Making the Most of Shopify Payment Options

Shopify’s ecosystem allows merchants to offer sophisticated payment solutions that suit their markets. Hong Kong merchants can offer payment options such as Shopify Payments for credit cards, PayPal, and subscriptions and recurring payments. Now, Hong Kong merchants can add a buy now pay later option as well with hoolah, which splits purchases into three interest-free installments and takes credit or debit card payments, which is an additional payment option for online shoppers who may not have access to high amounts of credit.

hoolah supports online retail stores built on a variety of ecommerce platforms, such as Shopify, WooCommerce, and Magento, as well as physical retail stores.. Below, we outline hoolah’s buy now pay later value for Hong Kong merchants:

• Unlock new customer segments
• Drive conversions and growing baskets
• Secure technical backend

Unlock New Customer Segments

One essential way to grow your business is to convert new customers earlier. By creating an impression early, you can nurture your customer relationship, build customer loyalty, and increase a customer’s lifetime value. Offering a buy now pay later option helps you reach an audience that is more price-sensitive, as well as a younger shopper demographic, such as young professionals and students who are still establishing their shopping and brand preferences.

While digital natives just starting out their careers are comfortable navigating online stores, they may not yet have credit cards or feel comfortable with larger purchases online. Breaking down a price into three repayments at zero interest and no hidden fees converts customers at an emotional decision-making moment.

A buy now pay later option is particularly effective for established brands to become more accessible to younger customers, allowing them to experience and appreciate product quality. Using repayments is also effective for newly emerging brands to give customers confidence to try new products.

Driving Conversions and Growing Baskets

In Hong Kong, cash-based payments remain popular. While Shopify allows merchants to offer customers a bank transfer payment option, which must be manually checked, payments with hoolah can be done directly with debit cards, streamlining the checkout process.

Merchants using hoolah’s payment service will display the hoolah installment price for items on product pages and the hoolah option at checkout. When customers see that larger baskets or slightly beyond budget items divide out to three monthly and more affordable repayments they will be encouraged to make the purchase immediately with an ease of mind.

Discovering Brands with BNPL Option

Shoppers now experience brands online, in-store and through multi-channel engagement. hoolah not only helps brands offer payment installments, but also has an integrated marketing strategy that helps brands raise awareness, convert customers, and engage customers for repeat purchases.

To help customers discover brands that offer payment installments, hoolah has created an ecosystem that includes Sennheiser, SuperDry, and DeLonghi to name a few brands listed on their website. hoolah actively engages with customers directly via social media, blog, and newsletter and supports brands with cashback campaigns.

Finally, hoolah also supports brands with physical retail locations, allowing brands to create integrate online-to-offline marketing campaigns.

Integrating hoolah and User Experience Differentiation

hoolah differentiates itself as a buy now pay later solution in its dedication to ease of use for both merchants and shoppers.

When customers select hoolah as a payment option, the app will check if there is an existing hoolah account. If not, the customer can create one, enter their payment details in the same way they would for a direct Shopify payment, and will benefit from the saved information for future purchases. The interface for the hoolah payment interface resembles the Shopify checkout and is familiar to many online shoppers.

To be more accessible to online retailers, hoolah supports online stores powered by Shopify, WooCommerce, Wix, Shopcada, Sales Commerce Cloud, Magento, Opencart, Prestashop, and an API for custom carts. Importantly, hoolah offers a single platform solution that does not require merchants to set up an invoice processing platform (IPP) for each bank that is integrated. Furthermore, hoolah automatically reaches out to a customer to pay for each of their three installments, simplifying the payment process from traditional credit card interest-free schemes that are usually spread out over six, twelve, or twenty-four months. Finally, hoolah’s payment solution does not require a minimum purchase amount.

hoolah is now live in Hong Kong, so reach out to us if you have any questions about integrating them into your Shopify store!

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