The installment loan is offered in cooperation with our partner Santander Consumer Bank. Your customer has the option of paying back with a maturity of 3 to 180 months, whereas you will receive the full amount from Santander shortly after the goods have been shipped.
Please note that in addition to a payever account (create for free) you also need a contract with Santander for this payment method. To complete this please contact Santandersalgsfinansiering@santanderconsumer.dk, where you can have a personalized offer put together.
Terms and conditions
Santander offers to design the terms so it best suits the merchant and the segment, with a range of interest rates and terms down to 0%. The bank also allows for merchants to subsidize the loans.
You do not need to offer all maturities between 3 and 180 months, for example you could also choose to only offer loans up to 36 months.
The installment loan is suitable for amounts from at least 2.000 DKK up to 100,000 DKK (the maximum amount may be determined individually by Santander). When using one of our plugins, these limits are usually set automatically, so that the payment method is not displayed if the amount is outside this range.
The installment loan is only available to customers based in Denmark .
Please note that the installment option can only be offered to private consumers (not suitable for corporate customers).
Please also note that for this payment method the billing address must be the same as the shipping address (fraud prevention). When using one of our plugins, this is automatically set so that the payment method is not displayed if a different address has been entered
Procedure
After the payment has been completed, the customer is forwarded to payever, where he first provides some information about his financial situation (income, living costs, etc.). If the customer sends this form in full, a Santander algorithm makes a first decision based on the data entered and automated queries at credit agencies.
If this turns out negative, the customer is asked to choose another payment method, if it turns out positive, the customer will be forwarded to the Santander contract center, where he can download his contract as a PDF and choose an identification method. He can choose between Post-Ident and Video-Ident.
Before the identification is completed, a transaction in payever has the status "in progress" (in your shop this can also mean "open", "payment check" or "waiting for payment", depending on the shop system). Once the identification is complete, the status in payever automatically changes to "Accepted" (in your shop system, for example, "Paid", "Fully paid" or simply "OK"). You will also receive a corresponding notification by email. Please only send the goods after the status change.
When the goods are shipped, the transaction is activated, i.e. your customer receives his installment payment plan and you receive the corresponding amount. You must therefore report the shipment to us or Santander. You can do this directly in the payever account (transaction details -> "Goods shipped") or via the shop system (different depending on the shop system, in Shopware 5, for example, automatically when the status changes to "Completely delivered"). Please note that Santander may also requires proof of delivery in the form of a tracking number (please get in touch with your Santander contact person with this regard).
Settings in the payever account
To activate the installment loan in your payever account, please go to Payment Methods. > +Add in the Checkout app and select Santander installments Denmark from the list. Enter the Vendor ID and password you received from your Santander consultant under "Standard". After linking the payment method, you can make the following setting:
- I want to receive email notifications about changes in the application status of my customers. If activated, you will receive an email notification whenever the status of the transaction changes (e.g. from "in progress" to "accepted").
Quick Guide
1. Log in to your payever account
2. Open the Checkout app
3. Open the 'Payment options' tab
4. Select 'Santander Installment Denmark'
5. Enter your 'Store ID'
6. Make sure the switcher for the payment is green
7. That's it!