High Intensity Timely Training: Make gains with Afterpay and Laybuy
With Covid putting pressure on everyone's expenses, buy now, pay later solutions like Afterpay and Laybuy are in hot demand! Giving clients the option to spread their payments over time not only helps your loyal clients, but it also makes you more attractive to new clients, and it’s proven to boost your overall sales.
Welcome to our HITT class series; short and sharp 15-minute intense training sessions designed to get you Timely fit. Each week we’ll be releasing a blog and Alex and Lu will be hosting a Facebook LIVE class on a Monday (9am UKT / 6pm AEST / 8pm NZT) focusing on a different topic each week. Make sure you Follow us on Facebook to stay in the loop with what’s coming up. So what are we waiting for? Let’s do this!
How buy now, pay later works
Buy now, pay later services work by spreading out your client’s payment into equal instalments, over a number of weeks. You get paid the full amount straight away, and the client gets to pay for their products and services over time. You’ll see the money in your account like you normally would when a client is paying for their appointment, but Afterpay and Laybuy will manage the payments at their end, so it’s risk-free revenue for you!
The benefits to your business
There are so many benefits to using buy now, pay later solutions like Afterpay and Laybuy in your business!
Increase transaction amounts
Buy now, pay later sales with Timely are on average 74% larger than regular transactions because clients are more likely to get the extra add-on services and products you recommend if they don’t have to pay a lump sum up front.
Boost your overall sales
Timely businesses have seen buy now, pay later services increase their total sales by up to 94% by opening up a whole new revenue stream!
Access more clients
You’ll get business from clients that might not have been able to pay for your services up front, but they can by splitting the overall cost of the service and products over time.
Build a loyal customer base
Your clients will thank you for giving them a budget-friendly payment option, and it will keep them coming back to see you.
Tip: If you’re in New Zealand or Australia, it’s good to offer both Afterpay and Laybuy because of their differing payment schedules; so clients can choose the option that best suits their pay cycle!
Available in Australia and New Zealand
With over 25,000 retailers using Afterpay, it’s the most well-known ‘pay later’ service across Australia and New Zealand. In the same way that people say ‘Google it’ they also say ‘Afterpay it’! Plus, when you sign up to Afterpay, you’re also advertised on the Afterpay directory where many shoppers look to find businesses that offer their payment option; a great way to get new clients!
How Afterpay works
With Afterpay, the cost of the client’s appointment is split into 4 equal instalments – the first is paid on the day of the appointment when they’re with you, and the remaining 3 payments are automatically paid bi-weekly from the client’s account.
When they pay on time, there are no additional fees, and no interest. Because Afterpay are taking on the risk, if there ever are any issues, it’s on them to sort it out directly with the client.
Your client needs to sign up to Afterpay (If they haven’t already); it’s quick and easy to do because Afterpay offers instant approval.
Available in Australia, New Zealand and the United Kingdom
Laybuy is one of the most globally available buy now, pay later providers. It can also be used on a large amount of products, treatments and services, including tattoos, making it a great option for a wide range of businesses. As a Laybuy merchant, you’ll also be advertised on their shop directory and you’ll have access to the many integrations they have, like Shopify!
How Laybuy works
Once your client is signed up to Laybuy, the cost of their appointment is split into 6 equal instalments – the first is paid on the day of the appointment, and the remaining 5 payments are automatically paid weekly from the client’s account.
All you need to do is raise the sale in Timely and choose Laybuy as the payment option. Like with Afterpay, there’s no risk for you, because Laybuy takes on the credit and fraud risk for every transaction.
“What’s the cost?” we hear you ask?
With no fixed monthly fees, Afterpay and Laybuy charge a small percentage based on the cost of the individual transaction, similar to a card terminal! Individual costs vary depending on the amount of transactions you put through Afterpay and Laybuy.
Timely loves Afterpay and Laybuy
Afterpay and Laybuy are fully integrated into Timely, which means you can use them on any device that you use Timely on, such as your computer, tablet, iPhone, your android phone, or your iPhone!
If both Afterpay and Laybuy are available in your region, we recommend you set up both! Your clients will love having the option to make payments best suited to their pay cycle, and you’ll feature on both the Afterpay and Laybuy directories. It’s a win/win!
Tip: Go live on Facebook and Instagram to announce to your followers that you now have Afterpay and/or Laybuy, and encourage them to sign up!