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Perpay is a digital lender that offers access to credit through their e-commerce marketplace. On the Perpay Marketplace, customers can shop, pay for their purchases over time, and build their credit score. On average, customers increase their credit score by 39 points in four months, improving their access to other credit products.
We previously talked about how Perpay created a frictionless customer journey using Pinwheel Deposit Switch, helping its customers set up automatic repayments from their paycheck in a few clicks. All the customer has to do is log in to their payroll account using Pinwheel’s API, without leaving the Perpay app, and approve a portion of their paycheck to go toward paying off their purchase.
Back then, the Perpay CEO teased a new product that could only be enabled by Pinwheel, which is a reflection of the confidence that Perpay has in our solutions. Months later, Perpay has launched express checkout, a Deposit Switch-powered customer incentive that increased conversion.
Deposit Switch unlocks powerful data insights for Perpay
Before partnering with Pinwheel, Perpay relied on its customers to manually set up repayments from their payroll provider portal, which created friction for the customer and hurt conversion. They also had no insights into customer behavior that it could use to better understand customer needs and improve its service.
Once Perpay implemented Pinwheel’s Deposit Switch product, it single-handedly solved both of the above issues.
A key benefit for Perpay was that it could immediately see whether a customer had attempted or had successfully set up repayments from their direct deposit — or if they hadn’t connected their payroll account at all.
Now that Perpay could access this data, its team developed a hypothesis: Perpay would increase conversion if it offered an incentive (express checkout) to qualifying customers if they set up their repayment with Pinwheel’s Deposit Switch.
Perpay increases conversion with express checkout
To test the hypothesis, Perpay developed a notification that informed customers they qualified for express checkout if they used Pinwheel to set up automatic repayments. Express checkout vastly improved customer experience, as it reduced the amount of time it took for a shopper to receive their order from the moment they set up payment. In an AB test, express checkout increased conversions by 29%*.
With Pinwheel’s Deposit Switch, Perpay is also able to monitor direct deposit allocations and get notified when a customer’s allocations change. The ongoing access to this data enables them to understand who their direct competitors are and how they can better serve and retain their customers.
On Demand is another Deposit Switch feature that Perpay is using to improve the customer experience. It saves the customer’s payroll account login details,which allows them to easily update their direct deposit settings without having to re-enter credentials every time. This simplifies repeat purchases, ensuring Perpay customers have the best possible shopping experience.
If a user qualifies, they’ll see these notifications letting them know that Perpay will process their orders immediately if they set up payment via Pinwheel. This experience has increased conversion by 29%!