Comparison · Updated October 28, 2026
Klarna vs Alma for French merchants
Klarna
B
Klarna is a Swedish-founded, UK-parented digital bank and flexible payments provider that listed on the New York Stock Exchange in September 2025. Its full year 2025 results put it at $127.9 billion of gross merchandise volume, $3.5 billion of revenue, 118 million active consumers and 966,000 merchants. For a retailer it is not a merchant account — it is an additional payment method that sits alongside card acceptance, sold on the promise of higher conversion and larger baskets, and priced far above card interchange. Klarna publishes no US rate card, its dispute process runs on its own rules rather than the card networks', and it is defending a securities class action filed after its IPO.
Alma
B
Alma is a French buy-now-pay-later provider. It lets a merchant's customers pay in 2, 3 or 4 instalments, 15 or 30 days later, or over up to 12 months, online and in store. Alma lends to the shopper and takes on the risk of non-payment, and the merchant is paid the full basket less a commission. Alma SAS was registered in April 2018 by Louis Chatriot and Guillaume Desloges and is based in Neuilly-sur-Seine, near Paris. The French regulator, the ACPR, has authorised it as both a payment institution and a financing company since May 2021. As of October 2026 its French price list charges merchants 3.6% for 2 instalments, 3.8% for 3 and 4.8% for 4, plus VAT. Pay-later plans cost 4.2% (15 days) or 4.6% (30 days). There is no monthly or setup fee, and part of the cost can be passed to shoppers within legal caps. Plans of 10 or 12 instalments are priced on quote. Alma's help centre says payouts generally arrive 7 to 14 days after the sale, while its merchant terms say within seven days of the transaction being confirmed. The merchant contract has no fixed term, but either side must give three months' notice to end it. For 2025, Alma reported €2.5 billion of business volume and its first positive net result. It says 23,000 merchants use it, and consumers rate it 4.8 on Trustpilot. Complaints centre on declined applications, refunds and hard-to-reach support.
VS
Overview
We compare the two for a merchant registered in France offering buy now, pay later to French shoppers in euros, on each provider's own direct contract, as of October 2026. For Klarna that means its standard Cooperation Agreement Europe (October 2025 version) and its price list for merchants in France, Ireland, Italy, Portugal, Spain and the UK (April 2025). For Alma it means its French price list for businesses with up to €1 million of turnover and its merchant terms (Conditions générales de vente – Marchands). Both quote fees excluding VAT, and both add French VAT to them. Alma says it adds VAT at the standard rate to its commission on plans of up to four payments and on pay later. Klarna's agreement quotes its fees excluding VAT, and where its French branch invoices you it has issued certified electronic VAT invoices for them since 1 September 2026. Alma is cheaper at every published price point. It charges 3.8% for pay in 3 against Klarna's 4.99% + €0.35, and 4.6% for 30-day pay later against the same 4.99% + €0.35. Alma also pays out faster on standard terms: within seven days under its contract (7 to 14 days per its help centre), against Klarna's standard weekly payout with a three-week delay. Klarna is easier to leave, with one month's notice against Alma's three. It also offers 6- or 12-month financing at a published shopper APR, and it brings a much larger shopper base (120 million active consumers worldwide). Both contracts carry an exclusivity clause, so in practice you choose one of them for instalments. Klarna's clause is explicit. Alma's is vaguer in scope. Both providers carry the shopper's credit risk, and both face the EU's revised consumer-credit rules, which apply in France from 20 November 2026. Payment Review grades both B.
Key Takeaways
- ✓It depends, but on price Alma wins every published comparison. Direct, it charges 3.8% for pay in 3 and 4.6% for 30-day pay later. Klarna charges 4.99% + €0.35 on both. On a €600 pay-in-3 basket that is €22.80 against €30.29, before VAT, which both providers add.
- ✓Alma pays out faster on standard terms. Its contract says within seven days of confirming the sale, and its help centre says 7 to 14 days. Klarna's standard European agreement pays weekly with a three-week delay from shipment, unless your own contract says otherwise.
- ✓Klarna is easier to leave: one month's notice against Alma's three months. Both contracts are open-ended with no exit fee, and both carry an exclusivity clause on instalment and deferred payments, so you cannot sign both directly and show them side by side.
- ✓Product range differs. In France, Klarna offers pay in 3 by default, pay in 30 days on request and 6- or 12-month financing at a 22.99% shopper APR. Alma offers 2, 3 or 4 instalments, pay later at 15 or 30 days, and 10 or 12 instalments priced on quote.
