Paynamics, a PH-based global payments technology company, and FDFC, the fintech company behind Buy Now Pay Later (BNPL) app BillEase, partnered to offer card-free installment solutions for online retailers in the Philippines.
Paynamics is an online payment service that allows small and large enterprises to accept online payments via a single API. The company offers merchants a one-stop-shop payment platform to process credit and debit card payments, e-Wallets, over-the-counter payments, and now card-free installment payments through zero-days integration.
Paynamics merchants that activate BillEase can allow customers to pay for their purchases in easy installments and pay either bi-weekly or monthly over three, six, nine, or 12 months with monthly interest rates between 0% to 3.49%. Merchants can also offer a true 0% annual percentage rate (0% APR) by default or limited time. For example, a P30,000 purchase which would normally be expensive for some customers would only cost P3,300 over six months or only PHP 1,650 bi-weekly with only 1/3 upfront payment, interest-free.
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“Shoppers today need fast and flexible payment solutions, whenever and wherever they are,” said Georg Steiger, co-founder & CEO of FDFC. “This partnership with Paynamics is a critical part of our mission in providing better and more accessible card-free installment options to Filipinos; the majority of them are currently uncarded and underserved. Our collaboration with Paynamics accelerates this mission by enabling us to offer our buy now pay later solution to more merchants with their extensive network and thousands of merchants relying on their fast and secure payment gateway.”
Merchants that already offer BillEase have significantly increased conversions and basket sizes by about 15-25% and average order values increasing up to five times versus transactions that are paid through a traditional payment method.
“We want to help more merchants drive their businesses by adding a complementary payment option that solves one of the barriers to conversion: price. Our partnership with BillEase is about adding inclusivity and increasing shoppers’ affordability to our merchants’ checkout. Having immediate access to credit at the point of sale is an important feature needed for businesses to grow today and what makes this solution unique is that it’s completely card-free, customers can be eligible without having to sign up for a credit or debit card,” says Mylene Chua Magleo, CEO & Co-Founder, Paynamics.
The joint pay-over-time solution will allow any online retailer to offer more flexible payment options at checkout with terms and rates they can customize to drive conversion: Installments offer customers the freedom to choose how and when they pay, typically in bi-weekly or up to 3 months interest-free payments. Financing gives shoppers the option to shop now and pay up to 12 months, interest-bearing or interest-free, with one-third upfront payment. Consumers get more purchasing power and the ability to manage their cash flow, especially for big-ticket purchases.
Shoppers only need to provide 1 valid ID at the checkout to sign up and get approved in five minutes. Installments are shown in actual amounts instead of hard-to-calculate percentages so customers know exactly what they pay with no hidden fees and no surprises. The buy now, pay later option is available for purchases ranging from PHP 500 and up with a 15-day or up to 12 months payment plan.
Launched in 2017, BillEase offers merchants a BNPL platform to help them drive key sales metrics such as conversion rates and average basket values by offering customers a transparent, easy-to-understand installment payment plan with 0% APR or small monthly interest rates. The app is operated by First Digital Finance Corporation (FDFC), a homegrown financial technology company.