By offering additional, popular payment methods such as Buy Now, Pay Later (BNPL), digital wallets, and bank redirects, you can provide your learners around the world with more convenience and flexibility during checkout. These options helps streamline your checkout and boost conversions!
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About This Feature
With TCommerce: Powered by Thinkific Payments, Creators in Thinkific Payment-supported countries can offer alternate payment options at checkout. This means your customers are not limited to credit card transactions. Whether they would like to pay interest-free installments with Buy Now Pay Later, through a digital wallet like Apply Pay, or via a secure bank transfer—your customers can pay in the way that is most convenient for them.
Providing a variety of payment methods can help you reach a wider audience, increase order values and reduce the likelihood of customers abandoning their carts due to a lack of preferred payment options!
Available Payment Options
Buy Now, Pay Later (BNPL)
Buy Now, Pay Later (BNPL) options from Affirm, Klarna, and Afterpay provide the flexibility for learners to pay for their purchases in interest-free installments, increasing conversions and providing easier payment processing.
Unlike our built-in payment plan feature, where there is a potential risk of failed credit card payments beyond the initial transaction, with BNPL, you receive the lump sum up front. This means purchases are more affordable for your learners with no risk to you, allowing you to reach new customers who would otherwise not be able to buy from you. You can benefit from faster business growth, reduced staffing needs as you don't need to manage following up on failed payments, and lower capital requirements. In addition, we've seen that on average, adding BNPL to checkout results in an overage order value increasing by more than three times compared to transactions made with cards.
At checkout, learners will be directed to the BNPL provider they select to create an account and submit payment. You will receive the full transaction amount in your bank account just like credit card transactions.
Mobile-friendly digital wallets allow your learners to store and manage their payment information in a secure format, and provide flexibility and convenience when checking out. These payments are completed quickly without having to enter payment details or navigate to a third-party gateway.
To use a digital wallet, learners need to set up an account with Apple Pay, Google Pay, Cash App, or Link By Stripe, add their payment info, and link it to their device.
The transaction amount will be sent to your bank account via Thinkific Payments, just like credit card transactions.
Bank redirects provide a convenient and secure payment method for learners around the world, allowing them to use their online banking credentials to complete payment. This option, which is particularly popular in Europe and Asia, complies with regulations related to payment processing and the enhanced security makes bank redirects an attractive payment option.
When a learner chooses the bank redirect option during checkout, they are prompted to complete the payment using their online banking credentials, without ever leaving your website.
How It Works
Additional payment options are available by default for all Creators using TCommerce: Powered by Thinkific Payments.
Learners will see different options in the checkout depending on their country of residence and supported payment frequency. For example, BNPL supports one-time payments, while Apple and Google pay support one-time payments, subscriptions and payment plans. There are no changes to the way you set up your product pricing, learners will simply have the added benefit of additional options at checkout when applicable!
If an alternative payment method is used, it will be listed in your Orders and Transactions Table under Payment Method. The funds will be deposited directly to your bank account via Thinkific Payments, just like with credit card transactions.
Different transaction fees apply depending on the payment option used at checkout. Please refer to following for details:
If a student does not choose an alternate payment method and simply completes the checkout using their credit card, you will be charged the standard Thinkific Payments fees.
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