Commerce platform Magento and payment solutions company Klarna have teamed up to extend integrated solutions for retailers and merchants. The partnership will be realized in a bundle of services aimed to resolve bumpy shopping experiences and provide merchants and consumers payment flexibility.
“The evolution of our partnership [with Magento] is driven by strong merchant demand and illustrates the quality of our flexible, safe and smooth payment services,” explained Michael Rouse, chief commercial officer at Klarna. “Our shared vision of providing exceptional customer experiences by removing the friction associated with the checkout process, will deliver consistently improved conversion rates as well as increased average order value for merchants.”
Merchants will have the opportunity to select from Klarna’s suite of services — and whether to integrate one product or a variety, depending on their needs. Klarna’s software follows a “pay now, pay later” model, which entails that merchants are paid immediately and directly from bank transfers, while consumers are about to pay for items up to 30 days following the invoice. It’s a mutually beneficial payment program for both retailers and shoppers.
“Klarna is a recognized leader in payments industry, with a proven track record of delivering the flexible payment options merchants need to keep a competitive edge. The addition of Klarna as a core bundled extension in our latest release will help merchants streamline the checkout process and reduce cart abandonment rates,” said Ryan Murden, head of business development at Magento Commerce.
The use of a fully integrated system will facilitate a smoother onboarding process, a spokesman for Klarna indicated. The bundled solutions will ensure that technologies are fluent with one another. Klarna add-ons will be included in the Magento 2.2.4 platform updates.
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