Boost your ticket sales with PayPal Pay in 3
At a time when consumers are particularly conscious of their spending habits, offering flexible payment options is proving increasingly important for event organisers.
A leading option is PayPal Pay in 3, which FIXR is excited to have integrated as an option at checkout, offering a range of benefits to event organisers and ticket buyers alike.
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What is PayPal Pay in 3?
PayPal Pay in 3 is a buy now, pay later service that allows your ticket buyers to make a purchase (between £30 and £2000) and then spread the cost over three equal payments, with zero interest. This easy payment solution is a hugely attractive option for budget-conscious consumers, making it a game-changer in the event ticketing industry.
With 63% of UK consumers thinking more carefully about what they spend their money on, they are looking for new ways to help manage their budget, and 45% of consumers say they can manage their income and expenses better if they can buy things now but pay for them later.
How can this benefit event organisers?
Improve conversion rates
Offering pay-later options can significantly improve your conversions, meaning a higher proportion of people who see your event pages (or add tickets to their basket) go on to complete a purchase.
Research shows that 57% of consumers are more likely to make a purchase at a retailer offering interest-free payment options, with PayPal's data showing that sellers who use pay-later options can boost conversion rates and increase cart sizes by 39%.
Increase average order value
Naturally, the ability to split the cost of a booking over instalments also has a positive effect on the amount ticket buyers are willing or able to spend on their order. Whether securing tickets for friends, purchasing add-ons like drinks deals or VIP upgrades, or choosing more expensive ticket options, the added flexibility and reduced financial strain for the customer can often lead to higher-value bookings.
Research has shown that 91% of online sellers report improvements in at least one key metric after enabling buy now, pay later: whether that’s revenue, average order value, conversions, or an expanded customer base.
Encourage earlier booking
As we highlighted in our Autumn event trends and insights, the post-pandemic trend for late ticket buying continues to pose problems for event organisers when it comes to predicting attendance and balancing budgets.
Offering a safe, secure and trusted way for ticket buyers to split the cost of their booking is an effective tool for securing earlier bookings, especially for higher-value orders.
Provide flexibility
Event attendees will undoubtedly appreciate the flexibility that PayPal Pay in 3 offers; allowing them to secure their tickets with less strain on their finances.
Rather than waiting until payday to make a purchase, ticket buyers can now spread the cost across three separate paydays, securing the booking on the spot knowing that they will be able to cover the cost when the next instalment comes around.
Similarly, they could use the option to buy tickets for a group, get their friends to pay them for their individual tickets, and have that cash as disposable income until the next payday or student loan drop!
61% of Gen Z consumers aged 18-24 say they have bought items using buy now, pay later, meaning they're as likely to use this option as a credit card, favouring the flexibility, greater transparency, interest-free payments, and reduced risk to their credit score.
Minimise risk
Offering PayPal Pay in 3 can not only help to minimise the risk of running your events successfully, there is also no risk when it comes to the payment itself.
You’ll still receive your payment in full as normal, with PayPal underwriting any risk if a customer's payment were to fail - this is PayPal's responsibility and you will get your money for the purchase.
What's more, using the service will also have no effect on the ticket buyer's credit score, reducing the risk to your audience as well.
Establish trust
Another key theme in our recent Event Trends & Insights was the importance of building and maintaining trust among ticket buyers.
As the most popular payment option across Europe, Asia, Africa and Oceania, PayPal is an established, trusted, market leader when it comes to online payments. In the UK, 96% of survey respondents are aware of the PayPal brand, and between 2020 and 2021, nine in ten online shoppers used PayPal for at least one transaction.
The data speaks for itself, and it emphasises the potential impact of offering a trusted, safe and secure buy now, pay later option to your ticket buyers.
Interested in adding PayPal Pay in 3 to your FIXR account?
Complete the form below and we'll help you set it up.
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