Tekmetric Payments now offers buy now, pay later (BNPL) giving your customers convenient and flexible payment options at checkout using Affirm, Klarna, or Sunbit. Accessible from within the RO Invoice, customers can easily select from our BNPL providers, quickly login to their account (or create a new one), and choose the payment option of their choice.
How to Enable Buy Now, Pay Later
In order to enable this feature, please contact Tekmetric Payments at 832-930-9400 option 4 for Tekmetric Payments then option 2 for Tekmetric Payments Support, or email at tps@tekmetric.com to get started!
How Does It Work?
Affirm, Klarna, and Sunbit offer payment options (learn more) based on factors such as customer credit, prior account history, and RO amount. When paying with BNPL, customers are redirected to Affirm, Klarna, or Sunbit's website from the RO Invoice, where they authorize the payment by agreeing to the terms of a payment plan, then return to Tekmetric to complete their purchase. After payment acceptance, the full amount paid (minus processing fees similar to that of a credit card) is made available to your Tekmetric Payments account upfront, and Affirm, Klarna, or Sunbit collects the amount from your customer directly (including any interest, if applicable).
The fund settlement time for BNPL operate similarly to that of a credit card meaning deposits will be cleared and settled in 1-2 business days into your Tekmetric Payments account.
⚠️ IMPORTANT: There is no risk to you if your customer misses a payment or defaults on their financing options.
Affirm Pre-qualify Flow in the Estimate
With Affirm enabled, your customers can go through the pre-qualify flow within the Estimate link. If your customer's estimate is greater than $250, Affirm messaging will be displayed in the Estimate, where the customer can go through the pre-qualify flow prior to approving services on their vehicle. This will be valuable for customers who cannot afford all the work recommended, but if Affirm pre-approves them, they can then approve all services you recommend on their vehicle, since the financing option is displayed within the estimate. This can potentially increase your ARO and close ratio long term!
Taking Payment With Affirm, Klarna, or Sunbit
Affirm, Klarna, and Sunbit are accessible to customers via the Make Payment button on the RO Invoice. For existing Affirm, Klarna, or Sunbit users, they can easily login to their account and choose the payment option of their choice making for a nearly one-click checkout experience. For new users, they will need create an Affirm, Klarna, or Sunbit account during checkout prior to completing their purchase.
⚠️ IMPORTANT: BNPL is only available for ROs of $250 or more. For Sunbit, there is a maximum limit of $10,000. For Affirm, the maximum limit is $30,000; while Klarna will be dependent upon the customer's personal financial information (learn more).
Payment Options
Affirm, Klarna, and Sunbit offer slightly different payment options depending on the RO amount as well as the customer's financial profile via Affirm, Klarna, or Sunbit (payment option availability and eligibility may vary).
Affirm
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Pay in 4 - Customers pay for purchases in four or fewer interest-free, bi-weekly payments over an 8 week term.
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Monthly Installments - Customers pay for purchases over a longer term of up to 36 months, which might include interest.
Klarna
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Pay in 3 or 4 - also known as Installments, customers pay for the purchase in three or four interest-free payments.
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Monthly installments - Also known as Financing, customers pay for the purchase over a longer term of up to 36 months, which might include interest.
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Pay later - Customers pay for the purchase in a single payment in 30 days.
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Pay now - Customers pay for the purchase immediately using a linked card, bank debit, or bank transfer.
Sunbit
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Down Payment - Customers are required to make a down payment when finalizing their purchase. This down payment goes toward the total purchase amount.
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Pay in 4 - Four monthly interest free payments for all approved customers.
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Monthly installments - Customers pay for purchases with a 3, 6, or 12-month flexible payment plan, which might include interest.
Soft Credit Check
Affirm (learn more), Klarna (learn more), and Sunbit (learn more) will perform a soft credit check on your customers for financing options. Soft credit checks do not affect your customer's credit score and will not be visible to other lenders.
Marketing Resources
Click the links below if you'd like to order customer facing materials from Affirm, Klarna, or Sunbit for marketing purposes.
Affirm
Affirm Marketing Resources
Klarna
Klarna Global Marketing Assets & Brand Guidelines
Sunbit
Sunbit provides digital marketing resources to help you get the word out on your website, social media, email marketing, and digital ads. You can contact their customer care center at (855) 778-6248.