Buy now pay later solutions like Affirm, Klarna, and Afterpay are exploding in popularity among online retailers. Offering flexible payment plans can drive higher conversion rates and order values.
In this expert guide, I’ll walk through how to seamlessly incorporate buy now pay later financing options within your WordPress site using WP Simple Pay.
Buy Now Pay Later Industry Trends and Data
To understand the opportunity, let‘s examine some buy now pay later industry statistics:
- BNPL global sales are projected to grow 78% to $476 billion in 2023 [1]
- 75% of BNPL users say it increases their purchasing power [2]
- 45% of consumers indicate BNPL encourages them to buy more often [3]
It’s clear that providing installment payment plans caters perfectly to modern buying preferences.
Below I’ll share tips for successfully leveraging BNPL based on my experience as an ecommerce consultant.
Step-by-Step: Adding Affirm to Your WordPress Site
Affirm is ideal for higher priced items, offering 3, 6 and 12 month terms.
Here is exactly how to incorporate Affirm using WP Simple Pay:
- Install and activate WP Simple Pay
- Navigate to Settings > Payment Methods
- Click "Connect" next to Affirm
- Enter your Affirm Merchant ID and API key
- Click "Connect Account"
| Field | Details |
|---|---|
| Merchant ID | Found in your Affirm account under Account > Settings > API Keys |
| API Key | Generated in Affirm account under Account > API Keys |
Tip: Ensure you have an Affirm merchant account before connecting the plugin. Signup is free and only takes a few minutes.
- Create a payment form
- Check "Enable Affirm" under payment methods
- Configure settings like order amounts and form fields
And that‘s it! Affirm will now be available during checkout for customers to pay over 3, 6 or 12 month schedules.
Make sure to test transactions end-to-end before going live.
Step-by-Step: Adding Klarna to Your WordPress Site
Klarna is a flexible option allowing 4 interest-free installments.
To add Klarna using WP Simple Pay:
- Install and activate WP Simple Pay
- Navigate to Settings > Payment Methods
- Click "Connect" next to Klarna
- Enter your Klarna credentials
- Click "Connect Account"
| Field | Details |
|---|---|
| Klarna Username | Located in Klarna account under Settings > API Credentials |
| Klarna Password | Listed in Klarna account under Settings > API Credentials |
| Klarna Shared Secret | Generated 32 character code in your Klarna account |
Pro Tip: Ensure you have a Klarna merchant account before connecting WP Simple Pay. Signup is free and verification is fast.
- Create a Klarna payment form
- Check "Enable Klarna" under payment methods
- Configure order parameters and form fields
And that‘s all there is to it! Klarna will now be available during checkout for customers to split purchases across 4 payments over 6 weeks.
Be sure to test from start to finish prior to launch.
Tips for Successfully Offering Buy Now Pay Later
As an ecommerce consultant, I recommend retailers offering buy now pay later follow these best practices:
Highlight Payment Options Clearly
Use badges and integrate messaging at checkout to promote installment plans. This drives utilization and conversion lift.
Educate Around Payments
Explain how deferred interest plans work so customers purchase confidently.
Increase Transparency
Show total costs including installment amounts clearly throughout the checkout process.
Consider Targeted Promotions
Incent first-time BNPL customers with discounts or free gifts to capture new audiences.
Let me know in the comments if you have any other questions around adding buy now pay later payment options within your WordPress site!
