💖KLARNA & AFTERPAY💖
What you need to know...
~These are options that will allow you to break your order up into payments.
*Klarna has 2 different payment options, "Slice It" & "Slice It In 4" options.
*Installments by AfterPay's (set up the same as Klarna's "Slice It In 4" option.)
~Why do I have both? AfterPay is very, very well known, & it's what a lot of people use. The advantage to Klarna is they have the higher approval rate for purchases, & they have the "Slice It" option, which allows you a longer time to pay on large purchases.
~They do NOT do a hard inquiry credit check on you that could negatively effect your credit score. You don't even have to have a good credit score to get approved. They care more about your ability to make the payments. (I'll explain further down what types of things will make make it more likely that you will be approved for a purchase)
~As long as you pay on time or within the grace period, there is no fees for you to use either Klarna or AfterPay.
~You'll need to create an account with either company when you make your first purchase with them. They both have mobile apps you can use too. After the first time, you just log in with your email & password, like you would with PayPal.
~With either company, they pay me right away, & I can ship it as soon as it's ready to be shipped, even if you still owe money for it.
~All payment info is encrypted & takes place between you & Klarna or you & AfterPay. Basically this means that payment information is handled the exact same way it is if you using Stripe (credit/debit card) or PayPal. Every payment gateway you'll find on ecommerce stores is held to the highest security standards (by law), so they are very safe to use.
~Buyer protection is also the exact same as PayPal. If fact, I would say Klarna & AfterPay are safer, because a requirement for sellers to add them as a payment option is that they have to be able to verify the identity of sellers. It took me over a week to go through the process & get set up with both of these companies. Klarna even made me send them a copy of one of my utility bills. LOL PayPal doesn't care who you are, & that is exactly why sellers that scam can continue to open new shops with new PayPal accounts & continue scamming.
💖Slice It vs. Slice It In 4 & AfterPay Installments
~Slice It is meant to be used for large purchases that you want a longer time to pay off. It has a $300 minimum to use.
~Slice It In 4 & AfterPay have a minimum order amount of $35.
~Slice It In 4 & AfterPay break it up into 4 payments: 25% at the time you order, then 25% every 2 weeks after that, until its paid off at 6 weeks or so.
~Klarna's "Slice It" has 3 different financing options: Flexible Month-to-Month, Planned Payments, & No Interest If Paid In Full. The No Interest If Paid In Full option gives x number of months to pay off your balance without owing any interest. Pay it off on time & your good. Each of these 3 options requires a monthly payment of $25.00 or 2% of the remaining balance, whichever amount is greater.
💖So what will make it more likely for a purchase to be approved?
- are there sufficient funds for the 25% down payment on the card you give.
- meet the $35 order minimum.
- length of time you have been using Afterpay or Klarna. They are going to be more cautious with your first couple orders.
- paying an order off early may increase the chances of being approved for future orders.
- the value of the order you are trying to place. Start out smaller ($100 or less).
- adding a credit card to your account
- the number of orders you currently have 'open'. Klarna specifically allows up to 4 open orders at a time, even if you can afford more. I don't believe AfterPay has a set number that they will cut you off at.
💖Don't want to make payments for your order?
You can still use:
**a credit/debit card (processed through Stripe. PayPal's payment security -API- is actually modeled after Stripe...aka PayPal copied Stripe, but that's good if it means payment info is safe from hackers.)
Please don't hesitate to contact me if you have any questions.