As themothership said, ingesting it and having a lotus birth are different.
Eating placenta- you have babe, clamp cord whenever you want (wait or don't wait), cut cord, and consume it as you see fit. You can dry it out and put it in pills (called encapsulation), eat it like you would a piece of meat, cut it up and freeze it and swallow it in small pieces like a pill, and blend little chunks into smoothies!
Lotus birth- you have babe, you have placenta, you don't clamp or cut cord at all. you wrap up the placenta in a plastic bag and then in a special bag or blanket, and it stays attached to the baby until it detaches naturally. It can take anywhere from just a few days to a whole week. But the placenta must be "treated", so it doesn't go off and smelly. You can still consume the placenta this way but it must be handled very carefully, and as far as I know you generally either lotus birth OR eat the placenta, but its up to you.
While you are waiting for the cord to come off naturally you carry the placenta and the baby together in a way of honouring what the placenta has done over the last 9/10 months :)
:) Im eating mine!