The Best Invoice and Instalment Providers – 8 Buy Now, Pay Later Options Compared (2026)

“Buy Now, Pay Later” (BNPL) has evolved from an optional payment method into a crucial driver for conversion and turnover in European retail. Particularly in the DACH region, invoice payment is dominant, complemented by instalment models and, in card-centric markets, Pay-in-3 approaches.

The relevance of flexible payment methods is evidenced by current data:

• Approximately 70% of all e-commerce baskets are abandoned during checkout.
• 44% of customers abandon a purchase if their preferred payment method is unavailable.
• About 30% of online retail turnover in Germany is generated via invoice and instalment payments.

For merchants, “Buy Now, Pay Later” offers several clear advantages: increased conversion rates, higher basket values, and greater flexibility for your customers—especially for higher-value products. BNPL is therefore a key lever for optimising your checkout process. Unzer’s internal analyses show that BNPL can drive revenue increases of up to 18% in online checkout. At the same time, BNPL not only drives purchases but also improves customer loyalty and repeat purchase rates. The strategic relevance is clear—the exact configuration determines whether BNPL creates success or friction at checkout.

In this comparison, we present eight major Buy Now, Pay Later providers:

• Unzer
• Klarna
• PayPal
• Ratepay
• Riverty
• Alma
• Mondu
• Billie

You will learn:

• How Buy Now, Pay Later works
• The different BNPL models available
• Which BNPL strategy best suits your business: In-house, Branded, or White Label
• How BNPL can be deployed in e-commerce and at the POS
• Which providers cater to which types of merchants

What is “Buy Now, Pay Later” (BNPL)?

Buy Now, Pay Later is a payment model allowing customers to complete a purchase immediately and pay at a later date.

The BNPL provider handles core functions on your behalf:

• Credit Checks
• Payment processing
• Risk assumption
• Receivables management

For merchants, this means: you usually receive your funds directly after dispatching the goods, while your customers pay later.

What BNPL Models Are Available?

Several forms of Buy Now, Pay Later are now established in retail:

Invoice Purchase

With invoice purchase, customers receive the goods straight away and usually pay the invoice amount within 14 or 30 days.

Special features:

• Especially popular in German-speaking countries
• Consistently among the top 3 online payment methods
• High acceptance across many target groups

Instalment Purchase

The purchase price is split into several monthly payments.

Common uses include:

• Sporting equipment
• Home & garden
• Higher-value consumer goods

An EHI study found the average basket for instalment purchases is over 2.5 times higher than for card payments.

Pay-in-3 / Pay-in-4

Here, the amount is divided into a few short-term instalments, usually repaid within weeks.

Features:

• Typically smaller baskets
• Often interest-free
• Popular among younger customers

BNPL in E-Commerce and at the Point of Sale (POS)

Many merchants now combine online and brick-and-mortar sales, making BNPL increasingly relevant in-store at the POS.

BNPL in Online Checkout

In online shops, financing is fully digital.

Typical procedure:

• Customer selects invoice or instalment purchase at checkout.
• The provider conducts a credit check.
• The purchase is completed immediately.

Benefits for merchants:

• Fewer abandoned baskets
• Higher average order values
• More flexibility for customers

BNPL in Physical Retail (POS)

BNPL is also gaining traction in-store. Modern solutions enable instant, paperless financing at the POS:

Typical procedure:

• Customer chooses instalment or invoice at the POS.
• Merchant initiates the process at the POS or via app.
• Customer enters personal details on their own smartphone.
• Credit check is performed digitally.
• Approval is granted instantly.

Merchant advantages include:

• Merchant advantages include:
• Increased closure rates for expensive items
• Better integration of online and offline sales

Some providers, such as Unzer, support BNPL both online and in-store, while others focus primarily on e-commerce.

Which BNPL Strategy Fits Your Business Model?

The strategic challenge lies in selecting the right BNPL setup for your shop. In principle, there are three models:

• In-house
• Branded (third-party visible in checkout)
• White Label

Comparison Table: BNPL Models

In-house BNPL has declined over time due to surging risk, cost, and regulatory demands—even large merchants are turning to external approaches. Branded solutions are quick to implement but often impair control over brand, data, and customer relationships. For many, especially mid-sized and omnichannel merchants, White Label BNPL is emerging as a strategic standard—combining control with provider efficiency.

Next, you’ll learn which providers offer these models and their ideal use cases.

Key Buy Now, Pay Later Providers Compared (2026)

The BNPL provider market is diverse. Some focus on e-commerce, others support brick-and-mortar or B2B, or specialise entirely in B2B.

Unzer

Unzer is a European payment service provider with a strong focus on omnichannel commerce and mid-sized businesses. Unzer enables you to offer BNPL in both online shops and at the POS.

