Payment processing company Worldpay Group PLC (LON:WPG) announced that it will partner with Klarna, invoice and credit based payments company, to further enhance its product portfolio.
From today, Worldpay customers trading in Austria, Finland, Germany, the Netherlands, Norway, Sweden and the United Kingdom, and wishing to accept payments on invoice or instalments, will be able to use Klarna’s invoice and credit based payments from Worldpay. This will help eCommerce businesses to improve conversion rates by up to 20% and provide a fast and smooth checkout process.
These new payment options will allow consumers to decide when to pay for the items once they have received their goods. Instead of a request for credit or debit card details at the point of checkout, consumers are prompted for their email address and postcode, ensuring a quicker checkout process and leading to lower cart abandonment. The solution allows consumers to manage the terms of their payment, be it 14-day payment by invoice, by fixed or flexible instalments, spreading the cost over several months.
The move into credit and invoicing payments follows demand from customers wanting to expand the breadth of payment methods offered. Worldpay is one of the first payments companies to deploy this new payment integration, providing superior market coverage as well as faster time to market since there is no need for a new plug-in when legacy technology is updated.
Michael Rouse, Chief Commercial Officer of Klarna said:
We are excited to be able to launch the latest in our credit and invoice based payment methods with a global leader like Worldpay, enabling eCommerce businesses to compete more effectively in key European markets. Klarna assumes responsibility for managing credit and fraud risks, allowing companies to quickly receive payment for orders, and allowing consumers to pay only if they’re happy with their purchase. We offer more flexibility in how to manage payments for products and services. It’s a win/win scenario.
Dave Glaser, Chief Product Officer, Global eCom at Worldpay commented:
Retail is a competitive sector so we’re seeing increased demand from customers wishing to create more reasons to shop with them over their competitors. For some, payment by credit card is seen as risky, and old fashioned, so being able to adapt to new and local payment preferences is a way to rectify this. We believe that this solution will empower companies to see a real increase in sales, and chose to work with Klarna due to their unprecedented coverage in the Nordics and Europe. Knowing the excellent customer service they provide means our customers won’t be disappointed.