- ✓Alma lets you pass part of its fee to shoppers, within legal caps, and says it charges shoppers no late fees. Klarna's agreement bans surcharging Klarna payments. Its French pay-in-3 pre-contract document allows a shopper service fee of €1.29 to €3.99 on some purchases, though its product page says there are no fees when you pay on time, and the product page lists late fees of €3 to €8 per instalment.
Klarna
Klarna suits a French merchant that wants Klarna's brand and its shopper base of 120 million active consumers worldwide at checkout, wants 6- or 12-month financing at a published APR, or already takes payments through a PSP such as Stripe or Adyen that can switch it on. It also suits a merchant that values a one-month exit. Expect to pay more per sale, around 4.99% + €0.35 plus VAT on Klarna's direct price list. Expect to wait longer for the money unless you negotiate the three-week payout delay down.
Alma
Alma suits most small and mid-sized French merchants selling baskets of roughly €50 to €2,000 who want the cheapest published instalment price and faster payouts. It also suits merchants that want 2, 3 or 4 instalments, an in-store tool and the option of sharing part of the fee with shoppers. Get your rate in writing, because Alma can adjust it for risk and raises it automatically on American Express and business cards. Diarise the three months' notice.
The Verdict
It Depends on Your Needs
Why?
For most French merchants offering short instalment plans, Alma is the better-value choice on published terms. It is cheaper at every published rate (3.8% against 4.99% + €0.35 for pay in 3, both before VAT), pays out in one to two weeks rather than three or more on standard terms, offers 2 and 4 instalments, and lets you share the fee with shoppers. Klarna is the better choice if you want its brand and shopper base, a published 6- or 12-month financing offer, or a one-month exit rather than three. It may also be the simpler route if your PSP already offers it, though on Stripe Alma is still cheaper for pay in 3. Both carry the shopper's credit risk, both are graded B, and both contracts give the provider exclusivity over instalments, so pick one rather than planning to run both.
Feature by feature
Detailed Comparison
Filter Options
Merchant fees (France, direct contract, excluding VAT, October 2026)
| Feature | Klarna | Alma |
|---|---|---|
| Pay in 3 | 4.99% + €0.35 | 3.8% Winner |
| Klarna's price list for merchants in France, Ireland, Italy, Portugal, Spain and the UK (dated 15 April 2025, hosted on Klarna's CDN and stated to form part of the Cooperation Agreement) gives one Klarna Payments rate: a 4.99% variable fee plus a €0.35 fixed fee for shoppers in France and the other listed euro countries. It does not split the rate by product. It is the only direct French rate Klarna publishes, and no newer version was found on Klarna's CDN as of 28 October 2026. Stripe's France page puts French shoppers in the same 4.99% Klarna tier, which corroborates the percentage but not the fixed fee. Your actual rate is shown in Klarna's merchant portal and may differ. Alma's French price list (almapay.com/fr-FR/tarifs, 'Offre standard' up to €1 million of turnover) charges 3.8% excluding VAT, with no fixed fee. It says rates may be adjusted for risk and rise automatically when the shopper pays with an American Express or business card, without giving the size of either. Both add VAT. Alma charges VAT at the standard rate on commissions for plans of up to four payments and on pay later, and deducts it from payouts. Klarna's agreement quotes fees excluding VAT. Alma's 3.8% is below Klarna's percentage alone, so Alma is cheaper at every basket size on these list rates. | ||
| Pay in 2 or pay in 4 | Not offered in France | 2x 3.6%; 4x 4.8% |
| Klarna's French marketing guidelines (docs.klarna.com, read October 2026) say pay in 3 is the default product in France, with pay in 30 days on request and financing over 6 or 12 months. They list no pay in 2 or pay in 4, and Klarna's French site lists pay in 3, pay in 30 days and pay now only. Stripe's France table heads Klarna's option 'Pay in 3 or 4' but gives an amount limit for pay in 3 only, whereas its US, Canada, Australia and New Zealand tables give pay-in-4 limits. Alma's French list charges 3.6% for 2 instalments and 4.8% for 4, excluding VAT. | ||
| Pay in 30 days | 4.99% + €0.35 (on request) | 4.6% (15 days: 4.2%) Winner |
| Klarna's French guidelines say pay in 30 days is available only on request; its price list gives the same single Klarna Payments rate. Alma's French list charges 4.2% for 15-day and 4.6% for 30-day pay later, excluding VAT, and its pay-later tab directs merchants to contact Alma rather than sign up online. On a €100 basket that is €5.34 at Klarna against €4.60 at Alma, before VAT. | ||
| Longer financing | 6 or 12 months; 22.99% shopper APR | Not disclosed |
