Elective is an all-in-one payments platform designed to revolutionize online education businesses. Our platform empowers merchants to enhance their sales by providing flexible payment options to their customers via Elective's two distinctive offerings: Learn Now, Pay Later (LNPL) and Billing solutions.
Learn Now, Pay Later (LNPL)
By default, all our merchants gain access to our industry-leading Learn Now, Pay Later solution. This dynamic feature not only supercharges your conversion rates but also removes price barriers, making it easier for new customers to enroll. The best part? You receive full upfront payment while your customers enjoy the flexibility of paying over time. It's a win-win that drives sales and customer satisfaction.
Billing
Elective Billing offers a seamless way for merchants to offer in-house payment plans to customers through Elective, without the hassle. Elective acts as an extension of your team, managing all payment-related tasks, recoveries, and customer support, allowing you to focus on customer acquisition and program delivery. With this powerful tool, our partners have experienced an astounding boost of over 30% in conversions and cash collected. While payments are received over time, you can count on Elective's support to streamline the process and maximize your revenue potential.
Summary
Here is a comparison table between Elective LNPL and Billing:
| LNPL | Billing | |
|---|---|---|
| Cash Flow | Paid to you upfront in full | Paid to you over time as payments are received |
| Failed Payments and Disputes | We bear the risk of failed payments and disputes | You bear the risk of failed payments and disputes |
| Payment Terms | Options range from 3 to 12 months determined by Elective | Options range from one-time payments to 15 months determined by you |
| Payment Processing Fee | 2.9% + $0.30 per transaction | 2.9% + $0.30 per transaction |
| Elective Fee | One-time funding fee | No additional fees |
| Available Regions | Canada, United States | Available in 200+ countries |