What Is Shop Pay & How Does It Work? Learn How To Use It
Quick payment checkout options have devised a new revolution in online shopping. Integrating such methods is a win-win situation for both customers and merchants. Where customers get to use a hassle-free and easy-to-use e-wallet, merchants can stop customers from leaving the purchase in the cart. Today, we will discuss one such app called Shop Pay and discuss what is Shop Pay, its benefits, and how it can be used. Shop Pay was introduced to ease and speed up the payment checkout process. In addition, it is meant to bring down the number of cart abandonments. Imagine this: When a customer shops online, they like a product, but when they have to provide their address details, contact information, card details, etc., they remember some important task and leave for that. This situation is called cart abandonment. Shopify thus felt the need to bring up an accelerated checkout option- Shop Pay, which only requires customers to save their billing information, address, and contact information for once. What Is Shop Pay? Shop Pay is an accelerated checkout option powered by Shopify to facilitate faster purchases by saving purchase-related data. The checkout method has been widely used since its introduction in 2017 and can work with existing payment methods. Shop Pay is so convenient for users because it stores users’ data with encryption and allows faster transactions. Here are the fields that Shop Pay keeps stored: Email address Shipping information Credit card details Billing information Not only for buyers, but Shop Pay is a blessing for sellers who want to expand their business by joining hands with local delivery and pickup companies. Moreover, this payment option can be integrated with Google Pay and social media sites such as Facebook, Instagram, YouTube, etc. How To Checkout Via Shop Pay? To check out via Shop Pay through an online store that has enabled it, follow the procedure stated below: When viewing a product for purchase in a cart or at the time of checkout, tap/click on the Shop Pay button. Next, you’ll be asked to provide your email address or select the passkey icon in the email field. Follow the im-prompt instructions to save your information. Review your order before any changes. Tap/click on Complete Purchase. Benefits Of Shop Pay Learning what is Shop Pay can skyrocket your conversions by 50%. This fact is convincing enough, but Shop Pay benefits aren’t limited to that only. Shop Pay Benefits For Buyers (a) Saves Time: Shop Pay saves buyers’ data imperative for exercising purchases like billing or credit card details and shipping information, etc. This saves time by eliminating the need to enter details every time you want to make a purchase. (b) Provides Customer Support: It allows customers to look for support services and chat options, go through frequently asked questions like what is Shop Pay, installment-related queries, and find other resources easily. Instead of directing you to some other app, it’ll provide you access to support services without having to leave the app. (c) Personalized Shopping Experience: The platform offers customized shopping experiences to customers by providing purchase recommendations, giving updates for deals, updating stock restoration/back in stock, etc., and keeps their data safe and secure. (d) Shop Locally: If you love to shop locally, Shop Pay lets you track new offerings and deals from local stores. The best part is that it also provides access to pickup options from stores in your proximity. (e) Encrypted Data Storage: Shop Pay stores customers’ data on Shopify’s PCI compliant servers. It only shares customers’ information with the stores only when they are making a purchase order. So customers can be relieved of their data safety online. (f) Easy Installments Allowed: Shop Pay allows customers to pay in installments only for orders from 50 USD to 17,500 USD (including discounts, shipping, and taxes). Buyers can pick the duration at their convenience within 3 to 24 months. They can also pay in a maximum of 4 installments biweekly. This allows Shop Pay users to ‘Buy Now, Pay Later,’ which customers often look for. Shop Pay Benefits For Sellers (a) Increases Conversions: Shop Pay has reportedly increased conversion rates for sellers by 50% in comparison to guest payment options. It makes the checkout quick and hassle-free, thus attracting more customers. (b) Automated Marketing: This is the most celebrated feature of Shop Pay that allows marketers to connect with customers better. With the platform’s automated tool, sellers can send automated messages before, in between, and after an order is received. Among other things, it also allows: Sending shipment tracking notifications with other product recommendations. Messages for new arrivals Sending products recommendations Deals messages Sending post-purchase offers (c) Allows Performance Tracking: With Shop Pay, sellers can keep track of when an order was placed and how fast it was delivered. Furthermore, they can check how frequently a product was purchased, thus monitoring how fast the conversion rate for a particular product goes up. That’s how this platform serves the purpose of keeping the business transparent and helps them make future sales strategies. (d) Customized Store & Checkout Options: Shop Pay provides enormous options to choose from. Sellers can add enticing features to their stores that attract customers. For instance, Shop Pay installments, express shipping, free shipping, recommendations based on orders received previously, etc. This customization will help retain the customers and give them a continuous reminder about your store. (e) Seamless Integration Across Various Platforms: Shop Pay allows seamless integration for merchants to manage inventory on different e-commerce and social stores like Shopify, Amazon, Instagram, etc. It also allows activating a tab/button for customers so that they can quickly pay and checkout. This integration saves their time and effort from wasting and allows sellers to focus on other things. Furthermore, sellers can also provide resources that are useful to customers in a single place in Shop Pay. How Does Shop Pay Work? So far, we’ve talked about what is Shop Pay and its benefits. Now, let’s see how Shop Pay works. Shop