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Buy Now, Pay Later (BNPL) options via Pay.

If you operate an online shop, it is crucial to offer a wide array of popular online payment methods. By doing so, you enhance the likelihood of visitors completing a purchase on your website. Currently, the most widely used payment methods include various forms of Pay Later options, such as Riverty, Billink, and Klarna.

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The use of Buy Now, Pay Later (BNPL) is surging by +92%.

Pay Later allows consumers to shop first and pay later, also known as 'Buy Now, Pay Later' (BNPL). With BNPL payment methods, consumers can postpone their payment until a later date. Due to the increasing digitization and evolving consumer behaviour, there is a growing demand for Pay Later options. It is estimated that by 2025, Pay Later methods will account for approximately 12% of all e-commerce spending, skyrocketing from around €350 billion in 2019 to €690 billion in 2025, representing an astonishing growth rate of +92%.

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Why is Pay Later so popular?

Flexible payments
Buy Now, Pay Later options have gained popularity, particularly among younger consumers in the Millennial and Gen Z generations. Paying later offers this demographic greater flexibility to shop first and pay at a more convenient time, such as when their salary is received.

Seamless checkout experience
Ordering through Pay Later methods often involves a simple and hassle-free process, requiring minimal information during the checkout phase.

Sense of security
The concept of 'Shop Now, Pay Later' provides consumers with a sense of security. They only complete the payment after receiving their order and processing any returns, ensuring they are paying for what they genuinely want to keep.

Recognizable & trustworthy
Well-known BNPL payment methods add an element of trust to online shopping due to their familiarity. In fact, Pay Later options serve as a conversion-boosting tool, attracting new customers to your online shop.

BNPL via Pay: Klarna,Riverty, Billink, and NOTYD.

Pay. specializes in offering a comprehensive range of Buy Now, Pay Later methods. Through Pay.'s all-in-one payment solutions and plugins, you can effortlessly integrate the most popular Pay Later options into your online shop.

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Klarna

Klarna is Europe's largest and most renowned provider of Pay Later services. Operating in seventeen countries, Klarna boasts over 85 million end customers and partnerships with more than 200,000 (web)shops. Klarna's BNPL payment options caters to consumers and webshopss, emphasizing themes such as social shopping and personal finances. With Klarna, customers can pay their invoice within 14 or 30 days via bank transfer or automatic debit. This simple and secure payment method eliminates the need for bank details or a card reader.

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Riverty

Originating from the Netherlands and now expanding across Europe, Riverty (formerly known as AfterPay) is one of the most widely used Pay Later methods in the Netherlands. It is also available in Belgium, Germany, and Austria through Pay. Riverty focuses on showcasing your webshop's brand, and its unique feature is handling the entire invoicing process, from the initial purchase to any necessary collections, ensuring a smooth customer journey.

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Billink

Billink offers an innovative Buy Now, Pay Later solution for online retailers. Depending on your preferences, Billink guarantees payment for private transactions up to €1,500 by mitigating the risk of default. To enable a seamless acceptance process for as many customers as possible, Billink employs smart technology for reliable credit checks, resulting in an average approval rate of 87%-90%. Billink offers the added advantage of not tying you to a yearly contract or subscription, allowing you the freedom to join or discontinue the service at your convenience. Furthermore, Billink offers competitive rates.

NOTYD

NOTYD

As a pioneering payment provider, Pay Now offers NOTYD (formerly known as Biller), a B2B payment method that enhances checkout processes for both B2B and B2C&B webshops. With NOTYD, your customers can defer payment for up to 90 days, while you receive immediate payment. This facilitates purchasing for businesses while simultaneously improving your cash flow, as payments are received within 7 days.

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How does BNPL work?

During the checkout process, customers select a Pay Later method such as Riverty, Klarna, or Billink. Following a creditworthiness check, the order is forwarded to the merchant, who fulfills and ships it to the customer. Upon receiving the order, customers may return items if necessary. The total purchase amount is adjusted accordingly, considering any returned items, and the customer completes the payment.

Conversion booster, marketing tool, and loyalty driver in one.

Implementing Pay Later options provides numerous benefits to your webshop and overall revenue. Firstly, renowned BNPL methods attract new customers to your online shop. Additionally, the ability to Pay Later streamlines the checkout process, resulting in higher order completion rates. Lastly, Pay Later methods encourage customers to make more frequent and higher-value purchases. Thus, Pay Later serves as a conversion booster, a valuable marketing tool, and a driver of customer loyalty.

 

Pay Later: guaranteed payouts.

It is essential for entrepreneurs to know that Pay Later methods assume the full payment risk per order and customer. Consequently, as a webshop owner, you are assured of receiving your payout regardless of whether the customer has made their payment.

 

The benefits of Buy Now, Pay Later for webshops and entrepreneurs.

Offering Pay Later options to your customers provides various advantages:

  • Increased number of orders
  • Higher conversion rates
  • Larger order values
  • Enhanced customer loyalty, resulting in more frequent and substantial purchases
  • Seamless integration with Pay.

If you aspire to boost your order volume and increase your revenue, consider adding Pay Later options to your payment methods, and choose Pay. as your Payment Service Provider. Contact us at sales@pay.nl for more information.

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