Buy now, pay later (BNPL) and consumer finance app BillEase and payment processor PayMongolaunch teamed up to help retailers drive growth through a card-free BNPL service. Retailers using PayMongo can now offer BillEase as an installment option at checkout.
Through BillEase, online and offline retailers can offer shoppers three installment options at checkout: Pay Later in 10 or 20 days and Pay in four installments for small-to-medium ticket purchases, and Pay Monthly over three, six, nine, or 12 months for big purchases with interest rates between 0% and 3.49%. Retailers can also choose to offer a 0% annual percentage rate (APR) through PayMongo. For example, a P15,000 purchase would only cost P3,350 over three months at 0% APR with only 1/3 upfront payment.
“This strategic partnership underscores our shared values of providing flexible and transparent point-of-sale (POS) financing for retailers and their customers,” said Georg Steiger, co-founder and CEO of BillEase. “With PayMongo, BillEase can provide inclusive options for retailers across all sizes and categories, helping them attract new customers and build strong loyalty.”
BillEase is an “on-demand consumer credit app” that shoppers can use online and offline for different types of transactions, from paying for day-to-day needs like food and grocery to discretionary purchases like electronics and furniture. Customers can split payments in easy installments even without a credit or a debit card and do not require topping up an e-wallet account. Shoppers only need to provide one valid ID when signing up and get instant credit to complete their purchase at checkout.
Increase in conversion
“Our payment infrastructure, combined with BillEase’s customizable payment plans and transparent consumer credit offering, is a powerful tool for retailers to reach new customers, and increase average order values,” said Isabel Ridad, acting CEO, PayMongo.
Over 1,000 online and offline retailers using BillEase experience increased conversions and basket sizes. According to BillEase, businesses already offering the BNPL service see a significant increase in sales conversion between 15% and 25% with average order values increasing up to five times more than sales that are not paid through POS financing. Its revolving credit line provided to customers who sign up also increases the likelihood of re-transaction using the same payment method.
PayMongo offers a quick and fully online onboarding process and seamless integration with retail websites or apps, which allows them to accept digital payments such as credit and debit cards, online banking, e-wallets, and BNPL with BillEase as the newest addition to the channel. PayMongo is used by over 10,000 retailers in the Philippines.