Online card payments still make up the vast majority of online transactions and we don't see this changing any time soon.
However, there is still a considerable rise in the number and variety of alternative payment methods. WigWag has reviewed multiple options to bring you and your customers a curated selection of alternative payment methods. This is how Buy Now, Pay Later (BNPL) works with Stitch Express.
Happy Pay and Stitch Express
Stitch Express has partnered with Happy Pay, a South African independent BNPL provider. We wanted to partner with Happy Pay because they offer a consumer-centric service that has seen them gain 200,000+ Happy Pay users very quickly - which means you have 200,000+ potential new customers.
Happy Pay lets a customer purchase an item from your online store and receive it immediately by loaning them the purchase amount. The merchant, gets the funds settled to their WigWag account minus Happy Pay's fees.
Happy Pay then collects the repayments from the customer over the next 2 months from their paycheques.
Fees
Happy Pay provides an unsecured lending product to your customer. Which means they take on a significant risk. Therefore, they charge a fee of 4.99% + R4 (ex VAT) per transaction they authorise.
For custom pricing, please email jayde@stitch.money
How will it work?
A customer selects Happy Pay at checkout.
They will be redirected to Stitch's secure payment page. Here they will see a curated selection of payment methods, including Happy Pay.
After selecting Happy Pay, they will be asked to sign in or create a Happy Pay account. Once they have done so, Happy Pay will authorise the transaction and let Stitch Express know. We will then mark the order as paid on Shopify.
Activate Happy Pay on Stitch Express
Log into Your Stitch Express Dashboard
Go to your Stitch Express dashboard and navigate to your Account page.
Enable Happy Pay
Scroll down to the Payment Methods section. Slide the toggle next to Happy Pay to switch it on.
Follow the Prompts
A window will pop up asking you to agree to the Ts and Cs of Happy Pay. Once confirmed, it will take up to 1 business day for Happy Pay to become visible on your WigWag account.
Track Your Happy Pay Sales
Sales completed via Happy Pay will appear on your Sales page, just like your other payment methods. These transactions will be clearly labeled as Happy Pay.
Weekly Settlements to your Stitch Express Balance
When a Happy Pay payment is marked as confirmed, you can rest easy knowing you will be paid and release goods to your customers.
Happy Pay will then aggregate all transactions related to your account and pay them to Stitch Express every Monday morning. At this point,
Stitch Express will credit and update your Stitch Express Balance with this amount, ensuring consistent cash flow.