Introduction
When taking payment it's important that you consider offering methods that work for both you and the customer. Payaca enables you to offer a range of different methods and often giving customers the choice will help with conversion rates. You will also want to consider the convenience v fees trade-off.
Once you have linked a Stripe account the other methods can be configured within Stripe directly.
Each method offered can be configured in Payaca to be on/off by default but changed for each invoice. Click the links below to skip to the section you want to see.
Bank transfer
This is likely the lowest cost method for you as a business to offer but it does come with additional manual steps for your customers which can lead to slower payment and more chasing required. Despite this Payaca makes it as easy as possible with simple options for the customer to copy and paste the details into their online banking application. The process looks like this:
Customer makes the transfer and clicks "I have completed the transfer".
The customer sees a "Pending confirmation" message.
You are notified that a customer has made a transfer and confirm that the payment is received (or not).
The payment is marked as paid and the receipt is automatically generated and sent to the customer.
Pros: Lowest cost and money goes direct to your account.
Cons: Harder for the customer and more additional steps for you.
Card payment
Payaca has built a direct integration with Stripe which enables you to offer a range of different payment methods direct from your invoice or via the mobile app. Card payment is the most common and will provide an easy automated experience for you and your customer. The process looks like this:
Customer clicks pay now and enters their card details.
You are notified the payment has been received.
Customer are automatically sent a receipt.
Pros: It is fully automated and customers are used to this process. Customers usually pay faster via card than via bank transfer.
Cons: Transaction fees are charged by Stripe and money can take a few days to land in your account. Same day payouts can be available with a fee and volume discounts are available.
Digital wallets
Google Pay and Apple Pay can be turned on in your Stripe account (usually on by default) and make it super simple to pay in a couple of taps.
Pros: Even easier than card payments for the customer and fully automated for you.
Cons: The same charges as for cards.
Link
Stripe's latest "one-click" payment innovation enables customers who have their details stored to access their stored details. This should be turned on by default with your Payaca connected account.
Pros: Fees are lower than for standard card payments or digital wallets. It's also very easy for the customer.
Cons: The benefits come after the customer has stored details for the first time.
Pay in 30 days, Pay over 3 months or Financing*
Klarna can be used to help customers spread the cost of bigger purchases making it easier and more convenient to manage. You can turn this on within your Stripe account and start offering it straight away. For each option you get paid straight away into your Stripe account minus a fee. The 3 options are:
Customer can pay within 30 days
Customer can pay in 3 payments in the UK (4 in the US).
Customers can spread the cost over many months.*
Pros: Offering flexible payment methods can increase your conversion rates.
Cons: Fees paid are higher than for card payments.
*For "Financing, i.e. spreading the payment over a longer term than 3 months you will need some level of FCA authorisation and will need to contact Stripe directly to have this capability turned on. See https://support.stripe.com/questions/klarna-faq#klarna-financing-us-uk-payers for more information.
Direct Debits
Direct debits are handy for collecting recurring payments. They can be a lower cost than card payments but the payment can't be confirmed immediately. This is an important option for service plans but not useful for one-off invoice payments.
What other payment methods can I offer?
Stripe enables you to offer a wide range of other payment methods not described above.
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