The solution is designed for merchants wishing to implement BNPL as a strategic payment method rather than as a marketing add-on from a third party.

BNPL-Modelle 

With Unzer you can offer various BNPL models:

• Invoice purchase
• Instalment payments
• Direct debit
• In-store (POS) financing

In-store financing can be completed digitally, in real time, without paperwork.

Integration and Checkout:

Unzer provides BNPL as a white label solution.

For you this means:

• Seamless integration into your shop’s corporate identity
• No external logos, third-party apps or logins required
• Consistent checkout experience for customers

This is not just cosmetic; white label gives you control over customer relations, data, and conversion. Most other BNPL providers visibly inject their own brand into checkout.

Settlement and Risk

Unzer assumes default risk and manages the complete debt collection.

With its factoring model, you’re paid directly after dispatch, with no need to wait for customer payment.

Acceptance Rates

Unzer’s risk engine analyses transactions in real-time with:

• Credit data
• Fraud indicators
• Purchase behaviour

This achieves high acceptance rates whilst maintaining low risk.

Typical Use Cases

Unzer is used especially frequently by:

• Mid-sized e-commerce merchants
• Omnichannel retailers
• Higher average order values

Integration Options:

• REST API
• E-commerce platforms including Shopify, Shopware, Magento, PlentyOne, Oxid

Assessment

Unzer is a comprehensive BNPL and payments solution, focused on omnichannel and white label.

The provider is particularly suitable for merchants who want to use BNPL strategically while maintaining control over checkout, brand, and customer data. Due to the combination of online and POS capabilities, Unzer is especially suitable for medium-sized and omnichannel-oriented business models.

Klarna

Klarna is among the world’s best-known BNPL providers, shaping the e-commerce BNPL landscape.

BNPL Models

With Klarna, you can offer your customers several financing options:

• Pay Later (invoice)
• Pay-in-3 / Pay-in-4 
• Long-term financing

Checkout Experience

Klarna appears as its own brand at checkout.

This can have advantages:

• High brand recognition
• Strong customer trust

However, Klarna also assumes part of the customer interaction. Users create Klarna accounts, use the Klarna app, and receive direct communication from Klarna, meaning a portion of the customer journey shifts outside your shop.

POS and Omnichannel

Historically robust in e-commerce, Klarna is expanding into in-store payments through payment terminal partners.

Unique Features

• Major consumer app
• Merchant marketing platform
• Strong presence in fashion e-commerce

Assessment

Klarna is a highly branded BNPL platform with high end-customer awareness.

The provider is suitable for B2C retailers who want to benefit from the reach of the Klarna brand. At the same time, part of the customer relationship transfers to the Klarna environment, which is why Klarna is not suitable for fully controlled or white-label-based checkout strategies.

PayPal

PayPal is primarily a digital wallet, but now also offers “Buy now, pay later” functions.

BNPL products

With PayPal, you can currently offer your customers (in Germany):

• Pay Later (invoice)
• Instalment payments over several months

Integration

Payment is made via the customer's PayPal account.

This provides several advantages:

• Very large user base
• Familiar payment environment
• Simple integration into many shop systems

Limitations

Checkout often takes place outside your shop interface—within the PayPal environment—and is only available for PayPal users.

Areas of Application

PayPal BNPL is especially used in:

• Classic online retail
• Mobile commerce
• International e-commerce

Classification

PayPal is primarily a wallet with supplementary BNPL functions.

It suits merchants who want access to a large existing user base and quick integration. For those wishing to tightly integrate BNPL or maintain full checkout control, PayPal is less suitable, as payment often takes place outside the merchant shop.

Ratepay

Ratepay is a German BNPL provider with a strong focus on invoice purchase and instalment payments in e-commerce.

BNPL Models

• Invoice purchase
• Some pay-in-3 models

Checkout and Integration

Ratepay is commonly integrated via:

• Payment service providers
• Platform integrations

During checkout, Ratepay conducts several credit and fraud checks before approving a transaction.

White Label Options

Many Ratepay solutions can be integrated visually into your shop branding, creating a consistent checkout experience.

Special Features

• Over 15 years’ experience in the DACH payment market
• Frequently used by large online retailers

Classification

Ratepay is an established BNPL provider with a focus on invoice purchase in e-commerce.

It is especially suited for large online merchants wanting classic BNPL models with white label options. It is less geared towards complex omnichannel or highly branded end-customer solutions.

Riverty

Riverty (part of the Bertelsmann Group) offers BNPL solutions for merchants in Europe.

