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Klarna payment method
Founded in 2005, the Swedish payments giant Klarna is considered one of the market leaders in global payments and shopping services, with more than 90 million users worldwide (over 250,000 merchants in 17 countries, over 2 million payments a day in markets worldwide).
What is Klarna and its benefits?
Klarna is a market leader in buy now, pay later (BNPL) services in Europe and the US offering three payment methods — Pay now, Pay later (interest-free installments in a set period), and Financing. Considering buy now, pay later is expected to grow 15x from 2021 to 2025 (BofA), adding a payment method like Klarna to your store is a no-brainer.
Accept Klarna payments so you can:
- Reach 90,000,000 active users around the world
- Improve customer retention (Klarna cites a 20% increase in purchase frequency for consumers using Pay later)
- Increase average order value through Klarna Financing (Klarna reports a 58% boost in AOV)
- Issue full or partial refunds
- Reduce chargeback risk
- Always get paid upfront while your customers have the option to finance purchases
- Eliminate transaction amount thresholds
Klarna payment process
During the checkout process, consumers can select their preferred Klarna payment method (Pay now, Pay later, or Financing) based on availability in their country and the options you choose to accept. Upon filling out a credit application, approval is instant and payment details are saved for future use.
If the shopper already has a Klarna account, upon selecting Klarna at checkout, they’re redirected a Klarna hosted payment page and can select their bank to pay via bank transfer or direct debit (Pay now), or opt for the Pay later or Financing option.
Pay now
- Shopper provides bank account credentials, then reviews and authorizes the payment
- Payment is confirmed and the shopper is redirected back to your website
Pay later and Financing
- Shopper enters required personal details and confirms the payment
- You and the shopper are notified of the successful transaction
- The shopper pays Klarna on or before the due date while you get paid upfront
Get the Klarna payment integration
Accepting Klarna payments is easy. All you have to do is sign up for MONEI. Once you’ve been approved, contact support to configure this payment method in your store.
