What is Take Rate?
Take rate is the percentage of people who choose the Payment Plan option at checkout.
(Purchased w/Payment Plan) / (All Successful Purchases) = Take Rate
If 50 people purchase your product, and 30 of those people chose the Payment Plan, your take rate would be 60%
What It Means:
Your business model, and how you are positioning your offer, will determine whether this number should be high or low. In general, it's best to collect payment in full and you want this take rate to be as low as possible.
What to Change:
If your take rate is too high, it might be worth re-evaluating your Single Pay option. Is it enough of a discount to incentivize people to choose that option?
If your take rate is super low, you might be leaving money on the table by people not checking out at all. You may want to change your pricing or offer a longer payment option.
As always, never hesitate to reach out with questions big or small. We're always here to help. Email us at Support@Spiffy.co.