¶ How to Configure BNPL for Invoices
How to Configure BNPL for Invoices | Help Library
The Buy Now, Pay Later (BNPL) feature for invoices, is an option that allows your customers to defer payments using services like Klarna and Afterpay. This functionality, integrated with your payment system, can be used not only for e-commerce transactions but also for invoicing, providing greater flexibility and convenience for your clients.
¶ Easy Steps to Use BNPL for Invoices
¶ 1. Ensure BNPL is Enabled in Your Payment Settings
Businesses can set up Stripe payment methods directly within LeadMagicX, eliminating the need to configure them on Stripe’s dashboard. These payment methods can be enabled or disabled for various product areas, separately in both Live and Test modes. For existing customers, the default payment methods for product areas or checkouts will remain as they were configured in Stripe.
Important: Going forward, editing these payment methods on Stripe will no longer be possible.
- Navigate to Payments on the left > Integrations at the top. Locate Stripe and click on Manage.
- Click on Manage Payment Methods to enable or disable payment methods as needed.
Important: Make sure your Stripe account is enabled to use these payment methods.
¶ 2. Create and Send an Invoice
- Create an Invoice : Navigate toPayments on the left >Invoices & Estimates > From the dropdown select All Invoices
- Send the Invoice : Send the invoice to your customer as you normally would.
¶ 3. Customer Pays the Invoice
- Open the Invoice : When your customer receives the invoice, they will open it to view the payment options.
- Select Payment Method : The customer will see the standard payment methods, such as card or bank transfer, along with BNPL options like Klarna and Afterpay.
- Choose BNPL : The customer can select a BNPL option to defer their payment.
¶ 4. Complete the Payment
- Follow BNPL Instructions : The customer follows the prompts to complete their purchase using the chosen BNPL service.
- Confirm Payment : Once the payment is processed, you will receive confirmation, and the payment will be recorded in your system.
¶ Pro Tips
- Verify Eligibility : Before enabling BNPL, verify that your business type is supported by the BNPL providers.
- Monitor Settings : Regularly check your payment settings to ensure BNPL options are correctly configured.
- Customer Communication : Clearly inform your customers about the availability of BNPL options on their invoices to increase adoption.
¶ Use Cases
¶ Improved Cash Flow Management
Businesses can benefit from BNPL by offering flexible payment options that encourage customers to pay their invoices more promptly, thus improving cash flow.
¶ Increased Sales
By providing BNPL options, you can attract more customers who might be hesitant to pay the full amount upfront, leading to increased sales and customer satisfaction.
¶ Customer Convenience
Offering BNPL adds convenience for your customers, allowing them to manage their finances better and fostering a positive relationship with your business.
¶ FAQ
Question: Are there any additional fees for using BNPL?**
**Answer: Fees for using BNPL services may vary by provider. Check with your payment provider for specific details on any associated fees.
Question: Can I disable BNPL options if I choose not to offer them?**
**Answer: Yes, you can disable BNPL options by accessing your payment settings and turning off the specific BNPL services you do not wish to offer.
Question: Is BNPL available for recurring invoices?**
**Answer: Yes, BNPL can be used for both one-time and recurring invoices, providing flexibility for various billing scenarios.
Question: How do I manage Stripe payment methods in LeadMagicX?**
**Answer: To manage payment methods, navigate to Payments on the left, then click on Integrations at the top. Find Stripe and click on Manage , then select Manage Payment Methods to enable or disable payment methods as needed.
Question: Can I configure Stripe payment methods directly within LeadMagicX?**
**Answer: Yes, you can set up Stripe payment methods directly within LeadMagicX, eliminating the need to configure them on Stripe’s dashboard.
Question: Do my customers need accounts with Klarna or Afterpay to use BNPL?**
**Answer: Yes, customers may need to sign up or verify their identity through the BNPL provider during checkout. This process happens on the provider’s secure page.
Question: Do these BNPL options work for international customers?**
**Answer: Availability depends on your Stripe account location and the customer’s location. For example, Afterpay is primarily available in the US, Canada, UK, Australia, and New Zealand. If a customer opens your invoice from a country where the service isn’t supported, they will simply see the standard credit card options instead.
Question: What happens if a customer fails to pay their installments to Klarna or Afterpay?
Answer: Once the transaction is approved, the BNPL provider takes on the risk. If a customer misses a payment later on, it does not affect you, and the money will not be pulled back from your account.