When a Bankrate study released earlier this year revealed that 67% of millennials don't own credit cards, we could hardly say we were surprised. After all, this is the demographic that saw first-hand the effects of the recession and the consequences of debt. As a result, the big ticket purchases such as a flight to a far-off land could easily prove out of reach - particularly when planning a last minute break.
In order to cater to the credit-shy crowd, smart travel businesses have considered alternative methods of paying off a bill rather than relying on their customers' savings or credit. Big name brands such as CheapAir.com and Expedia have jumped on the 'buy now, pay later' bandwagon, allowing their customers to pay for certain purchases through instalments over a three, six or even twelve month period; eliminating the need for customers to fork out their cold, hard cash in a one lump sum.
If it sounds like an appealing prospect, that's because it offers a range of benefits... and not just to customers who will appreciate a more affordable option to pay for their holidays, but to your business too.
Our latest innovation addresses this demand in the shape of our recent partnership with Fly Now Pay Later, an online instant credit service that can help your customers fund their travel plans. This alternative payment solution not only offers the opportunity for your business to boost sales but also can help to drive average order value as customers will have the financial leeway to choose that upgrade or ancillary service that has caught their eye.
Our flexible payment solution allows your customers to spread the cost of their trip over 2-10 months with the right to pay off the whole balance at any time, and sign up in seconds without having to navigate away from your payment page. Your business will also avoid the additional 2% cost that many travel suppliers charge for purchases made with a credit card, plus you can rest safe in the knowledge that the payments are financially protected.
Fly Now Pay Later solutions have increased incremental sales by 25%, average order value by 40% and conversions by up to 50% - the figures speak for themselves. For more information about our brand spanking new solutions and how they can work for your travel business, contact Digital Trip today.