| Klarna's French guidelines say financing over 6 or 12 months, at a fixed shopper APR of 22.99%, is a default offering where your agreement includes it. Its example also shows a 0% APR version. Klarna's price list gives no separate merchant rate for financing. Alma offers 10 or 12 instalments, priced on quote and available only to merchants already offering 2, 3 and 4 instalments. Plans of more than three months are regulated consumer credit in France on either side. Alma's help centre says its 10- and 12-instalment plans need an identity and creditworthiness check and a signed credit agreement. | ||
| Setup or monthly fee | None listed | None |
| Klarna's price list lists only the transaction fee and a reserved cross-border fee for shoppers outside the six listed countries. It gives no percentage for the cross-border fee. Alma's pricing page and FAQ say there is no setup, monthly or file fee and no commitment. Above €1 million of turnover Alma negotiates volume-based rates. | ||
| Passing fees to shoppers | Not allowed | Allowed within legal caps Winner |
| Klarna's Cooperation Agreement Europe (s.5.6) says the merchant may not charge any fee or a higher price because the purchase is made with Klarna. Alma's French list lets you pass part of its fee to shoppers, up to 0.83% on 2 instalments, 1.65% on 3, 2.47% on 4, 0.84% on 15-day and 1.69% on 30-day pay later. Alma applies those caps automatically to stay within France's usury limits, and recommends absorbing the whole fee because free plans convert better. | ||
Pay in 3
Klarna
4.99% + €0.35
Alma
3.8%
Winner
Klarna's price list for merchants in France, Ireland, Italy, Portugal, Spain and the UK (dated 15 April 2025, hosted on Klarna's CDN and stated to form part of the Cooperation Agreement) gives one Klarna Payments rate: a 4.99% variable fee plus a €0.35 fixed fee for shoppers in France and the other listed euro countries. It does not split the rate by product. It is the only direct French rate Klarna publishes, and no newer version was found on Klarna's CDN as of 28 October 2026. Stripe's France page puts French shoppers in the same 4.99% Klarna tier, which corroborates the percentage but not the fixed fee. Your actual rate is shown in Klarna's merchant portal and may differ. Alma's French price list (almapay.com/fr-FR/tarifs, 'Offre standard' up to €1 million of turnover) charges 3.8% excluding VAT, with no fixed fee. It says rates may be adjusted for risk and rise automatically when the shopper pays with an American Express or business card, without giving the size of either. Both add VAT. Alma charges VAT at the standard rate on commissions for plans of up to four payments and on pay later, and deducts it from payouts. Klarna's agreement quotes fees excluding VAT. Alma's 3.8% is below Klarna's percentage alone, so Alma is cheaper at every basket size on these list rates.
Pay in 2 or pay in 4
Klarna
Not offered in France
Alma
2x 3.6%; 4x 4.8%
Klarna's French marketing guidelines (docs.klarna.com, read October 2026) say pay in 3 is the default product in France, with pay in 30 days on request and financing over 6 or 12 months. They list no pay in 2 or pay in 4, and Klarna's French site lists pay in 3, pay in 30 days and pay now only. Stripe's France table heads Klarna's option 'Pay in 3 or 4' but gives an amount limit for pay in 3 only, whereas its US, Canada, Australia and New Zealand tables give pay-in-4 limits. Alma's French list charges 3.6% for 2 instalments and 4.8% for 4, excluding VAT.
Pay in 30 days
Klarna
4.99% + €0.35 (on request)
Alma
4.6% (15 days: 4.2%)
Winner
Klarna's French guidelines say pay in 30 days is available only on request; its price list gives the same single Klarna Payments rate. Alma's French list charges 4.2% for 15-day and 4.6% for 30-day pay later, excluding VAT, and its pay-later tab directs merchants to contact Alma rather than sign up online. On a €100 basket that is €5.34 at Klarna against €4.60 at Alma, before VAT.
Longer financing
Klarna
6 or 12 months; 22.99% shopper APR
Alma
Not disclosed
Klarna's French guidelines say financing over 6 or 12 months, at a fixed shopper APR of 22.99%, is a default offering where your agreement includes it. Its example also shows a 0% APR version. Klarna's price list gives no separate merchant rate for financing. Alma offers 10 or 12 instalments, priced on quote and available only to merchants already offering 2, 3 and 4 instalments. Plans of more than three months are regulated consumer credit in France on either side. Alma's help centre says its 10- and 12-instalment plans need an identity and creditworthiness check and a signed credit agreement.
Setup or monthly fee
Klarna
None listed
Alma
None
Klarna's price list lists only the transaction fee and a reserved cross-border fee for shoppers outside the six listed countries. It gives no percentage for the cross-border fee. Alma's pricing page and FAQ say there is no setup, monthly or file fee and no commitment. Above €1 million of turnover Alma negotiates volume-based rates.
