In the 2024 digital economy, your customer’s expectations have become a moving target, constantly reshaping and adapting. As a business owner or manager, you’re always striving to keep pace with these shifting demands and that means keeping up with your customers’ payment expectations too. Split payments are one of the best ways you can do that since it grants customers an unparalleled level of flexibility that they want, while also catalyzing growth and lowering the costs of acquisition for your company. Let's embark on an insightful exploration of these compelling questions.
Antic’s split payment solution empowers your customers to divide the total cost of a purchase across multiple payment methods or payees. This can include splitting charges between different credit or debit cards, or even among different individuals when they book a group short-term rental or buy a group deal online.
A study by Oney found that in Europe, 6 out of 10 consumers are already using split payment solutions. It confirmed that payment flexibility is a strong consumer expectation and an asset for brands, with split pay being used in France (59%), Poland (60%), Spain (62%), and Portugal (62%).
Your customers expect split pay.
Financial inclusivity and flexibility have become more important than ever to consumers, and they’re looking for new ways to tailor payment experiences to fit their unique needs. For many, managing a budget is a delicate balance. Split payment options allow your customers to distribute expenses in a way that aligns with their budgetary constraints, helping them to avoid overspending on any single account or payment method.
Group purchases, whether for a gift or a shared experience, can also be logistically challenging for your customers. Yes, they can use offline P2P apps to split a payment after the fact, but that comes with its own concerns. An online split payment solution integrated into your checkout simplifies this process by allowing each participant to contribute their share directly.
Split payments can also make higher-priced items more accessible to individuals who don’t have the full amount available in a single account. By allowing customers to combine resources from multiple accounts, you expand their purchasing power without needing credit or financing options that come with interest.
Antic is a seamless solution that allows you to add a split payment capability directly into your checkout. To give an example of how it works, let’s say that Alexander and his 7 friend want to take a ski vacation to France. They want to book a hotel stay together and none of them wants to charge the entire amount of $4,000 to their card (and with good reason, of course).
Luckily, Le Val Thrones Hotel has an Antic integration and Alexander can set up a group directly from their website. He signs into the app with Google and creates a group, adding his own payment to the collective.
From the group, he sends a unique payment link to all of the 6 remaining group members. The group timer is activated to let everyone know how long they have before the group purchase expires. When Gina clicks the link that Alexander sends her, she sees this:
Now she can contribute her share and check the group’s funding status. Once it’s fully funded, the purchase will complete (and the hotel will paid in one sum, making reconciliation and tracking easier).
Customers are no longer satisfied with one-size-fits-all approaches; they crave, and actually, expect, services that align with their personal financial circumstances and purchasing habits. Businesses have to recognize and adapt to this shift to see tangible benefits in terms of increased sales, customer retention, and competitive advantage.
Antic can help you make that possible faster, more efficiently and with almost zero business disruption.
