Getting your store up and running with Pay It Later couldn’t be easier.
We supply plugins for major e-commerce platforms so you can be offering live deferred payments to your Shoppers within 24 hours.
How does it work?
Deferred payments for online purchases are a revolution in Australian e-commerce. Below is a quick outline of how the process works, from the store owner perspective.
- Shopper chooses ‘Pay It Later’ at checkout
- Shopper is shown our payment box over the top of your website. Shopper signs in or creates an account with Pay It Later using our DVS system to verify their identity.
- Shopper enters credit card details, which are stored securely in a PCI-DSS compliant data warehouse.
- Shopper agrees to payment terms and makes a payment. Order is now live!
- You pack and send order as soon as possible, like any other order.
- Overnight, we reconcile orders for the day and make FULL payment (minus charges) to your account within 7 days.
- (We collect payments from the Shopper until the balance is $0)
- Shopper returns to make another order! Our Merchants always experience higher rates of re-order.
We ask all new Merchants to fill out an application form and services agreement, so we can verify you are who you say and your store exists!
We’ll get back to you quickly with details of how to install our plugin and how to make a test purchase with our full test gateway.
Once we are happy to live, we’ll allow you access to our live payment system and you are now ready to sell!
We do not currently offer a public API for clients to develop their own integrations, you must use our verified, secure payment adapters.
Chargebacks, fraudulent purchases (the bad stuff)
In a perfect world, there would be no charge-backs, stolen cards, and dishonest Shoppers. It’s an unfortunate reality that you deal with every day running your store and it’s a reality of our business too.
We deploy sophisticated machine-learning algorithms to detect and reject fraudulent purchases by comparing potential Shopper behaviour to previous known-good and known-bad transactions, to score Shoppers and decide whether to allow their purchase. We also go the extra mile with Shopper verification including two-factor authentication, IP geolocation matching and strict address matching requirements.
We act quickly to disable accounts of Shoppers and Merchants who intend to defraud our system.
From a Merchant perspective, refunds using our platform are super easy.
In your administrator dashboard, you just choose to make a partial or full refund to your Shopper. We’ll deduct it from your payout balances and return it to the Shopper. No fees or third party costs will be refunded by Pay It Later to a Merchant in the event of a Shopper refund or return.
If the Shopper has already made repayments, we will refund repayments up to and including the order value, once we’ve deducted the balance from your payout.
If the Shopper has repayments remaining that make up the balance of the refund, we will adjust those repayments or cancel them altogether. Both you and the Shopper will receive an email to confirm the refund process was completed successfully.
If 21 days have passed we ask that you as the store owner refund the Shopper directly. We’ll mention this to you, and refunds cannot be made for old orders in our dashboard.
Fees and Charges
Shopper pay no fees to make use of the Pay It Later payment service. Shoppers will have a $10 charge added to their account when we attempt unsuccessfully to process a payment. If the payment fails again 7 days later, a further $10 charge is added. A Shopper will typically have their purchase rights restricted once this process begins, to mitigate our risk.
Merchants (ie, you!) pay a small percentage fee and flat transaction fee to use our services on every order. We deduct this automatically from your payout amounts. Our transaction fee isn’t much higher than a typical payment gateway, and our Shoppers are typically very happy with the increase in conversions, increase in order values, and increase in re-orders that our services enable.
There are no further fees applied to the payment process for a typical Merchant- we deposit funds straight to your bank account, not through a further Merchant gateway or other mechanisms.
Integrations: WooCommerce, Shopify, OpenCart