Is a Down Payment Worth it? Pros and Cons Explained
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In the Philippines, businesses that offer flexible payment options are a big hit among shoppers. Instead of paying the full amount for their dream item, like a phone, gadget, or appliance, they prefer to split the cost into smaller payments that fit their budget.
The good news is, installment payments are no longer just for large retail chains. Through Buy Now, Pay Later (BNPL), businesses of any size can offer flexible payment options that drive sales and keep customers coming back. Both small and medium sized businesses (SMEs) and growing brands can adopt BNPL in their stores to stay competitive. Find out below how you can add it to your store when you partner with Skyro, boss.
Installment payments are popular for a reason. It helps customers to get the item they’ve been thinking about for a long time, without having to pay the full cost right away. For many Filipinos, this helps them manage their budget. They’re able to afford bigger items, even if the price is higher than usual. For business owners, adding installment options leads to higher average transaction value and the ability to move higher-priced inventory.
With BNPL, you no longer have to worry about offering limited payment options, which is one of the biggest reasons customers walk away. Many look for phone installment options when buying a pricey gadget. So when they see a store promoting “pay later” on their items, customers are more likely to buy there. And because BNPL supports plenty of digital payments like QR Ph, e-wallets, and bank transfer, businesses like yours can also enjoy increased conversion rates.
For customers, choosing to pay in installments is a big commitment. By signing a contract with the business, they agree to pay a fixed amount each month. This commitment can also help build stronger customer retention for business owners.
Now that you’re aware of the benefits of Buy Now, Pay Later, the next important step is knowing what to look for when choosing a financing partner. With many BNPL services available today, it can be a bit hard to find the right choice. Just remember these five things, boss:
Working with a loan provider that offers flexible payment options can help businesses grow, especially when the setup is fast and simple. Skyro, an SEC-registered fintech company in the Philippines, makes BNPL for retailers easy. Skyro’s partner merchants have seen their sales increase by up to 30%, while small and medium-sized businesses have grown as much as 5× in just one year.
To make the process even smoother, they created the Skyro Merchant Portal, a digital onboarding platform available on the Skyro Business page. The Portal has a clear, step-by-step application flow and shows the required documents at the start, so it’s easier for both single-store businesses and multi-branch brands to apply.
To apply for a Skyro partnership, business owners must click “Become a partner!” to access the Merchant Portal. From there, they can sign up and submit one valid ID to start the partnership application.
Sole Proprietors or solo business owners can continue the process directly on the Portal by uploading their business details and required documents, as well as adding their store and store agents’ information. Meanwhile, applicants registering as a Corporation or Partnership will be redirected to the Airtable link to continue their application.
After submitting, Skyro reviews the merchant’s details and documents. The application review is fast, and the results are sent through email within 48 hours. Once approved, the merchant must sign the agreement to complete the onboarding process. They can now go live and start offering Skyro loans to their customers.
To support their growth, a Skyro representative will also reach out within 48 hours after approval to guide the partner merchant through onboarding, agent training, and other next steps.
The Skyro partnership is built to support both small businesses and growing brands. For SMEs, pay later platforms give them an accessible way to compete with larger players in the market.
For growing brands and multi-branch businesses, Skyro’s flexible BNPL payment options help them scale faster across stores and regions, whether they’re opening new branches or adding more store agents. This way, businesses can focus on selling while Skyro supports them every step of the way.
Many types of business owners can partner with Skyro to offer installment payments to their customers. Skyro’s BNPL solution is built for merchants across different industries who want to give customers more flexible ways to pay. Businesses that can apply include:
Onboarding as a Skyro partner merchant can take as fast as 2 days, boss! Once you receive approval through email and sign the agreement, a Skyro representative will contact you within 2 days to assist with onboarding, agent training, and other next steps.
Here are the documents required to become a Skyro partner merchant:
For Sole Proprietorship
*Business must be operating for at least 6 months
*Only the business owner can apply
For Corporation/Partnership
* Business must be operating for at least 6 months
Yes, multi-branch brands can apply under one account when they partner with Skyro. On the Merchant Portal, just list each store separately, boss.
There is no minimum sales requirement to apply, but please make sure your business has been operating for at least 6 months, boss.
As BNPL continues to grow in the country, installment payments prove time and again that they’re more than just a checkout feature. They are key drivers of sales for businesses of all sizes.
Give your customers the freedom to order now and pay later with flexible installment options, boss. Visit the Skyro Merchant Portal on the Skyro Business page and apply to become a partner today!
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