Being able to get access to credit opens a world of possibility for most people. It’s also a different psychological experience for people. When we are at the car dealership and the car of your dreams is there right now, and you don’t have the money in your deposit account, or don’t want to pay it all at once, easing the payment pain is a real help. It was the same with big TV sets and other big-ticket items. If it weren’t for the availability of credit, we often would not be able to get them. Having credit being made available to us at the point of purchase is nothing new.
Now that our buying is being done online these point-of-sale offers have also migrated online. When we get to the checkout, we could pay with a credit card or a debit card, or with an instalment plan, a new kind of payment offer called buy now pay later. Some of us will pay with a credit card, some have the money on our debit card and are happy to pay it in one go, but others would welcome the ability to pay in instalments. Today, these instalments are usually four or five, equal amounts, at equal intervals of a week, or month.
Conversational interaction is a great way to gather the data you need to make these offers while the customer is interacting with you online, in their digital channel of choice. It is a way to make the offer far more personalised, it removes much of the interaction friction, and makes it easier to pay. Of course, now that you have a payment agreement with a customer, it helps to have an automated service that helps the customer keep to their payment plan. This is where Webio has unique industry experience.
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