Klarna, payments provider in Europe, and Radial, omnichannel commerce technology and operations enterprise, today announced a new partnership to further expand Radial’s payment options.
The integration of Klarna with Radial’s Payment platform enables clients and prospects to offer a financing option at checkout to give customers more choice and could give retailers a 58 percent higher order value.
Financing a purchase over time has historically been optimized for brick and mortar stores. The online equivalent, however, can often be an ordeal, with redirects, lengthy forms and unclear information. Klarna’s process only requires a few fields of information, and lets customers know instantly if they qualify for the financing solution.
“Radial’s partnership with Klarna enables our clients and prospects to offer their customers payment flexibility with convenient, low APR financing options,” said Stefan Weitz, Chief Product and Strategy Officer at Radial. “Giving customers a straight forward financing option is not only convenient for them, but benefits our retailers’ order value. No smoke and mirrors and hidden costs, it’s just simple financing and approval to give customers what they want, when they want it. It’s a fantastic way to reduce friction in the purchase process to convert more shoppers to buyers.”
By delivering a best-in-class user experience for online consumer financing with a more flexible and competitive payment option over traditional methods, retailers and brands of all sizes can counteract the abandoned cart effect boosting customer retention, loyalty and sales.
“We have built a solution optimized for the online shopping experience with a particular focus on mobile commerce,” commented Brian Billingsley, CEO of Klarna North America. “What we’ve learned at Klarna from processing hundreds of millions of transactions is that when the user experience for consumer finance is smooth and easy to understand, it drives loyalty and increases sales.”
Klarna launched its financing platform in the United States in September 2015.