faces buy now pay later

Faces Buy Now Pay Later: Explore the Top Trends Behind

Faces Buy Now Pay Later was introduced in 2022. Since then, thousands of practitioners have registered and used our Buy Now Pay Later feature. Fast forward to our current timeline, Faces Buy Now Pay Later is comparable to leading finance lenders for beauty and aesthetic businesses!

In our recent blogs about finance, we’ve highlighted several advantages and benefits of Faces BNPL such as an increase in clinic bookings and higher client retention rates. We understand that some practitioners may still be sceptical about these advantages, and we would like to show you the raw data on our end.

In this blog, let us show you the cold data about finance in the beauty and aesthetics industry, along with the native data we have on Faces. We’ll connect the dots on each piece of data and come up with the best judgement for your business. Let’s go ahead and start!

Faces Buy Now Pay Later and Bookings

– Across all UK businesses with BNPL integration, 69% have reported an increase in sales and performance metrics.

– Since 2020, the Buy Now Pay Later industry has seen humongous user growth, with a record total of £30bn expected this year.

– In 2023, the health & beauty industry led the market in consumer spending.

– Aesthetic clinics offering seamless experience in bookings can enjoy up to 69% in bookings compared to traditional paper-based clinics. This means aesthetic clinics offering an all-in-one solution for payments, bookings, and finance have the advantage.

– According to PayL8r, BNPL options capture a larger segment of customers, and businesses can see up to a 30% increase in orders.

– Examining our database, practitioners registered on BNPL through Faces have seen a 28% increase in bookings for their most expensive treatments. We also spotted that clients who realised they could use Buy Now Pay Later are more likely to get more treatments.

– Online purchases (including appointments booked online) are rapidly growing due to BNPL, with Gen Z and millennials leading the purchase growth.

– With Faces BNPL, introducing BNPL to your aesthetic business can attract younger clients (19-29 years old).

– Financial and analytical forecasts believe that up to 78% of businesses will adapt to BNPL due to customer’s increasing reliance on BNPL payments.

Summarising all data from both Faces and other reputable sites, there is a positive connection between offering Faces Buy Now Pay Later and the number of bookings. Though this would generate more profits for you, it is crucial to understand the proper strategy for implementing BNPL.

Reasons why Buy Now Pay Later is popular

As we’ve seen tremendous growth in BNPL transactions in the UK, as of 2024, more than half of UK adults have used Buy Now Pay Later for purchases. In this section, we will indicate several reasons why BNPL is popular in the retail and aesthetic industries.

– In early 2020, data shows the main reason why clients use BNPL is because of its convenience.

– BNPL is also popular because consumers use BNPL services to avoid high credit card fees and interest.

– A study done on 533 BNPL users suggests that utilising this feature has made high-cost treatments attainable and more manageable for repayments.

– Another related study by the Consumer Council found that one key reason consumers use BNPL is due to the recent increase in the cost of living. Further examination of the research shows that the impacts of BNPL have mostly been positive.

Conclusion

In this digital age, BNPL is a pivotal feature that encourages clients to book a treatment. While lingering sentiments make aesthetic professionals hesitant to use this feature, with the correct mindset, the right knowledge, and a reliable partner like Faces, you can eliminate your worries and continue on the road to financial and business success.

If you want to start registering on Faces Buy Now Pay Later, click here or talk with our Finance Manager!

May 8, 2024 by admin | 0 comments

Finance

Making Buy Now Pay Later Ethical: Solving Client Impulsive Buying

Buy Now Pay Later promotes spending; we won’t sugarcoat that. As more flexible options become accessible to the market, it’s forecasted that we will see a whopping 15% growth in BNPL transactions this year. Though positive effects of providing BNPL schemes and finance options include revolutionising customer purchases, financial flexibility, and increased client bookings, this feature could trigger impulsive buying and irrational decisions. With a sound argument from both sides, a necessary question has to be posed: is Buy Now Pay Later ethical?

Yes, but Buy Now Pay Later can be a double-edged sword

Finance is ethical. Through strict implementation, informative advertisements, and smart financial planning, clients would have a healthy balance of debt and cash flow, but this comes from an idealistic point of view. Truth be told, with immediate gratification and ease of access to BNPL, clients can impulsively spend without thinking about the risk. But, besides enforcing strict aftercare procedures, aesthetic professionals should also be responsible for enforcing positive habits in their clients!

Related Link: “Payment plans are bad, but is cash payment worse?”

In this blog, we’ll talk about the 5 simple actions that you can implement right away. Don’t worry, this isn’t hard, and you might find yourself doing this unconsciously to your clients already.

1. Ask them about their budget, but remember to be friendly!

There’s nothing wrong with being a little direct with your clients, especially when you’re trying to help. By clearly stating your question and the intent behind it, you will promote trust and credibility. In addition, it’s easy enough to convince clients to take BNPL for their aesthetic treatments; however, if the decision isn’t rational, customers may tend to feel a phenomenon called buyer’s remorse. On the other hand, businesses that put time and effort in ensuring the customer feels valued tend to reap significant rewards through customer loyalty. Statistics show that loyal customers could spend more than the average per purchase, ranging from 25% to 95%!

