Hi there, Shopify seller!
Here at PayItLater we’ve been hard at work getting our Shopify Plugin up and running, so you can offer Buy Now, Pay It Later services to your buyers.
What is PayItLater?
PayItLater is an innovative Australian payment gateway allowing buyers to place an order today, and continue paying the balance off over time.
We transfer funds for the order to you at the end of the day of purchase, so you can ship the order just like a regular credit card payment.
At checkout, the buyer simply chooses ‘PayItLater’, logs in or creates an account, and finalises checkout using their credit card. It’s just as easy as a normal credit card payment, but buyers love it!
When do I get paid?
At midnight, we reconcile all of our orders for the day and initiate transfers to merchant bank accounts for the orders placed that day.
If there are refunds pending, we will deduct that from your total for the day so that we can repay the buyer.
As the merchant, the repayment process is completely transparent to you. We handle the risk and process involved with taking payments from customers.
For example, if Customer A places an order for $100 on your website today, you will receive $100 (minus transaction fees etc) transferred to your bank account at midnight tonight.
What if there’s chargebacks?
Our transaction fees cover your usual risk of chargebacks, purchases using stolen cards and fraudulent transactions. That means no more surprise letters from your bank!
We calculate buyer risk in real time and approve only buyers who we think are able to repay the purchase amount, and actively correct our software to deal with new threats.
Why do I need it for my Shopify Store?
Customers who implement a Buy Now, Pay It Later payment method on their online store regularly report +20% – +70% final cart values. If your average order size today is $100 using traditional methods (PayPal, Credit Card), you may see average final cart values of $100-170 when customers checkout with PayItLater.
Customer retention is also far higher – customers spend more money, more often with PayItLater than they do with traditional payment methods.
Where to from here?
If you’ve gotten this far, you should fill out our merchant getting started form, so we can get in touch about an integration with your store.