When deciding which payment options to integrate into your online shop, Klarna is fast becoming one of the most popular payment options for retailers.
If you’re not familiar with Klarna, most people think of it as a ‘buy now, pay later’ option and it is now used by many hugely popular leading brands including H&M, Expedia and Gymshark.
And now that Klarna can be added as a payment method in your ShopTill-e ecommerce website, we take a look at the key benefits of Klarna for your customers, and your business.
Klarna offers customers three methods to defer their payment:
- Pay later: the customer pays 14 – 30 days after purchase
- Slice it: the customer pays in equal instalments, with options of over 3 months to 3 years
- Pay in 3: the customer pays in 3 equal instalments
But how does a customer paying through Klarna benefit your online shop? Let's take a look:-
1) You receive full payments upfront
This is a huge benefit to you, as whilst the customer can stagger the payment, Klarna will still pay your business immediately so you have no impact from delayed payments. If it feels too good to be true, don’t panic: Klarna also offer purchase protection for you and your customers, meaning you also have credit risk and fraud protection in place. You can rest knowing you won’t lose money on any transactions.
2) You choose the payment options that's right for your online shop
We detailed the three payment options available through Klarna above, but you don’t have to offer them all to your customers, so you can tailor it to what feels right for your ecommerce website.
3) Your ecommerce average order value can increase
When customers have the option to spread the cost of a product, they are more likely to invest in a product with a higher price point, or purchase additional products, making it another clear win for your online shop.
4) It’s simple to install in your ShopTill-e ecommerce website
It’s incredibly easy to integrate Klarna into your ShopTill-e e-commerce website. It won’t stand out like a sore thumb on your website either, as you can personalise the user interface to match your online shop so it looks like a natural extension. Plus, once installed, updates will be automatically made, keeping it straightforward to maintain.
5) Deeper customer insights
Another great benefit of integrating Klarna is it will provide you with data, so you can get a deeper insight to your customers’ behaviours. It can help you analyse how customers are choosing to spend their money, what products are trending and typical dwell time on your ecommerce website.
It’s all sounding great for your business, so what about your customers?
1) Increased flexibility
This is an obvious one but hugely important. By offering your customers more ways to pay and spread the cost, it gives them an opportunity to purchase something they may not have been able to pay for in one transaction. This will also boost your conversion rates and reduce the risk of someone changing their mind on a purchase at the final moment.
2) They aren’t tied in
If a customer changes their mind on a product, they can still get a full refund. As soon as you confirm the customer has returned or cancelled an item, Klarna will refund the transaction and cancel any further instalments that were due. This reduced risk will increase customer confidence when choosing to make a purchase.
3) Payment reminders
It’s not on the customer to remember the due dates for each instalment which can often put people off from using deferred payment options. Klarna will handle sending regular reminders to your customers in plenty of time for each instalment.
4) Repayment support
If for any reason your customer is not able to make a payment on time, the team at Klarna will support them in finding an alternative repayment option. Even though this is not an issue for your business as Klarna will always pay you in full, you do have the reputational protection of knowing Klarna support customers and help them manage their money carefully.
5) No hidden fees
One of the real benefits of Klarna for customers is they won’t have to face late payment fees or interest charges when they choose Pay Later or Pay In 3. It’s important to remember when choosing your Klarna options for customers, that the Slice It payment option does carry an interest rate for customers.
If you would like to discuss how you can integrate Klarna into your ShopTill-e ecommerce website, get in touch today to speak to a member of our expert team or book your personalised demo of how to integrate Klarna into your ShopTill-e ecommerce website.
New to ShopTill-e?
ShopTill-e is perfect for small and medium-sized retailers who want to sell in-store and sell online. The all-in-one retail system takes away the headache of running multiple platforms, saving you time.
AND all the great features come automatically - there are no confusing packages to choose from - you get all the enterprise-level features from day one, reducing your costs and ensuring there are no escalating costs.
ShopTill-e enables retailers to run and manage everything, all in one place.
Book a demo with one of our experts or take free 14 day trial - no credit card needed and no obligation.
Try ShopTill-e today - the best all-in-one retail solution for small and medium-sized retailers.
