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Limepay buy now, pay later review
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Are you a retailer looking to enhance your customer's experience? Or a customer looking to utilise a more straightforward buy now, pay later solution? If so, Limepay could be the answer.
This new breed of BNPL platform integrates with merchant payment platforms, allowing them to customise and brand their checkout experience, rather than taking customers to a third-party marketplace.
Find out more below.
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How does Limepay work?
Limepay is a buy now, pay later (BNPL) platform with a difference. The happy marriage between a standard BNPL platform and a payment gateway, Limepay offers an enhanced experience for both customers and merchants. This is because it integrates with merchant checkouts on the merchant site, so customers aren't redirected to a third-party marketplace upon payment – such as with other BNPL platforms – in order to pay for their goods.
Benefits for merchants
Merchants benefit from this in terms of a higher retainment of customer data and relationships, as well as retaining their own branding. And, because customers aren't siphoned off to a third party, they are also not subject to advertisements from potential competitors. Also, if payment is overdue, Limepay handles the follow-up.
Merchants can also customise BNPL instalments as per their brand and industry. For example, high street clothing retailers may opt for customers to divide payments into 4 instalments, while high end fashion brands and furniture retailers might increase these to 6 or 8, in light of the more expensive nature of their products.
Benefits for customers
Customers benefit from being able to break down their payments into instalments, interest-free – as with other BNPL providers – but while also enjoying a more seamless payment experience. For instance, fast code verification, via text and email, makes it easy to complete a purchase.
Limepay's smart data management also means that customers are "recognised" when they return, making a second/third/fourth checkout experience even more streamlined. On top of this, flexible instalment allow customers to choose the amount and frequency of payments.
Features of Limepay
- Ecommerce integration. Limepay integrates easily with most ecommerce sites.
- Payment remains on the merchant's website. Customers are not taken to a third-party marketplace when they pay.
- Purchase behaviour insights. Merchants are informed about customer buying behaviour, in order to improve their marketing strategies.
- Fast approval. Customers receive instant approval via text or email.
- Easy payment. Once customers reach checkout, they'll see a toggle on-site which allows them to switch between paying up-front or paying in instalments. They can then simply choose the frequency of their payments and enter their card details.
- Smart data management. Once a customer has entered their details once, they'll be remembered the next time around.
- All payment types accepted. Limepay accepts all major cards and digital wallets.
- 0% interest. There are no interest charges when using this service.
- Expanding store variety. There's an ever-growing number of partnered sellers.
- Flexible repayment options. Both merchants and customers can customise repayment options.
- Secure to use. Because it's powered by Stripe, Limepay offers high grade security and encryption for users.
Fees and charges
- No interest. Limepay charges no interest to customers.
- Late payment fee. If a customer misses a payment, they'll be charged $5.
- Merchant fee. Limepay provides a small percentage charge for each transaction, similar to how a typical merchant payment gateway would work.
How to apply
For customers, there's no need to apply for using Limepay – simply select the option at checkout. To apply for Limepay as a merchant, click "Go to site" and submit a straightforward application online. You will need to provide:
- Your name
- Email address
- Phone number
- Business name
- Website (optional)
- Estimated annual sales
- Current payment processor
While Limepay may seem like an attractive BNPL solution, don't forget to compare your options first before applying.