Installment payment software facilitates a business’ ability to offer its customers the option to purchase an item over time through a set number of regular payments. Businesses can either implement the software themselves or utilize a SaaS tool to provide installment payment capabilities. In those instances, the service will pay a business the full price of the item up front and then remit the installment payments from the customer.
Because of the flexibility associated with installment payments, these solutions enable a business to potentially attract new customers and sell more high-priced items within their e-commerce store. Businesses can embed these solutions into their online store or integrate them with their invoicing software to offer flexible payment options. These tools are similar to payment gateway software because they can securely carry out payment transactions and process credit cards online and integrate with e-commerce tools.
To qualify for inclusion in the Installment Payment category, a product must:
Provide the option to pay for an item in installments
Manage the amount and timeframe of the installments
Apply appropriate interest and fees if the installments are late or unpaid
Send notifications to both customers and businesses
Integrate with an e-commerce platform or invoicing software