BNPL Models

With Riverty, you can provide:

• Invoice purchase (14 or 30 days)
• Instalment purchase
• Some pay-in-3 offers

Functions for Merchants

Riverty manages for you, among other things:

• Credit checks
• Invoicing
• Payment reminders
• Collection processes

This means you get payment guarantees and planning security.

Integration 

BNPL can be integrated via:

• Payment service provider
• E-commerce platforms
• Direct API integration

Special Features

Riverty offers “Consolidated Invoices”, allowing multiple purchases by a customer to be bundled into a single monthly invoice.

Classification

Riverty is a versatile payment and finance provider focused on invoice and instalment purchase.

It is suitable for merchants who want an established BNPL solution with a broad range of features and European market presence. With features like consolidated invoices and flexible integration, Riverty is well suited for larger retailers and marketplace models, but less targeted to white-label or omnichannel businesses.

Alma

Alma is a European “Buy now, pay later” provider focusing on short-term instalment models such as Pay-in-3 and Pay-in-4. The service is mainly used in the direct-to-consumer (DTC) environment and is active in several European markets.

BNPL Models

With Alma, you can offer your customers the following options:

• Pay-in-3
• Pay-in-4
• In select markets, also longer instalment models

Integration and Checkout

Alma can be integrated into common shop systems and is particularly widespread in the Shopify ecosystem. Alma is shown as a payment provider within the checkout.

POS and Omnichannel

BNPL in stationary shops is fundamentally possible with Alma, but usually takes place via payment links or partner-based solutions.

Typical Areas of Application

Alma is particularly often used by:

• Online shops with small to medium baskets
• DTC brands and lifestyle segments
• Merchants wishing to offer Pay-in-3/4 as an additional payment option

Classification

Alma is mainly geared towards short-term instalment payments in e-commerce. The provider suits merchants seeking to offer customers a simple instalment solution. For invoice purchase, comprehensive white-label setups or strongly integrated omnichannel solutions, Alma is less suitable.

Mondu

Mondu is a specialised “Buy now, pay later” provider for B2B commerce. Its offer is aimed at merchants, marketplaces and manufacturers wishing to provide business customers with flexible payment terms.

BNPL Models

With Mondu, you can provide, among others, in the B2B context:

• Invoice purchase for business customers
• Flexible payment terms
• Some instalment models

Integration and Processes

Mondu provides API-based integrations that can be connected to existing B2B shop and marketplace systems.

The solution covers central processes such as credit checking, risk assumption and receivables management. Therefore, payment terms can be offered automatically and at scale.

Sales Channels

The focus is on digital B2B channels. As well as traditional online shops, Mondu also supports field sales and B2B order management.

Typical Areas of Application

Mondu is especially common among:

• B2B online shops and marketplaces
• Manufacturers with direct sales
• Businesses with regular business customers and larger order volumes

Classification

Mondu is a specialist B2B BNPL solution tailored to the requirements of B2B payments. The provider is only partially suited for B2C use cases, retail settings or mixed B2B/B2C models.

Billie

Billie is a specialist B2B BNPL provider.

BNPL Model

• Invoice purchase for businesses

Features

Billie offers, among other things:

• Automated credit checks for business customers
• Risk assumption
• Flexible payment terms for B2B transactions

Areas of Application

Billie is especially frequent with:

• Wholesalers
• Manufacturers with direct sales
• B2B marketplaces

Special Features

B2B BNPL can help companies:

• Conserve liquidity
• Place larger orders
• Digitise payment processes

Classification

Billie is a specialist BNPL solution for B2B commerce, focusing on invoice purchase. The provider is ideal for merchants wanting to give business customers flexible payment terms without creating their own risk processes. For B2C or omnichannel scenarios, Billie is not designed.

Trends in the BNPL Market 2026

1. Flexible Payment Methods Reduce Cart Abandonment

If you optimise your checkout, you can significantly reduce abandoned baskets.

Since 70% of baskets in e-commerce are abandoned, flexible payment methods play a key role.

2. Omnichannel Payment Becomes Standard

Customers increasingly expect:

• To order online
• To pay in-store
• To have flexible financing everywhere

BNPL is thus becoming ever more common at the POS.

3. BNPL is Growing in B2B Commerce

Business customers now also expect flexible payment terms.

BNPL in the B2B sector can help you:

• Enable larger orders
• Strengthen customer relationships
• Digitise payment processes

Conclusion: The Right BNPL Strategy Depends on Your Business Model

“Buy now, pay later” (BNPL) has evolved from an optional payment method into a central lever for conversion, basket value and customer retention.

For you as a merchant, it’s not only a question of picking a provider, but of a well-defined strategic setup: In-house, Branded BNPL or White Label? Each variation brings different demands for control, risk, resource allocation and customer experience.

