What is EMI? 

It basically stands for equated monthly instalments. As self-explanatory as the word is, it basically allows the buyer to buy a big-ticket product or service without the requirement of immediate and complete payment. How, then, does the buyer pay? It’s simple, the buyer pays back the amount of purchase in comfortable monthly instalments instead of having to pay the entire amount upfront. This right here is the main appeal of this payment mode. Not only does the buyer get what they want but they can choose to pay over a few months, as per their comfort. 

Now, that we know what is EMI, the question that comes to mind is how EMI works to help your business.

How does EMI help you as a business?

Here are a few ways in which activating EMI at your checkout will help you boost your business: 

Increase consumer affordability: As a brand, you would provide all kinds of products or services that you can. Some are big-ticket while others are small-ticket. While most buyers take little to no time to purchase small-ticket items, they would definitely consider a variety of factors before investing in something that’s expensive. In such a scenario, the best way to enhance your customer’s affordability is to give them respite when it comes to paying you for the product. This is exactly what EMI does. This is an ideal way to delight your customers by making your big-ticket items affordable and attainable for them. 

Reduce cart abandonment: In continuation to the above point, when a buyer is unable to afford a certain product, they are bound to abandon their cart. This impacts your business in terms of conversion and revenue. But what if the buyer can choose to pay in instalments? In that case, your buyer will reconsider their purchase decision as paying in installments will help them gratify themselves and also ensure that they don’t invite financial burden as a result of the purchase.

Increase conversions: As mentioned above, once you have made yourself affordable to your buyer, conversions are bound to increase. This will ensure dipping cart abandonment rates and ensure that every customer journey on your platform is taken to completion.  

Increased revenue: Needless to say, once your conversions heighten, it automatically enhances your revenue. Now as a business that wants to prosper and sell nothing but the best, this is a win-win situation for you wherein not only does your customer become more loyal and makes repeat purchases but also you as a business witness escalating revenues. 

Now you know the many ways in which EMI activation is bound to help your business soar.

So, wait no more and activate EMI today!

Frequently Asked Questions

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Why are Debit Card EMIs so popular?  

Well, Debit Card EMIs enable consumers without credit cards to avail EMIs as well. As we know not all consumers necessarily have credit cards. Also, even if they possess a credit card, they might not have the required limit to purchase a specific product. This is when Debit Card EMIs come as a relief. Because debit cards are possessed by almost anyone and everyone these days. Hence while buying a big-ticket product, if your consumers feel that they cannot afford to pay the entire amount upfront and are in need of EMIs, they do not necessarily need to look for a friend who has a credit card so they can borrow the card and then buy what they need. Debit card EMIs save them this trouble for sure! 

So if you are an online business gearing up for the sale season, then this is where your search for the perfect combination of payment modes ends! Because PayU enables your business to offer not just EMIs as a payment mode but we also equip you with Debit Card EMIs. 

How Debit Card EMI works? 

Debit Card EMI is a mode of payment that enables consumers to avail equated monthly instalments on their debit cards. One doesn’t need to have the entire amount in their account at the time of the transaction. Additionally, the bank does not block any amount on the consumer’s card. 

Of course, the obvious question here is how EMI on debit cards help. The answer to this is that as on 2021, India had a total of approximately 62 million credit card holders as opposed to over 940 million debit card holders. Clearly, there is a huge gap between the number of debit and credit card holders. This goes to say that a large part of the populace that probably has a requirement for equated monthly instalments (EMIs) is actually deprived of it because they don’t hold credit cards. Hence, enabling EMIs on debit card is one certain way to offer EMI as a payment mode to the masses that were otherwise unable to benefit from this easygoing payment mode so far. 

How do Debit Card EMIs from PayU help you as an online business in the upcoming sale season? 

• It helps you increase customer delight and thereby enhance your conversions. 
• Increase your customer retention 
• Enable EMI facility for even non-credit consumers 
• You get paid in full while your consumer pays in comfortable instalments 
• Empower your consumer to purchase whatever, whenever! 
• Ensure premium products are accessible across your existing and potential buyers  

With more and more people choosing to buy big-ticket and aspirational products via EMIs, it has become a significant payment mode. Is your business offering Debit Card EMIs yet? 

FAQs

The post Light Up This Festive Season for Your Consumers: With Debit Card EMI from PayU appeared first on PayU Blog.