Visa has announced a new collaboration with Amazon, giving Canadian consumers more choice when it comes to checkout. Eligible RBC and Scotiabank credit cardholders shopping on Amazon.ca or the Amazon app can now choose Installments Visa allows consumers to convert purchases into smaller, fixed payments over a specified period of time, providing greater financial flexibility.
“We are excited to offer our Amazon installment solution through two of Canada’s largest issuers, giving more consumers access to diverse payment methods and greater financial control with one of the world’s largest online merchants,” said Dan Sanford, Visa’s head of North America products. “Recognizing the growing demand for flexible payment options, we are committed to enhancing the overall payment experience for Canadians to meet their evolving needs.”
Installments are becoming a preferred payment method among Canadians. Visa research indicates that 58% of Canadians are interested in using installments, and it is expected that by 2026, this method will account for nearly a quarter of all global e-commerce transactions.
“At Amazon, we are always looking to innovate and improve the shopping and payment experience for our customers,” said Tyler Aldrich, Director of Payment Products at Amazon. “By partnering with Visa, we are excited to offer customers even more choice, enabling them to pay for their online purchases in ways that are convenient for them.”
Benefits of Installment Plans for Small Businesses
Offering installment plans offers significant benefits to small businesses. By allowing customers to spread payments over a period of time, small businesses can appeal to a wider range of customers, including those who may not be able to afford a large upfront payment. This can lead to increased sales and higher average order values, as customers feel more comfortable making larger purchases when they can pay in installments.
Installment plans can also improve cash flow for small businesses. As more customers choose flexible payment options, businesses can expect more consistent and predictable revenue streams. This financial stability can be critical for small businesses to manage expenses and plan for growth.
Offering installment plans can boost customer satisfaction and loyalty. Customers appreciate having flexible payment options, which can lead to a better shopping experience and increased customer retention. Happy customers are more likely to return and recommend the company to others, helping to build a loyal customer base.
Visa’s installment plan service gives issuers, processors, and merchants a better payment option to meet the needs of customers wherever they are. This feature is especially useful in the current economic climate, where many consumers are looking for ways to manage their finances more effectively. By offering installment plans, small businesses can tap into this growing market and meet the evolving needs of their customers.
Visa and Amazon are working to make this payment option available to more consumers around the world. As installment payments become more popular worldwide, small businesses that embrace these options can remain competitive in the international market. This can open up new opportunities for growth and expansion, as businesses can attract customers from different regions who prefer flexible payment methods.
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