New research finds clients are making fewer ATM withdrawals and large EFTPOS transactions, instead using Payright and other buy now pay later (BNPL) services more often today than they did during Christmas last year!
Data from credit bureau and consultancy firm AlphaBeta, shows Australians have rushed to BNPL platforms to improve cash flow during the coronavirus crisis, with the temporary closure of physical beauty businesses only adding to the momentum.
Australian BNPL brand and #BeautePartner Payright agrees that now more than ever the Australian beauty industry should be keeping their financial and client facing strategy front of mind by offering these payment services, noting ‘they help with cash flow management, allowing payments to process as soon as a clients plan is activated’. – Emily Redward, Marketing Consultant at Payright.
Exploring the benefit of implementing a BNPL payment option into your beauty business, Emily continues, ‘businesses see their average transaction value increase by 20% on average’, as well as ‘noting that enquiries and bookings increased when Payright payment plans are advertised’.
Local to the Mornington Peninsula, non-surgical cosmetic aesthetic skin clinic Juvenil Essence, provides treatments from anti-wrinkle injections and dermal fillers, to plasma skin tightening and facial contouring, all which often come with a premium price tag. Since becoming a partner with Payright, Emily reflects on their relationship adding ‘Juvenil Essence has experienced higher client engagement, a strong boost in sales, and an increase in its client base and new customer enquiries’. Estelle, Co-owner of Juvenil Essence describes, “Being able to offer buy now, pay later empowers our clients to get the best results possible because we can offer them the choice to pay in instalments, which can optimise treatments and clients can reach their desired outcomes while staying on top of their budget. Payright also allows us to create treatment plans for clients for the future which helps with repeat business,”.
Daughter of Estelle and Co-owner, Alex echoed Estelle’s comments adding, “Most clients feel really comfortable and reassured, and they pride themselves especially when they see great results. To be able to create a relaxed environment for clients where they can enjoy a luxurious experience without the money stress is important for us to maintain our reputation, especially in this business.”
“To be able to create a relaxed environment for clients where they can enjoy a luxurious experience without the money stress is important for us to maintain our reputation, especially in this business.” – Estelle, Juvenil Essence
Feedback and research suggests that Payright BNPL payment plans helps clients to budget better with with the option to spend up to $10k with fortnightly or monthly payments spread over a 36th month period, resulting in Payright being more affordable than other payment plans! BNPL programs assist with client applications by allowing them to be pre-approved for a payment plan when they make their booking, helping to reduce booking cancellations and help fill your appointment calendar.
Assisting business owners through times of uncertainty, Payright is working with their partners to ensure they are responsibly lending, resulting in clients feeling comfortable with their payment plans and treatment packages. Combining training to assist therapist and client conversations about BNPL payments plans in the treatment room, as well as digital techtools such as POS collateral, social media posts, email content, website content and printed marketing material, Payright is the natural choice for the professional beauty industry.
For business owners who have had ‘add buy now pay later payment option to the salon’ on their to-do list for some time now, you can feel confident knowing that each of Payrights’ partners receive their very own dedicated Relationship Executive and Australian based call centre to help manage your unique needs. Be sure to get in touch with the team at Payright here to start providing simple and effective payment options for your clients today.