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ZoodPay Buy Now Pay Later Module
Developed by
Community developer
V1.7.0.0 - V1.7.8.0
From V1.7.0.0 to V1.7.8.0
Overview
ZoodPay is a Buy Now, Pay Later solution which allows buyers in the Silk Road countries to defer their payments, with no interest at all.
What this module does for you
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Offer installment payment to your customers
One of the biggest issues online retailers face is the dreaded shopping basket paralysis. In fact, a Smart Insights report found that global mobile conversion averages less than two percent for online shopping (ref). Such realities put the pressure on BNPL providers to make the onboarding and payment process as simple and stress-free as possible, but they also present an opportunity. Below are listed some of the key benefits of using the BNPL paymentsfor the merchants:
What your customers will like
Customers like the concept of Buy Now Pay Later as it gives them the flexibility to manage their finances, regardless of income level. It is a convenient add-on to debit cards and traditional forms of credit, which allows for postponed payment, spend tracking, and budgeting support. Customers canpostpone full payment or pay in parts and plan their finances accordingly. BNPL operates like a cash management tool for themand at no extra costs, if used properly.
BNPL allows consumers to receive goods and services upfront without the need for a separate credit product.
Majority of BNPL companies propose deferred payment for the purchase without any interest or fees and this is one of the most important benefits for their customers.
BNPL offers a frictionless checkout: minimal information is requested to be provided by the customers and an instant real-time decision is provided if the purchase is approved. Once customers have used BNPL, their details are automatically stored, making purchases thereafter as convenient and seamless as possible.
Most BNPL solutions have put some safeguards in place to prevent overspending and promote responsible purchasing. Unlike traditional credit cards, BNPL solutions try to avoid extensive debt accumulated by consumers who can’t afford their purchases. It may be driven with a more accurate scoring at the sign-up processbut also through freezing accounts for customers who fail to make a payment on their current purchases, so they are unable to make further purchases preventing them from getting into a debt spiral. There are also spending limits in place for customers to ensure they are only spending within their reasonable means.
BNPL creates a competition to the traditional lending products which might lead to finance companies to consider decreasing their interest ratesand thus resulting in ending products becoming cheaper for customers.
Installation
Admin Configuration
In the left sidebar, Navigate to Modules > Modules Manager.
Find ZoodPay Module
Click the Configure
Set Merchant Key as received from the ZoodPay Business Team.
Set Merchant Secret Key as received from the ZoodPay Business Team.
Set Merchant Salt Key as received from the ZoodPay Business Team.
Set API URL as received from the ZoodPay Business Team.
Select Market Code Based on your Country.
Select Language Code Based on your Preference.
Click Save Changes.
Verify API Health
- Click on the API HealthCheck, to verify the API HEALTH
- Click Fetch Configuration
You have a question ?
This developer answers your questions in:
en,
fr,
ru
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Total price:
$320.47
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