Integrating new retail finance options into your business is a massive step to improving your business model. With new potential customers, boosted sales and increased customer loyalty, flexible finance options can take your business to the next level. A crucial element to help kickstart this transformation is promotion. How are you going to let your customers know about the new payment options you offer? To help you get started, we’ve put together some of our top tips for effectively promoting Payl8r finance to your customers so you can maximise your efforts.
In-Store Promotions
We understand that every business operates differently, so we create products that suit your customers wherever they shop. Our in-store proposition, or ‘Mailer‘ system works by giving customers the chance to apply for finance without having to leave your store.
For retailers using our in-store solution, we offer a range of promotional material to help push the option, including tent cards and window posters. Whilst letting your customer base know about the new finance your offer, it can also help to attract potential new customers window shopping for a service that suits them. Customers are more likely to use, and return to, businesses that cater to their needs – so getting the message out there is crucial.
Make Payl8r Visible
In January 2024, there were 56.20 million active social media users in the UK reported by DataReportal. As the majority of the UK population are active on social media, it’s really important that you’re using the opportunity to advertise your online finance options to your customers through online platforms. If you already have a large online following across different social media platforms, it’s the perfect place to make your customers aware of your new payment options you offer. A popular marketing method used by a lot of our retailers to promote finance options is through the use of social posts and stories. Doing this can help educate new and existing customers about the finance services available to them.
To help support business online marketing methods we offer a range of materials that you can utilise such as template web banners and social posts. These can be accessed once your Payl8r account is live through your Resource Hub in the Retailer Portal, where our suite of pre-approved digital assets will be ready to use instantly. Remember, your website is where your customers are shopping, so making sure they know we’re available at checkout could be the answer to improving your conversion rates.
Sharing Success
Everyone loves a success story, and what better way to show off your new offering than to share the testimonials of your happy customers. By gathering some feedback from loyal shoppers, you can give new customers an idea of the options available to them – and how they could benefit them. Remember, whenever you’re using testimonials – ensure that you always have and record consent to use them for promotional purposes.
Benefits & Features
Payl8r provides a range of features beyond just split payment plans, including Counter Offers, Open Banking, and Pre-approvals, making it an attractive option for customers. There’s plenty to share with your audience about these benefits. Additionally, it’s important to highlight some of Payl8r’s core features, such as soft credit searches that don’t impact credit scores, no application fees, and interest-free periods. Reminding your customers of these key advantages can enhance their understanding of Payl8r and encourage them to take advantage of the flexible finance options available.
Staying Compliant
When promoting both offline and online finance options, it’s important to understand that both are subject to advertising guidelines and regulation, which are crucial when having your advert approved as compliant. This is why whenever you create your own advert you must send it over to our team for approval at operational.assurance@payl8r.com to ensure it complies with all relevant financial promotion rules. This includes web banners, social media captions, posts, email campaigns, website FAQs etc. You must also remember that real time promotions are strictly prohibited. This means you cannot offer, promote, or discuss Payl8r’s finance options in real-time conversations such as live chat, phone calls, or instant messaging. Instead, utilise our range of marketing assets, to spread the word about the finance options available.
Advertising guidelines state that if you display an example price, a representative example must be clearly visible. This should include interest rates and any terms and conditions. But don’t worry, we’ll provide all the help you’ll need to get started. This includes example posts and easy-to-follow guidelines. However, if you are still unsure about the rules around promoting Payl8r, you can always get in touch with our team for more information and we can provide the help you need.