Why Buy Now Pay Later (BNPL) Matters for Your Business
Enhanced Conversion Rates: By allowing customers to purchase immediately and pay over time, BNPL can significantly increase your sales. Services like Klarna, Afterpay, and Affirm enable you to offer various flexible payment plans.
Improved Cash Flow: BNPL options alleviate the immediate financial burden on your customers, encouraging them to make larger purchases than they might otherwise. This can lead to higher average order values and stronger cash flow for your business.
Expanded Payment Options: Integrating BNPL into your Ecommerce platform caters to a broader customer base, improving the overall user experience and fostering loyalty and repeat business.
Implementing Buy Now Pay Later in Your Ecommerce Store
Setting Up Your Store:
Navigate to the Sites tab from the left menu, and select Websites. Here, you can either create a new website or edit an existing one.
Choose to start from scratch or use a pre-designed template from the library if you are creating a new website.
Click on “+Add New Page” to begin building your store with the website builder.
Name the page and choose a corresponding path if you desire. If a path is not chosen, the system will automatically create one based on the name of the page.
Access the website editor to begin building your store. Use an existing template or start from scratch. We will start from scratch in this guide.
Adding Your Store and Products:
Go to the store tab and click on “+Add to site” to initiate your store setup.
Manage your product listings by clicking on the “Manage Products” button, where you can add or delete products as needed.
Integrating Buy Now Pay Later:
Ensure you're using Stripe as your payment provider, as BNPL options are currently supported only with Stripe.
Toggle the available BNPL options such as Affirm, Klarna, and AfterPay on in your Stripe account, and configure your preferred payment method (e.g., Pay in 4).
Select the payment duration and complete the required information.
Finalize the transaction by clicking on the Pay button at checkout.
Benefits and Impact
Implementing BNPL not only streamlines the purchasing process but also plays a pivotal role in increasing conversions and expanding payment options. This feature empowers businesses to drive sales and enhance customer satisfaction effortlessly, making it an essential tool for any Ecommerce platform.
Troubleshooting and FAQs
Q: What if the BNPL option isn’t showing at checkout?
A: Ensure that you have correctly integrated Stripe as your payment provider and that you have selected a BNPL option in your Stripe payment settings.
Q: Can I offer multiple BNPL services?
A: Yes, you can offer multiple BNPL options to give your customers more flexibility. However, make sure to configure each option correctly within your Stripe Payment settings.
Q: How do I handle returns or refunds with BNPL purchases?
A: Refunds and returns should be processed through your Stripe account, following the BNPL service’s guidelines. It’s important to communicate clearly with your customers about the process.