2. Offer clients time

We know that offering time-limited options is the best way to hook clients. But if your client remains unsure of their budget, the best option to give is time. In fact, customers will likely stick to their initial decision when forced to make an immediate decision, but oddly enough, customers who have been given enough time will shift the odds in your favour when they make a final decision.

However, you shouldn’t give clients too much time since they might forget your transaction. In our opinion, giving them a 3-5 day window to internalise their thoughts with constant and gentle follow-ups usually does the trick!

3. Upsell, not hard sell.

In alignment with the law, practitioners must not advertise Buy Now Pay Later for their treatments when utilising finance through Faces. In alignment with the previous statement, Faces wholeheartedly stands by it, as most practitioners try hard-selling for finance. Hard-selling is a sales strategy that is designed to be direct and pushy, and it can plummet your customer retention and loyalty rates. Instead of hard-selling Buy Now Pay Later, simply sell the idea that other payment options are available for your client to use (upsell).

4. Slow. Things. Down.

We know how practitioners can be excited when booking a client in for a treatment. However, it’s also essential to take things down a notch in order to dot the i’s and cross the t’s. Quick decisions can amount to impulsive buying. As reliable practitioners for your clients, it’s essential to slow them down if they seem overly excited about using finance for their treatments. By slowing them down and asking the right questions, you’ll avoid irrelevant headaches in the future.

5. Be the source of useful information

Last but definitely not least, be a source of useful information for clients. In alignment with the previous numbers, aesthetic practitioners offering finance should also be updated on the regulations and different processes for their third-party lenders. Through Faces, you can get the newest piece of information on our blog section and social media pages

Conclusion

With the rapid increase of BNPL schemes, customers feel more empowered to spend than ever. Practitioners shouldn’t overly take advantage of their vulnerability but rather act in the best interest of their clients. Through Faces, we can help you offer ethical financing through our finance lending partner. Schedule a call today with our specialist, or apply directly for finance by clicking here.

May 1, 2024 by admin | 0 comments

Finance

Faces Buy Now Pay Later / Finance FAQs

As a pillar of the aesthetics community, Faces has established itself as a resource hub for aesthetics. One key feature of Faces Buy Now Pay Later (BNPL), or Finance. From its seamless integration with our booking system to its benefits to your clinics, it’s a business booster you need!

Due to finance’s popularity with consumers, an increasing number of practitioners on Faces have registered to use this feature. There are a lot of questions surrounding this feature, and we are here to answer them! In this blog, we will cover the most common questions asked about finance. If you have any questions, please feel free to comment below!

Let’s go ahead and jump right in.

How do I promote Faces Buy Now Pay Later?

Once you get approved for this feature, there is an approved post that you can put on your social media accounts.

How can Faces Buy Now Pay Later help clinics or practitioners?

Buy Now, Pay Later empowers your clients to afford treatments by breaking down costs and increasing their willingness to choose more expensive treatments and packages.

Can I earn more from Faces Buy Now Pay Later?

Practitioners have reported a 29% increase in their sales by using the Buy Now, Pay Later feature, as their clients are more likely to book multiple treatments with this payment plan in place.

How do I get the money from my clients?

Once your client gets approved for finance, you will be paid within 24 hours after you’ve input the 4-digit PIN code, eliminating the need to chase payments.

How do practitioners or clinics sign up for Faces Buy Now Pay Later?

On your Faces dashboard, click ‘Finance Hub’ then ‘Register’. Fill out all the information, upload your documents, and sign below. Remember to click save.

What do I need to get approved for Faces Buy Now Pay Later?

To get approved, just fill out all the information needed and upload an updated insurance, training certificate, and photo ID.

I just got approved! How can I promote this?

You will receive a copy of the approved post that you can post on your social media accounts.

Is there a setup fee or a monthly fee?

No, there is no start-up cost or monthly fee. Setting up Faces Buy Now Pay Later on Faces is free.

I’ve just signed up. How long does it take to get approved?

Approval takes 24–48 business hours. If you still haven’t received a status update on your application. You can always message us through WhatsApp.

How can I offer this to my clients?

Once approved for finance, your clients can apply through the sent consent forms, your booking link, or by manually sending a link. Advertising that you offer finance is not allowed.

Conclusion

Faces’ Buy Now, Pay Later is a powerful tool that allows clients to book treatments sooner rather than later. With the troubled economy we are facing, aesthetic clinics or solo practitioners offering split payment options can increase their client base by presenting a solution to clients who don’t have disposable income right now. This act of service paves the way for strengthening client relations.

If you’re still unsure, you can always reach out to us by email, WhatsApp, or simply contact us at 01785558018.

April 19, 2024 by admin | 0 comments