Are you looking for ways to increase your revenue? Give your customers the convenience of debit card EMIs directly at your Point-of-Sale. With new advancements in the business landscape, it is possible to offer no cost EMIs on even debit card sales at physical stores.
Your customers don’t have to miss out if they have debit cards. This innovative financial offering enables customers to buy high-value goods and services without the immediate burden of paying the entire amount upfront.
Benefits of a debit card EMI for merchants
There are many benefits that merchants can enjoy by enabling a debit card EMI option for their customers:
- Offer instant credit: Offering instant credit through Debit Card EMI helps merchants attract more customers by providing an immediate and convenient financing option. Customers can make purchases without waiting for loan approvals, enhancing the shopping experience and driving quick sales conversions.
- Boost sales: Debit Card EMI can significantly boost sales by making high-value items more affordable through monthly instalments. This financing option encourages customers to make larger purchases, increasing the average transaction value and overall revenue for merchants.
- Increase customer retention: Providing the Debit Card EMI option enhances customer satisfaction and loyalty. Customers who have positive experiences with flexible payment options are more likely to return for future purchases, fostering long-term relationships and increasing retention rates.
- Provide affordability: Debit Card EMI makes expensive products more accessible by breaking down the total cost into manageable instalments. This affordability attracts a broader customer base, including those who might not have the immediate funds to pay in full, ultimately expanding the merchant’s market reach.
Benefits of a debit card EMI for customers
Not just for merchants, there are numerous benefits of a debit card EMI for the customers as well.
- Pocket-friendly: Debit Card EMI makes high-value purchases more affordable by breaking down the total cost into smaller, manageable monthly instalments. This approach allows customers to buy desired products without straining their finances.
- No blocking of account balance: Unlike traditional loans, Debit Card EMI does not block a large portion of the account balance. Customers can continue to use their savings for other expenses while making EMI payments.
- Exciting cashback offers: Many banks and merchants offer exciting cashback deals and discounts on Debit Card EMI transactions. These offers enhance the value of purchases, providing customers with additional savings and benefits.
- Zero down payment and processing fee: Debit Card EMI often comes with zero down payment and no processing fee, making it an even more attractive option. Customers can start their instalment plan without any upfront cost.
- No-cost EMI: Some merchants and banks provide a no-cost EMI option, in which customers pay the product’s original price without any added interest. This allows customers to enjoy interest-free instalments, making purchases more economical.
How does debit card EMI work?
- Eligibility check: The first step is to check the customers’ debit card EMI eligibility. The one-step process is very simple and hassle-free. All you have to do is send an SMS from your registered mobile number to the number provided by your bank. You will instantly get a reply, which will tell you if you are eligible for a debit card EMI or not.
- Choosing the EMI Option: During the payment process, directly at the PoS, customers can select the Debit Card EMI option. They then choose the tenure for the EMI, which can range from a few months to a couple of years, depending on the bank’s offering and the product’s cost.
- Repayment: The customer must ensure that sufficient funds are available in their savings account each month for the EMI payment. Missing an EMI payment can result in penalties or charges and may affect the customer’s credit score.
Elevate shopping experiences
Incorporating Debit Card EMI into your business strategy can be a game-changer for both merchants and customers. This innovative financial solution facilitates instant credit, boosts sales and enhances customer retention by making high-value purchases more affordable.
If you are looking for a reliable source to learn more about EMI and cashback offers, you should check out EMI World by Pine Labs. They offer the convenience of debit card EMI directly at the Point-of-Sale, providing a seamless shopping experience for customers.
