *  * BUSINESS1 day ago
      
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