Digital installment payment platform BillEase has announced its partnership with e-commerce platforms Shopify, Magento, Prestashop, and WooCommerce to bring “Buy Now, Pay Later” to online retailers in the Philippines.
Merchants that use any of these platforms can now integrate with BillEase and activate Pay Later, Pay in Installments and Pay with Down Payment, which will provide customers with flexibility in payments.
“With this integration, we’re bringing our financial product closer to consumers by making it easier for merchants to add our point-of-sale financing option,” said Georg Steiger, CEO and co-founder of FDFC, the fintech company behind the BNPL platform.
“Installment purchase is already a very popular option for most Filipinos when they shop in malls. But these offline offerings often don’t translate well to the online world and the payment experience is not seamless. Spreading payment over monthly installment with extremely affordable rates makes their shopping experience lighter. For merchants, they can enjoy an increase in basket sizes and more conversion as we also support 0%-APR plans with no cost to customers.”
Unlike traditional payment methods like credit cards, BillEase is a digital native platform. Instead of a physical card, customers have an app or account that works on a dedicated checkout.
For merchants, there is no risk in offering BillEase as a payment method to their customers because BillEase pays merchants in full and absorbs all credit and fraud risks.
Through its proprietary credit decisioning technology, BillEase can make a decision to finance shoppers based on data across various sources, allowing it to underwrite in real time. Since it relies on alternative data, it can reach out to deserving customers who are otherwise unable to access traditional banking and financial services.
“Over 90 percent of Filipino consumers are disenfranchised when it comes to credit cards,” Steiger adds. “In contrast, BillEase is a simple, safe and transparent cardless alternative to revolving credit lines for online shoppers who primarily use debit cards and are usually underserved.”
BillEase supports merchants with custom websites or apps through its Merchant API (Application Programming Interface) launched in August last year.