Buy-Now-Pay-Later (BNPL) methods let shoppers pay in installments over time with no additional fees or penalties. The store is paid immediately, in full, and customers pay nothing or a portion of the total at checkout. The main application of this is in industries with higher-priced items, such as specialty music instruments, where customers may not otherwise be able to afford the full price of an item. This allows merchants to capture those sales that they otherwise may not have and offer flexible payment options to draw in new customers.
Some features, BNPL, are available on the PayFac but may not be available to all Brands. This may be due to additional integration work that might be required and/or other factors such as customer demand, dev priorities, or more. In this case, see the table below for which brands have access to this feature as of this moment.
| Brand | Available |
|---|---|
| Rain Retail (Rain Payments) | ✅ |
<aside> 💡 Note: BNPL requires additional development to implement. Please have a supervisor speak with your local Product team if you feel this feature may be of interest to your industry or Brand and we can get it enabled.
</aside>
<aside> 💡 Note: BNPL is only available to merchants in the US and Canada
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| Brand | Available |
|---|---|
| Adyen | ❌ |
| Stripe* | ✅ |
<aside> 💡 *Note: Available to Rain Stripe merchants only. Planned release for Adyen, scheduled for 2024.
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There are three providers currently supported for BNPL: Affirm, Afterpay/ClearPay, Klarna
Normal payment processing rates do not apply to BNPL. Instead these have their own rates of 5.99% + $0.30. These rates are non-negotiable. The pricing is configured through Rain today, not the PayFac.