Passing fees to shoppers
Klarna
Not allowed
Alma
Allowed within legal caps
Winner
Klarna's Cooperation Agreement Europe (s.5.6) says the merchant may not charge any fee or a higher price because the purchase is made with Klarna. Alma's French list lets you pass part of its fee to shoppers, up to 0.83% on 2 instalments, 1.65% on 3, 2.47% on 4, 0.84% on 15-day and 1.69% on 30-day pay later. Alma applies those caps automatically to stay within France's usury limits, and recommends absorbing the whole fee because free plans convert better.
Best For Your Business
Recommendations based on your business type
Small French e-shop selling €50–€2,000 baskets on pay in 3
Recommended
Alma
Alma's published 3.8% is well below Klarna's 4.99% + €0.35, its standard terms pay out within one to two weeks of the sale, and it offers 2 and 4 instalments as well as 3.
Retailer wanting 6- or 12-month financing on larger baskets
Recommended
Klarna
Klarna's French guidelines publish a 6- or 12-month financing offer at a 22.99% shopper APR where your agreement includes it. Alma's 10- and 12-instalment plans are priced on quote and only open to merchants already offering 2, 3 and 4 instalments.
Shop with stores as well as a website
Recommended
Alma
Alma PoS works on a tablet or computer without extra hardware, and Alma lists terminal and till integrations. Klarna in-store has to be agreed in your contract.
Merchant that wants a short exit
Recommended
Klarna
Klarna's standard agreement ends on one month's written notice. Alma's needs three months' notice, and it can take up to 90 days to pay what it owes you after termination.
Brand that wants exposure to a large shopper base and app
Recommended
Klarna
Klarna reported 120 million active consumers and more than 1.2 million merchants worldwide in its second-quarter 2026 results, and has its own shopping app. Alma reported about 23,000 merchant partners and more than 9 million shoppers since it started (March 2026).
Klarna: Best for 3 use cases
Alma: Best for 2 use cases
Frequently Asked Questions
Common questions about this comparison
On published prices, Alma. As of October 2026 Alma's French list charges 3.6% for 2 instalments, 3.8% for 3 and 4.8% for 4, and 4.2% or 4.6% for 15- or 30-day pay later. Klarna's price list for French merchants charges 4.99% + €0.35 per sale. On a €600 pay-in-3 basket that is €22.80 at Alma against €30.29 at Klarna. Both figures exclude VAT, and both providers add it. Alma can adjust its rate for risk and charges more on American Express and business cards, and Klarna shows your actual rate in its merchant portal, so get your rate in writing.
Yes, on both sides the listed rates exclude VAT. Alma says it adds VAT at the standard rate to its commission on plans of up to four payments and on pay later, and deducts it from payouts. Klarna's agreement quotes its fees excluding VAT, and where its French branch invoices you, it has issued certified electronic VAT invoices for them since 1 September 2026. A VAT-registered business can usually reclaim it.
Not without checking your contracts. Klarna's standard European agreement makes Klarna your sole provider of instalment and deferred payments in the countries it covers, though cards, payment in full and backup solutions are allowed. Alma's terms give Alma exclusivity over offering its financing products to your customers while the contract runs, without saying how far that reaches. Ask both for written consent before running them together.
Both pay you the full basket, less fees, not the shopper's instalments as they come in. Alma's terms say within seven days of confirming the sale, and its help centre says payouts generally arrive 7 to 14 days after the sale. Klarna's standard European agreement pays weekly with a three-week delay from shipment, though Klarna's docs say the schedule and delay are set in your own contract, so check yours.
The provider, on both. Klarna and Alma lend to the shopper and carry the risk of non-payment. Both can still take money back in disputes, for example over goods that were not delivered. Klarna charges €15 for each dispute you lose (€30 if your dispute rate is excessive), and from 1 March 2027 card chargebacks will be charged whatever the outcome. Alma publishes no dispute fee.
Both contracts are open-ended with no published exit fee. Klarna's standard agreement ends on one month's written notice. Alma's needs three months' notice, and money Alma owes you is paid within 90 days of termination.
France's transposition of the EU's revised Consumer Credit Directive (ordinance no. 2025-880) takes effect on 20 November 2026. Interest-free plans repaid within three months, such as pay in 3 and pay in 30 days, become regulated consumer credit, with creditworthiness checks and a mandatory warning in advertising ('Un crédit coûte de l'argent et doit être remboursé'). Klarna and Alma both say they are updating their checkout flows and marketing assets. Merchants should update any advertising that mentions instalments before that date.
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