In-house options give maximum control but come with significant effort and risk. Branded providers allow rapid onboarding but often result in dependency and can fragment the customer journey. White-label approaches combine both benefits and are developing into a strategic standard—particularly in the mid-market and omnichannel sectors.

When choosing a solution, you should consider not only cost and integration, but also such factors as brand management, data ownership, acceptance rates and scalability. A clear BNPL strategy will help you find the right solution for your business—and use BNPL as a true lever for growth, not just as a payment option.

FAQ – “Buy now, pay later” Providers

Which BNPL providers offer white label solutions?

White-label solutions are particularly relevant for merchants wishing to retain brand ownership, customer data and checkout control. Here is an overview of which BNPL providers offer white-label solutions:

White-label BNPL specialist: Unzer

White-label possible: Ratepay, Riverty, Billie

Provider brand visible / no white-label: Klarna, PayPal, Mondu, Alma

Why does BNPL increase basket size?

Flexible payment options like “Buy now, pay later” reduce barriers to purchase and make it easier for customers to place larger orders. Studies show consumers are more willing to buy and include higher-value items in the basket when they can pay in instalments or later. Use of BNPL can increase sales at the checkout by up to 18%. With instalment options, average basket values are even more than 2.5 times greater than with traditional card payments.

This effect arises because BNPL not only increases financial flexibility but also boosts customer trust and willingness to buy—especially for higher-value products or larger orders.

Which BNPL providers offer POS financing?

BNPL was initially developed for online retail but is now also used in physical shops.

BNPL at the point of sale is available with: Unzer, PayPal

Limited availability, partly via partnerships with payment terminals: Klarna, Ratepay, Riverty, Alma

Most providers still focus mainly on e-commerce checkout.

What makes Unzer superior to other BNPL providers?

Unzer distinguishes itself from other BNPL providers in several key ways, offering distinct benefits to merchants, particularly in omnichannel and mid-market:

• Online & POS: BNPL works seamlessly both in the online shop and in-store
• White-label checkout: Payment options can be fully integrated with your own brand identity, with no external branding
• Risk management: Unzer takes on risk and claim management, reducing payment defaults and admin effort
• Faster liquidity: With factoring, payouts are available more quickly for easier cash-flow planning
• Flexible basket limits: Merchants can tailor BNPL individually for different customer segments and price ranges
• Enhanced security and compliance features: Especially relevant for mid-market and B2B merchants, to meet legal and security standards

This combination of flexibility, control and reliability makes Unzer a powerful BNPL solution that exceeds standard features, and especially suits omnichannel and mid-sized business models.

Which BNPL providers are suitable for high basket values in e-commerce?

For larger online purchases, BNPL solutions are attractive if they offer flexible instalments, sufficiently high limits and high approval rates. Merchants should also check for transparent fee structures, risk management, and fast payouts.

Providers such as Unzer, for example, offer insured invoice and instalment purchase options. This allows customers to pay for larger baskets flexibly while ensuring merchants receive payment reliably.

How easily can BNPL be integrated into an existing online shop?

Many BNPL providers offer ready-to-use plugins or APIs for common shop systems such as Shopify, Shopware, or Magento. Quick integration is essential to ensure payment options are available at checkout without major development effort and positively influence conversion rates.

Providers such as Unzer offer integrations, APIs, and plugins so that merchants can quickly embed BNPL into their shop systems—both online and in-store.

How quickly do merchants receive their money with BNPL payments?

Most BNPL providers pay out merchants either immediately or within a few days. This ensures stable cash flow, even if customers pay later or in instalments.

With providers like Unzer, payouts are based on a factoring model. The payment service provider assumes risk and pays the merchant, then collects from the customer.

What fees do merchants incur when using BNPL?

BNPL providers usually charge transaction fees, which vary depending on the provider, risk model and basket size. Additionally, there may be costs for handling returns, factoring or extra features.

With Unzer and others, the fee structure depends on the chosen payment methods, risk profile and the merchant’s business model. It is worthwhile to compare all costs—including fees, payout conditions and returns handling.

Which BNPL solutions suit omnichannel merchants?

Omnichannel businesses need BNPL solutions that cover online shops, POS and backend processes in a unified way. Providers like Unzer enable cross-channel BNPL with a single risk model and a consistent merchant-customer journey.

How important are BNPL acceptance rates?

Acceptance rates directly affect both conversion and sales. Providers with in-house risk management and granular control—such as Unzer—can balance acceptance and risk more effectively.

For which merchant sizes is white-label BNPL particularly suited?

Medium-sized merchants especially benefit from white-label BNPL solutions as they deliver payment flexibility without the need for their own risk management or complex back-end processes.