What financing options does Payyit offer and what are their limits?

Understanding Limits and Benefits

For merchants using Payyit to accept payments, offering flexible financing options can significantly improve the shopping experience and potentially boost sales. Payyit integrates with various leading financing platforms, each with unique limits and terms designed to meet a wide range of customer needs. Here is a detailed overview of what each service provides and how it can benefit your business:

1. Affirm: Up to $30,000

Affirm allows customers to finance large purchases up to $30,000, making it ideal for merchants selling high-value items like electronics, furniture, or luxury goods. Offering Affirm can attract customers who prefer to spread out the cost of big-ticket items. Eligibility is determined through Experian.

Learn more about Affirm for merchants here.

2. Klarna: Up to $20,000

Klarna offers financing up to $20,000, suitable for businesses that sell products ranging from mid to high prices. Klarna's flexible payment options, such as pay now, pay later, and installment plans, can reduce cart abandonment and attract budget-conscious consumers. Eligibility assessments are done through Experian and Transunion.

Discover how Klarna can enhance your business here.

3. PayPal Credit: Up to $10,000

PayPal Credit provides a credit line of up to $10,000. As a widely recognized and trusted payment solution, offering PayPal Credit can increase credibility and convenience, encouraging more customers to finalize their purchases. Eligibility is assessed through Equifax.

Find additional information about PayPal Credit here.

4. AfterPay: Up to $4,000

AfterPay allows customers to split their purchase into four interest-free payments, with a cap of $4,000. This is especially beneficial for retailers of products in the lower to mid-price range, encouraging more frequent purchases. Eligibility is determined through Equifax.

Learn about integrating AfterPay here.

5. Sezzle: Up to $2,500

Sezzle offers a purchase splitting mechanism similar to AfterPay and PayPal 'Pay in 4', with a limit of $1,500. It supports small-scale purchases with a buy now, pay later model, which can enhance impulse buying.

Discover more about Sezzle here.

6. PayPal ‘Pay in 4’: Up to $1,500

PayPal ‘Pay in 4’ lets customers divide payments into four interest-free installments for purchases up to $1,500, ideal for everyday items. This helps customers manage their cash flow more effectively by spreading the cost over time. Eligibility checks are conducted through Equifax.

Explore more about PayPal 'Pay in 4' here.

Enabling Financing Options

To activate these financing features, please contact our customer support through the ‘Chat with Us’ option on your dashboard. Our support team is available to assist with setup and answer any questions.

Conclusion

Introducing diverse financing options through Payyit can broaden your market, making your products more accessible and enhancing customer satisfaction by offering payment flexibility that aligns with their financial needs. For merchants, integrating these services can lead to an expanded customer base, higher average order values, and improved conversion rates.

Updated on: 09/10/2024