The last months of the year are highly anticipated by consumers, businesses and entrepreneurs alike. For businesses, they represent the perfect opportunity to implement commercial strategies that take their sales to another level, taking advantage of the seasons of offers and promotions such as Buen Fin and other key end-of-year dates. In addition to the wide variety of products, there is an irresistible ingredient that makes the difference when attracting larger buyers: the Interest-Free Months (MSI).
According to data from the Confederation of National Chambers of Commerce, Services and Tourism (Concanaco-Servytur), it is predicted that Buen Fin 2023 will generate an economic benefit of more than 140 billion pesos. This is because consumers usually bring forward their end-of-year purchases to take advantage of the considerable savings that the offers represent. In addition, many businesses integrate the possibility of paying in Interest-Free Months into their sales strategies.
MSIs are a modality that is currently among the favorites of Mexican clients, according to a study commissioned by PayPal to the Mandarina agency (in 2022); The implementation of the MSI came to be identified as an intelligent measure in expense planning. Among the users surveyed, 68% affirm that this payment method is useful when it comes to purchasing durable goods and 50% to take advantage of special seasonal sales, such as Buen Fin.
4 keys to activate interest-free monthly payments that will help you succeed in this offer season
So that more businesses can take competitive advantage of this season of discounts and promotions, below I share some tips that can be very useful for entrepreneurs and SMEs that want to get the most out of this scheme:
1. Use secure digital payment platforms to convey confidence to consumers
Among the recommendations issued by Profeco, the importance of making purchases only on trusted sites stands out, as well as being careful and not providing personal, financial or identification information to suspicious sites or people. Therefore, offering customers a reliable payment platform becomes crucial to convey security, in addition to offering options that allow them to make their purchases online without leaving a digital footprint when making transactions. For example, by using PayPal as a payment method, consumers do not share their financial information with merchants, and both parties can rest assured that they have someone to support them. In addition, our platform provides an easy, fast and secure purchasing experience that also allows you to help complete the transaction, due to the convenience and payment flexibility that it offers.
2. Differentiate yourself from the competition by activating interest-free months for online payment
According to the study ““Months Without Interest: behavior of Mexican consumers and businesses” that PayPal commissioned the consulting firm Mandarina, 43% of the sales of the companies surveyed are thanks to this payment method. Therefore, when selling on-line Make sure you have platforms that make it easy to offer payment flexibility to MSI and perhaps choose to provide a payment scheme that no one else has, like the one we launched last year at PayPal, 4 Months Interest Free exclusively with a banking institution , which gives consumers one more month to spread the payment, than in the more traditional 3, 6, 9, 12 or 18 month schemes.
3. Strategically select the products or services that will enter this payment method
Payments to MSI contribute to changing the perception of consumers, so that they can have access to high-end products, making them seem more attainable. However, other points to consider are in your inventory. You can consider bringing to MSI the most popular items, special or limited editions, or even products that have been relegated in the warehouse.
4. Communicate the terms and conditions clearly and in time
Communication continues to be vital so that customers are aware of the news of the businesses, especially in times such as Buen Fin, which is why it is important to make sure to share in a timely manner with customers that this modality will be available, being very specific with the options that They will be in force and if in order to apply them there will be specifications such as minimum amounts.
In the MSI modality, everyone wins: the consumer can purchase durable or larger goods without compromising their financial health; while the benefit for businesses is that they receive 100% of the payment in a single payment at the time of making the sale, regardless of the monthly payments that the buyer has selected.
The MSI and the Good End 2023
As business leaders, it is essential to incorporate this tool strategically to be able to boost sales by the end of the year, especially if we consider that, according to information from the AMVO, one of the main reasons why consumers are attracted to buy during Buen Fin 2023, it is because it has better payment facilities such as MSI (32%) and a relevant part of its motivators focus on payment and financing methods. For all those businesses that had not considered offering MSI in their Buen Fin strategy, I invite you to consider the option, since without a doubt this scheme is a distinctive feature for all types of companies, especially for its adaptability for both entrepreneurs and clients.
Allan Picos Responsible for the design and implementation of the commercial strategy for the business segment at the national level. He leads a team specialized in omnichannel strategies and sales analysis.