Today’s consumers are looking for smarter ways to shop and with that want flexible access to credit for those one-off, higher value purchases. They want greater control of their spend and their money, which includes avoiding extended periods of debt. However, they are also less inclined to save up for large purchases, preferring instead to ‘buy now and pay later’.
In doing so, consumers want payments to be fast, flexible and transparent with easier-to-follow repayment plans. Mastercard Instalments offers that flexible payment solution giving consumers quick, preapproved access to funds using existing credit card limits with no extra credit checks or form filling. Consumers keep control through clear, easy-to-understand charges and payment schedules.
Expensive items are more attainable when cardholders have the option to pay in instalments, which helps you grow more sales.
Instalments gives Mastercard cardholders the choice to split purchases into equal monthly instalments if their bank has enabled it. This means that they are given the flexibility to decide how much they want to pay each month. The service is optional and can be used for any purchase, subject to criteria*, from any approved Mastercard on the BOIPA Payment Gateway.
Cardholder begins online checkout
Cardholder offer of Instalments
Cardholder selects plan duration and creates plan
Cardholder reviews order and completes transaction
Cardholder views thank you page and receives push notification from their bank
There are no additional charges to your business in offering this service to your customers, this service simply allows the card holder to enter into a credit arrangement with their issuing bank.
Funds will be in your account the next working day, the same as any other transaction, the credit arrangement is funded by your customers card issuing bank.
This functionality is enabled by us on your payment gateway, meaning no downtime or changes required to your online store.